Elena R
The crypto market displays massive price volatility as top altcoins continue to record constant fluctuations in their respective portfolios. Further, the Arbitrum price has experienced a correction of over 10% within the past 24 hours, making it one of the top losers of the day.
The ARB coin price traded in a closed range between $1.0380 and $1.2036 for a brief period, following which the bulls gained momentum, and the price broke out of the range. The rally was short-lived as the Arbitrum token faced rejection at $1.4195 after recording a jump of 29.05%.
The price traded sideways for a while, indicating weak buying and selling pressure for the coin. Following this, the ARB token displayed significant price volatility in the chart for about a week.
The year 2024 started positively, as the price jumped over 35% in value within the first four days. Since then, the price has been trading in a falling channel pattern, highlighting a bearish trend reversal in the crypto space.
The Relative Strength Index (RSI) displays a sharp fall in the chart, indicating increased selling pressure in the crypto market. Moreover, the averages show a constant decline, highlighting a bear power.
Will ARB Price Rise Back Up?
If the bulls push the coin’s price above the resistance level of $1.6743, the ARB price will regain power and test its upper resistance level of $1.8075.
Further, if the market continues to record bullish sentiments, Arbitrum coin price will continue to rise and test its upper resistance level of $2 in the coming days.
Conversely, if the bears continue to hold power, the Arbitrum price will fall and test its support level of $1.5467 this week. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its important support level of $1.4195 this month.
