According to crypto analyst Akash Girimath, Arbitrum looks depleted after its recent recovery rally. That’s why the analyst says the token points to a potential correction. Furthermore, the analyst states that the indicators show that PEPE is ready for a correction. The analyst determines the next routes for these altcoins.
Arbitrum price ready to lose some weight
Altcoin price rose 30% between June 15-21. Thus, it formed a local high at $1,174. After this point, the ARB bulls seem to have taken a break. This led to a slow correction that produced three lower peaks. The latest low peak appeared at $1,138. Now, Arbitrum price looks set to slide down at least 8%. Thus, it will tag the close support level at $1,017. In some cases, it is possible for ARB bears to drop the altcoin as low as $0.981 in search of sell-side liquidity below the equally lows formed June 17-20.
Adding more confidence to this drop is the Relative Strength Index (RSI), which has produced lower lows and is currently trying to stay above the 50 average level. Failure to do so will signal that the bears will take over the ARB. This will add wind to the sails of short sellers. Likewise, the Awesome Oscillator (AO) is trending downward as the size of the histograms decreases, implying a transition to sub-zero levels. A successful turn will indicate the dominance of bearish momentum. Finally, the Wave Trend indicator also produced a sell signal on June 22. This indicates that the decline will continue and it is time for a correction. In total, this move would create an 11.37% move for the Arbitrum price.
While the bearish view makes sense, a four-hour candlestick close that turns the $1.14 barrier into a support base would set the stage for push-back buyers to step in. In this development, the thesis of decline for Arbitrum price becomes invalid. It also allows higher scaling of ARB. In such a case, Arbitrum price is likely to retest the $1.21 resistance level.
Altcoins to see correction include PEPE
PEPE price among altcoins was also in a steady downward trend from May 13 to June 15. cryptocoin.comAs you follow, this caused the altcoin to lose 60% of its market value. The frog-based meme has formed a local bottom at $0.000000829. He then decided to reverse the trend. Between June 15 and June 23, the price of PEPE increased by 117%. This impressive rally, however, picked up pace on June 20 and rose nearly 95% in just three days. Traders need to watch for indicators as PEPE is hovering below the $0.00000164 resistance level.
The Relative Strength Index (RSI) is above the overbought zone. This indicates that the altcoin is subject to a correction. Likewise, the Awesome Oscillator (AO) indicator started producing red histograms with decreasing height. It also revealed a declining bullish momentum. The final nail in the bulls’ coffin will be the bearish crossover above the overbought zone of the Wave Trend indicator. This indicates that PEPE price is ready for a correction. PEPE will likely tag the $0.00000147 and $0.00000127 support levels. That means roughly 10% and 20% retracement from the current position of $0.00000162.
On the other hand, if PEPE price turns the $0.00000164 barrier into a support base while the momentum indicators mentioned above reset, it will invalidate the bearish view. In such a case, PEPE price is likely to retest the $0.00000195 resistance level.
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