2023-5-24 10:06 |
Arbitrum’s bear took a break since the price dipped to a marked level last week. The buyers pushed briefly from that price level but faced a pivot resistance due to a series of rejections.
The recent drop in ARB’s price appeared to have caused serious pain for the bulls as they suffered along in the dip. However, bearish exhaustion set in and the bleeding stopped at the $1 mark level in the past week.
Although the bears are still looking to claim lower levels. After witnessing a sudden rejection from that mark level, ARB recovered slightly and pushed to the $1.24 level, where it encountered resistance.
This recovery also saw its price move out of a falling wedge but failed to extend above the mentioned resistance. The price remained stuck under that resistance and it enters a consolidating phase since last week.
A fall from that phase could wreak more havoc in the market and cause a crackdown at the mark level. If the descending wedge provides support for the market, we can expect a bounce to occur. If not, the asset could collapse below the mark level.
So far, ARB has lost roughly 24% in the last 30 days. A strong buy above the immediate resistance should bring relief. But as it stands now, the trend is currently neutral-bearish on the 4 hours chart.
ARB’s Key Level To Watch Source: TradingviewIf ARB pulls back for a retest, the closest support levels to keep an eye on are $1.1 and $1. A collapse in those supports could bring the price to $0.8.
For a bullish reversal to occur, it must first reclaim the immediate resistance of $1.24, $1.256 and $1.288 in succession. Higher resistance levels to watch next are $1.425 and $1.150 before rallying hard.
Key Resistance Levels: $1.288, $1.425, $1.5
Key Support Levels: $1.11, $1, $0.8
Spot Price: $1.16 Trend: Neutral-Bearish Volatility: ModerateDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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