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- ARB price fell by about 22% from its recent peak.
- The sideways movement marks consolidation for the Arbitrum.
- Market trends suggest a slowed down momentum which can induce downtrend.
Arbitrum falls under consolidation after a price drop which occurred after facing rejection at $1.7000. The change in price momentum seems to have crushed the hype for Arbitrum which was once created near its airdrop. Arbitrum blockchain witnesses several developments including creation of memecoins which can lay the foundation for future rally. The anticipated rally can aim to mark a fresh all-time high for ARB. The market portrays neutral sentiments and investors await a bolder move to define the further course of movement.
The Monoscope
ARB price forms a sideways movement after the drop. The prices react to the market trend of consolidation and shows drained interest in Arbitrum. The trading volume shows minimal market participation as the buyers are pushed out due to the downtrend and sellers wait for a further dip. The Bollinger Bands contract, matching the pace of the price movement. The EMA ribbon floats above the current price action to mark a bearish trend. A flat OBV indicates a stagnant market with neutral sentiments.
ARB price forms an uptrend with the massive price surge, which can be breached with the present bearish trend, as Super Trends goes flat to indicate stagnation. The CCI nosedives close to negative 100 to indicate a negative difference between historical prices and present price of ARB. The MACD forms a seller supporting cross and records seller bars in the region below the zero-histogram mark. The RSI moves horizontal to the half line to indicate a neutral market.
The Microscope
In the smaller time frame, ARB price forms a bearish trend in Super Trends breaking the uptrend. The CCI marks a contracting gap between historical prices and ARB price at press time. The MACD forms a narrow divergence and records buyer bars in the positive region. The RSI moves close to the 50-mark to suggest a stagnant market for Arbitrum. The indicators suggest a horizontal market which can battle to establish an uptrend.
Conclusion
Arbitrum can witness a delayed rise as the market displays a pressurized movement. The market seems to be stagnant at the moment and encounters departing investors as the price movement crushes the hype created for ARB. Despite several developments and engagements on the Arbitrum blockchain, the coin witnesses negative sentiments from the investors. The holder can watch $1.3185 as the primary support.
Technical levels
Support levels: $1.3185 and $1.1540
Resistance levels: $1.4890 and $1.7000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
