With the increased volatility in the market, Arbitrum has started its month on a bearish note. Further, it has lost approximately 7% within the past day, resulting in it leveling out all its gains from the week.
The Arbitrum token traded in a closed range between $1.4195 and $1.5467 for a while, following which the market gained momentum and the ARB price broke out of the resistance level. However, the rally was short-lived as it faced rejection at $1.6743, after which it traded sideways for a while.
Following this, the bulls regained momentum and jumped over 35.5% in value over the next few days. After facing rejection at $2.0966, the market lost momentum and the ARB token recorded a drop of 20.14% in valuation.
The Arbitrum price then displayed significant volatility and traded between $1.6743 and $1.8075 for a while. Following this, the ARB coin price regained momentum and recorded a jump of 40% within a single day, after which it faced rejection at $2.3467.
The ARB price constantly faced rejection at its resistance level, resulting in it losing momentum and breaking down its support level. Following this, the price traded in a consolidated range between $1.9698 and $2.2258 for about a week, indicating a neutral sentiment in the crypto space.
As the market volatility grew, the Arbitrum token constantly traded under a bearish influence and lost over 30% in one week. After testing its low of $1.5467, the market regained momentum and the bulls broke out of its resistance level at $1.6743.
Since then, the price has been constantly traded in a consolidated range between $1.6743 and $1.9698, highlighting a mixed sentiment in the future price action for the coin.
Will Arbitrum Price Go Up?
The Relative Strength Index (RSI) recorded a sharp fall in the chart, following which the price recently experienced a bullish rebound at its oversold range. Further, the averages show a bearish curve, highlighting a mixed sentiment in the crypto industry.
If the market holds the price above its support level, it will successfully regain momentum and rise to test its resistance level of $1.8075. Maintaining the price at that level will set the stage for the Arbitrum token to attempt to test its upper resistance level of $1.9698 in the coming time.
Conversely, if the bears continue to gain power, the ARB price will lose momentum and fall to test its support level of $1.5467. Moreover, if the bears continue to dominate the market, they will continue falling and prepare to test their lower support level of $1.4195 over the weekend.
