The crypto industry records a negative trend for the second straight day, following the news of delayed Bitcoin spot ETFs approval. Further, Arbitrum’s price has lost significant value during this time, indicating a short selling in the market.
The ARB price has recorded a loss of over 7% within the past day, making it one of the top losers for the day. Arbitrum displayed a massive price action as the token gained over 30% in value during the past month.
For a brief period, the coin was seen trading in a narrow space between $0.8245 and $0.8687. Following the market surge, the price gained significant movement in value, breaking it out of the range.
Arbitrum broke out of multiple resistance levels but was rejected at $0.9895, following which the price was seen trading sideways for a while. After this, the price regained momentum and added over 20% within the next week.
The price was then seen trading in a consolidated range between $1.0652 and $1.1317 for a while. The ARB price further jumped 15%, but the rally was short-lived as the price was rejected at the resistance level of $1.2258.
Following this, the price lost momentum and has displayed constant volatility in its price action. Recently, the price broke down its important support level of $1.0652 and is on the verge of testing its crucial level of $1 soon, of which the outcome is uncertain.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating a strong selling over buying power in the market. Further, the averages show a constant decline in the chart, suggesting the price will continue to lose value in the coming time.
Will ARB Price Regain Momentum?
If bulls hold the price at this level, it will regain momentum and test its resistance level of $1.0652 soon. Further, if the bulls regain momentum, it will continue to rise and test its upper resistance level of $1.1317 in the coming days.
Maintaining the price at that level will set the stage for the price to attempt to test its resistance level of $1.2258 by the month-end.
Conversely, if the bears overpower the bulls and the price falls below the support level of $0.9895, the price will lose momentum and fall to test its lower support level of $0.9228 soon.
Moreover, if the bears continue to dominate the market, it will continue to lose value and prepare to test its lower circuit of $0.8687 in the coming weeks.
