Arbitrum price analysis reveals the ARB token is trading in a falling wedge pattern following bloodshed witnessed in various altcoins across the cryptocurrency market. The Arbitrum token’s price has fluctuated between $1.24 to $1.36 in the past 24 hours. The bears have controlled the market and pushed prices below the crucial $1.50 support level, causing a sharp decline.
Arbitrum price analysis for today reveals the altcoin’s trading volume has been increasing gradually, corresponding to the downtrend. Its trading volume is estimated at $467,742,525 and has risen by over 64%. The altcoin’s recent retracement represents a double-digit decline in the past seven days. The ARB token is trading at $1.25, down by 6.71 percent in the last 24 hours.
ARB/USD Technical analysis on a daily chart: Bearish sentiment prevails
ARB/USD is technically bearish on the daily chart. The bears have heavily controlled the market, showing no signs of pullback or reversal. The MACD indicator has formed a bearish crossover and moved below zero, indicating more losses in the near term. In addition, the 50-day moving average (MA) closed below the 200-day MA, indicating a continuation of the downtrend.
As per Arbitrum price analysis, if the bears maintain their dominance in the market, ARB/USD could decline to lows of $1.20 or even lower in coming sessions. The critical resistance level to watch out for is at $1.36, while support.
Looking at the Fibonacci retracement tool, ARB/USD has retraced from the high of $2.12 to the low of $1.25, which is nearly 61%. This suggests that the bulls must challenge the Fibonacci resistance levels of $1.50 and $1.6 to increase the token’s price.
If the bulls break above these resistance levels, ARB/USD could extend its gains towards highs of $2.00 and beyond in the coming sessions. On the flip side, if the price breaks below the immediate support at $1.20, the altcoin may fall further to lows of $1.00 or even lower in the coming days.
ARB/USD 4-hour chart analysis: Consolidation above $1.20
ARB/USD is trading with a bearish bias on the 4-hour chart. The MACD indicator has formed a bearish crossover and moved below zero, indicating more losses for the altcoin in the coming sessions. The Relative Strength Index (RSI) has also broken below 40, suggesting that the bears have the upper hand in the market.
Arbitrum price analysis reveals that if the ARB/USD pair remains below $1.36, it could decline towards support at $1.20 or even lower levels in coming sessions. On the other hand, if bulls regain control of the market, ARB/USD could enter into a consolidation phase above $1.20. The bulls must challenge the resistance levels of $1.36 and $1.50 to extend their gains soon.
Arbitrum price analysis conclusion
Today’s Arbitrum price analysis shows that altcoin has followed the broad-based bearish trend in the cryptocurrency market and declined to lows of $1.25. The ARB/USD pair is technically bearish on the 4-hour and daily charts, indicating further losses soon. If bears continue to dominate the market, ARB/USD could slip toward support at $1.20 or even lower levels in the near term. On the upside, if bulls gain traction and break above the $1.50 resistance level, ARB/USD could enter a consolidation phase above $1.20.
