Arbitrum started the month on a weak note as market volatility increased. It also suffered a loss of about 7% over the past day, which resulted in a leveling off of all gains for the week.
Arbitrum token was trading in a closed range between $1.4195 and $1.5467 for some time, after which the market gained momentum and ARB price broke through the resistance level. However, the rally was short-lived as it was rejected at $1.6743 and continued to trade sideways for some time thereafter.
The bulls then regained momentum and the value surged more than 35.5% over the next few days. After facing a rejection of $2.0966, the market lost momentum and the value of the ARB token fell 20.14%.
The Arbitrum price has shown considerable volatility and has been trading between $1.6743 and $1.8075 for some time. Afterwards, the ARB coin price gained momentum again and surged 40% in one day before being rejected at $2.3467.
ARB price continued to face rejection at resistance levels, losing momentum and breaking support levels. The price has since traded in a consolidated range between $1.9698 and $2.2258 for about a week, indicating a neutral tone in the cryptocurrency space.
As market volatility increased, the Arbitrum token continued to trade under bearish influence and lost over 30% in one week. After testing the low of $1.5467, the market regained momentum and the bulls broke the resistance at $1.6743.
Since then, the price has consistently traded in a consolidated range between $1.6743 and $1.9698, highlighting mixed feelings about the coin’s future price action.
Will Arbitrum prices go up?
The Relative Strength Index (RSI) recorded a sharp decline on the charts, after which the price recently experienced a strong bounce from the oversold range. The average also shows a bearish curve, highlighting the mixed sentiment in the cryptocurrency industry.
If the market holds the price above the support level, it could successfully regain momentum and test the resistance level of $1.8075. Holding the price at this level will set the stage for Arbitrum token to test the upper resistance level of $1.9698 in the future.
Conversely, if the bears continue to gain strength, ARB price will lose momentum and move lower to test the support level at $1.5467. Moreover, if the bears continue to dominate the market, they will continue to move lower and prepare to test the lower support level of $1.4195 over the weekend.