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- 1 The ARB price is currently trading at $1.24 while seeing a change of 19% in 24-hour trading volume.
- 2 The ARB price is observing a decline of 2.47% in the last 24 hours.
The price of ARB is currently trading within a short consolidation channel. The price is making its consolidation near its previous resistance zone which at present is acting as a support level. The sentiments of the investors are currently indecisive though the Ocilators are providing bullish indication on the daily timeframe.
Arbitrum(ARB) platform is a scaling solution for Ethereum layer 2. Arbitrum uses optimistic rollers in order to attain speed, scalability, and cost efficiency on Ethereum. The ARB also offers a gives higher throughput with lower fees compared to Ethereum. The reason for this is the computation and storage load-off chain.
ARB price is trading under a short consolidation on the (Daily Timeframe)
As per the Greed and Fear index provided by the Alternative(dot)me, the sentiments are trading in the greed zone for the past few months. It seeing a slight increase in the value according to the index. At present the sentiments are trading at 64 points seeing a slight increase of 4 points within the last week where it was moving around 60 points.
At present, the price of ARB is following the lead of the majority of the market where the bears hold prominence. The sellers are maintaining their dominance across most of the major cryptocurrency platforms. The sellers have the dominance of 52 to up to 90% of the majority in some of the platforms according to Coinglass.
Technical Analysis ( 4 Hr Timeframe )
The RSI line is taking a reversal from the demand zone near 30 points. The 14 SMA line is trending just below the median line around 40.37 points, providing critical resistance to the RSI line. The upward curve of the RSI line near the demand zone is indicating that it may soon start moving upwards in 1 Day timeframe.
The stochastic RSI has already taken a reversal from the overbought zone. It is currently crossing above 30 points. The current value of the Stochestic RSI is 28.80 points.
Conclusion
The price of ARB has recently taken a significant divergence after breaking below the major EMA levels. Presently the price is consolidating within a narrow range near $1.22. Often when the price takes a divergence from the EMA levels it always comes back for a retest. Hence a short attempt at a bullish rally is expected in the near future.
Technical levels –
Support – $1.2200
Resistance – $1.3000 and $1.4000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
