Arbitrum price has fallen again! Is another 10% correction in ARB prices on the way?

By Crypto Gloom On Jan 7, 2024

Top altcoins continue to see significant corrections in their portfolios, indicating weakness. Additionally, Arbitrum price recorded a price correction of over 7% in the last 24 hours, making it one of the biggest decliners in the cryptocurrency industry over the past day.

Arbitrum price traded in a closed range between $1.0380 and $1.2036 for a short period of time, after which the market gained momentum and the price successfully broke out of the range.

The bulls then faced rejection at $1.4064, after which the price traded sideways in a consolidation range between $1.2036 and $1.4064 for about a week. As the market gained momentum, ARB token broke out of its range and surged more than 27%.

Afterwards, the uptrend lost momentum and began to decline. After several failed attempts to break the support level, the price regained momentum and surged more than 35% in a week.

Arbitrum price was rejected at $2.0966, after which the price started to suffer bearish influence. Positively, the 50-day EMA acts as a dynamic support for the price and indicates that a trend reversal is likely in the future.

RSI, a technical indicator, indicates that the averages are falling sharply, which is having a bearish impact on the market. Additionally, the averages are showing a continued downward trend, which suggests that the price will continue to lose momentum in the future.

Will ARB prices regain $2 soon?

If the bulls push the price above the resistance level of $1.8075, ARB price will soon regain momentum and test the upper resistance level of $1.9698 soon. Moreover, if the market holds the price at this level, it will be geared up to test the $2.096 resistance level in the coming days.

Negatively, if the bears overwhelm the bulls, Arbitrum price will lose momentum and move lower to test the support level at $1.6743. Additionally, if the bears continue to dominate the market, they will move lower and prepare to test the lower support level of $1.5467 by next week.