The Arbitrum price has displayed a volatile week as it has added over 3% within the past 24 hours but lost approximately 1% over the past week, making it a neutral one for this crypto token.
The Arbitrum token entered 2024 positively by displaying a constant uptrend in value for the first week of this year. The ARB price added over 35% in valuation within the first five days, indicating a bullish sentiment for the coin.
However, the market experienced a trend reversal, resulting in the price losing momentum and recording a correction of over 26% to its portfolio. After trading sideways between $1.6743 and $1.8075 for a while, the bulls regained momentum, resulting in the price jumping over 40% in valuation within the next two days.
Following this, the price displayed a neutral trend for a while. As the market volatility grew, the bulls lost momentum, and the ARB price started trading under a strong bearish influence. The Arbitrum price lost over 34% over the next few days and tested its important support level of $1.5467.
As the bulls regained momentum, the price bounced back and jumped approximately 27.5%. Since then, the price has been trading in a consolidated range between $1.6743 and $1.9698, indicating a coll-off in the price action for the coin.
Will ARB Price Go Up?
The Relative Strength Index (RSI) records a sideways movement, indicating a cool-off in the price action for the coin. Further, the averages show a bullish rise, suggesting the price will continue gaining value in the coming time.
If the bulls regain momentum and hold the price above the support level of $1.8075, the price will run to test its resistance level of $1.9698 soon. Moreover, if the market holds the price at that level, it will prepare to test its upper resistance level of $2.0966 this month.
Negatively, if the bulls lose momentum and the price breaks down its support level of $1.8075, the ARB price will fall to test its lower support level of $1.6743. Further, if the bears continue to hold power, the Arbitrum price will further plunge and prepare to test its crucial support level of $1.5467 in the coming time.