As most altcoins post small gains with the latest bounce in Bitcoin’s price, ARB also reacted positively and recovered a little. The price is still under the bears’ radar as it sits above crucial support for weeks.
The price of ARB rose to the peak of $1.82 in mid-April and started to correct lower after registering almost 70% gains in a week. This correction has provided a 50% discount for buyers but they are yet to act upon it.
It is still looking bearish across all major timeframes but it appears the current correctional phase may come to an end soon. From a technical standpoint, the price seems to have reached an oversold area.
And as a result of that, buyers may begin to step in with a strong footing. We can see that the retest level of $1.3 is held as support for some weeks now. This level also coincides with a crucial demand zone – marked orange – that has been suppressing selling pressure for the past week.
Though the price could still drop to $1.21 if the demand zone collapses slightly. However, it has been facing a dynamic resistance line for close to a week now. A successful push above this resistance line should pave the way for a recovery of up to $1.8 in a short time.
The $1.1 level is a key level to watch in case of a strong bearish extension. A fall at that level could cause a serious meltdown. As of now, the price remains under the bears’ radar.
ARB’s Key Level To Watch
If the price dips below the holding $1.3 support, the major lows to consider are $1.2 and $1.15 before deciding on the next move.
A rebound from the current trading level should allow buying toward the $1.425, $1.5, and $1.58 resistance levels, respectively.
Key Resistance Levels: $1.425, $1.5, $1.58
Key Support Levels: $1.3, $1.2, $1.15
- Spot Price: $1.33
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
