Top altcoins continue to display significant correction in their respective portfolio, indicating a bear power. Further, the Arbitrum price has recorded a correction of over 7% in its value within the past 24 hours, making it one of the top losers in the crypto industry for the past day.
The Arbitrum price traded in a closed range between $1.0380 and $1.2036 for a brief period, following 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 consolidated range between $1.2036 and $1.4064 for about a week. As the market gained momentum, the ARB token broke out of the range and jumped over 27%.
Following this, the bulls lost momentum, resulting in a drop. After multiple failed attempts to break down the support level, the price regained momentum and jumped over 35% in one week.
The Arbitrum price faced rejection at $2.0966, following which the price started training under a bearish influence. Positively, the EMA 50-day acts as a dynamic support to the price, indicating a high possibility of a trend reversal in the coming days.
The technical indicator, RSI, displays a sharp fall in its averages, indicating a bearish influence in the market. Further, the averages show a constant decline, suggesting the price will continue losing momentum in the coming time.
Will ARB Price Reclaim $2 Soon?
If the bulls push the price above the resistance level of $1.8075, the ARB price will regain momentum and run to test its upper resistance level of $1.9698 soon. Moreover, if the market holds the price at that level, it will prepare to test its resistance level of $2.096 in the coming time.
Negatively, if the bears overpowered the bulls, the Arbitrum price would lose momentum and fall to test its support level of $1.6743. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $1.5467 by the coming week.
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