ARB Technical Analysis
Key Insights
- The ARB token has experienced a prolonged bearish trend, declining over 82% from its previous highs, indicating a lasting period of negative sentiment in the market.
- Increased trading volumes point to a growing market interest in the token.
- Going forward, the market may either continue its decline and test the $0.4247 support level, or a gradual trend reversal and an upward movement are also possible.
As of writing, ARB ranks 45th on CoinMarketCap with a market cap of $2.02B.
ARB Tech Analysis
Since the beginning of 2024, the asset has been demonstrating a steady downtrend.
From the level of $2.4259 its value has fallen to $0.4247, which corresponds to a decline of more than 82%.
At the current moment, the price of ARB has stabilized in a narrow range near the minimum numbers, which may indicate an attempt to form a local bottom.
From the point of view of the volume profile, there is an increase in interest from market participants in this area, which is confirmed by the growth of trading volumes.
Nevertheless, despite this activity, the graphical structure continues to show signals indicating a possible short-term continuation of the downward movement.
If the decline continues, testing of the nearest support at $0.4247 is quite likely. However, if this decline proves to be limited and the market finds strong support at this level, a gradual trend reversal may occur.
ARB Price Prediction
In a reversal scenario, a short-term upward exit is possible with subsequent growth to the key level, the 200-day moving average. In most cases, this level serves as an important indicator of a long-term trend.
A breakout above the 200-day moving average and consolidation above it may become a serious signal of a change in trend direction, indicating the beginning of an uptrend formation.
At the same time, to confirm the uptrend it is necessary not only to overcome the 200-day moving average, but also the subsequent consolidation of the price above this level.
This may increase the confidence of market participants in the change of trend and provoke the growth of purchases.
In such a scenario, the asset may start attracting new participants and investors, which will strengthen the upward movement.
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