ARB Encounters Resistance and Forms Support
Arbitrum (ARB), a blockchain protocol that enables decentralized applications (dApps) to be built on Ethereum, has experienced bearish trends as of late, with resistance encountered at $1.36 and a subsequent retrace to a 24-hour low of $1.31, where support was formed. However, as of press time, the bears’ influence was still evident with a 1.95% drop to $1.32.
If the bear market continues to test the $1.31 support level, the next support level to monitor is $1.28, which is crucial for bulls to defend. However, if the bullish power recovers from this level, a potential rally towards the $1.40 resistance level may be evident.
Market Capitalization and Trading Volume Decrease
During the bearish trend, the market capitalization of ARBs fell by 1.90% to $1,683,756,070, while the 24-hour trading volume decreased by 23.96% to $266,870,963.
Negative Reign in the ARB Market May Continue
With an RSI (Relative Strength Index) of 45.73 and movement below its signal line, the negative reign in the ARB market may continue, as this movement represents a probable change in market sentiment. However, it is important to note that the cryptocurrency market is volatile and subject to sudden shifts in sentiment.
Overall, while ARB has encountered bearish trends, there is potential for a bullish recovery if the support level at $1.31 is maintained and the bullish power recovers. As with any cryptocurrency investment, it is important to conduct thorough research and consult with a financial advisor before making any investment decisions.
