Arbitrum (ARB) has been experiencing some bearish dominance in the crypto market. The bullishness of ARB encountered resistance at $1.36 and retracted to a 24-hour low of $1.31, where support was formed. As of press time, the bears’ influence was still visible in the 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 vital 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.
During the bear domination, the ARBs market capitalization and 24-hour trading volume fell by 1.90% and 23.96%, respectively, to $1,683,756,070 and $266,870,963. This shows a decrease in investor interest in ARB and a shift in market sentiment towards bearishness.
Arbitrum’s Relative Strength Index (RSI) is at 45.73 with movement below its signal line. This suggests that the negative reign in the ARB market may continue, as this movement represents a probable change in market sentiment.
The bearish dominance in the ARB market can be attributed to several factors, including negative market sentiment and lack of investor interest. As the market is volatile, it is essential to keep an eye on the support and resistance levels to understand the market trend and make informed decisions.
In conclusion, the current market sentiment for ARB is bearish, and the next support level to watch out for is $1.28. With the falling market cap and trading volume, it is essential to keep an eye on the market trend and the support and resistance levels to make informed investment decisions.
