Arbitrum Faces Market Correction: A Detailed Look at the Altcoin’s Performance
A wave of volatility has swept across the cryptocurrency market, with altcoin Arbitrum (ARB) among the most affected. The altcoin has experienced a notable correction of over 7% within the last 24 hours, ranking it among the top losers in the crypto market for this period. Prior to this downturn, the price of Arbitrum had been trading within a tight range between $1.0380 and $1.2036 before market momentum surged, leading to a breakout and a subsequent 27% increase in price.
Resistance and Downturn
This bullish trend was short-lived. The price of Arbitrum faced resistance at $1.4064 and then at $2.0966, resulting in a sideways trade, followed by a bearish downturn. The 50-day Exponential Moving Average (EMA) is currently providing dynamic support, suggesting that a trend reversal may be on the horizon. However, the Relative Strength Index (RSI) is indicating a bearish influence with a declining average, implying that the price may continue to lose momentum in the short term.
Price Predictions
If the bulls manage to push the price above the $1.8075 resistance level, there’s potential for the Arbitrum price to test higher resistance points, specifically $1.9698 and then $2.096. On the flip side, if the bearish trend persists and the bears overpower the bulls, the price could fall to test support levels at $1.6743 and potentially $1.5467 in the following week.
Arbitrum’s Market Performance
Despite the market correction of its native token, Arbitrum has been experiencing significant growth in its daily DEX volume, weekly change in ARB’s value, total value locked in DEX, market capitalization, revenue, fees generated, and annualized revenue. However, ARB’s value dipped over 8% in the past 24 hours, despite still being up 36% over the past 14 days. This comprehensive technical analysis overview of Arbitrum includes details on various technical indicators such as moving averages, oscillators, and pivot points, serving as a valuable tool for traders and analysts to make informed decisions.
