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- 1 ARB’s price is currently trading at $0.9455 with a 4.91% gain in the 24-hour trading volume.
- 2 ARB price is down by 17.05% over the last 24 hours.
- 3 As per price action a favorable reversal may be demonstrated in the chart in the near future.
ARB’s price recently saw a critical decline in value after breaking below the 100 EMA support level on the daily timeframe. The current candle stick pattern suggests the exhaustion of selling pressure in the market. It is currently making a descending triangle price pattern.
The price is making a lower-high and low-low pattern trading within the descending triangle. It at present is moving near the demand zone. This price action indicates that the ARB price could produce a bullish breakout. Since the price is currently in the support zone of the pattern being made, the buyers can expect the breakout to be made within the next few weeks.
The price of ARB currently displays a bearish red candle which implies a substantial presence of sellers in the market. It is approaching the demand zone which may entice the buyers to provide support to the price.
The current value of the ARB token is $0.9455 and it has a market cap of $1.21 Billion.
Investors Showing Bullish Optimism
Investors seem to be slowly getting confident regarding the ARB tokens though the sellers still control in the market. According to LunarCrush, a slight gain of 4.91% in total bullish sentiment has been observed.
The 24-hour trading volume is also observing a slight appreciation of 4.19%, indicating that buying and selling activity among investors is increasing.
Technical Analysis of ARB Price on Daily Chart
The RSI line is indicating a positive turn close to the oversold below 14 SMA. The RSI line is moving near 38.07 points and the 14 SMA is providing resistance to it at around 40.15 points.
The %K line consolidates with the %D line near the demand level, It is yet to give a positive interception. The stochastic RSI has approached the demand zone suggesting that the price may make a rebound.
Conclusion
It is currently making a descending triangle price pattern. According to the price action, investors can expect a positive recovery within the next few weeks if the buyers support the price near the demand level.
Technical levels
Support – $0.7000 and $0.8000
Resistance – $1.100 and $1.200
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.
