Volatility in the crypto market has started to increase recently. With this fluctuation Arbitrum The month started with a decline. Additionally, it lost nearly 7% in value over the past day, offsetting all of its gains for the week.
The altcoin traded in a closed range between $1.4195 and $1.5467 for a while. Then the market gained momentum and the ARB price broke out of the resistance level. However, the rally was short-lived as it was rejected at $1.6743 and subsequently traded sideways for a while.
In this context, the bulls gained momentum and gained over 35.5% in a few days. The market lost momentum after being rejected at $2.0966, and the ARB token recorded a 20.14% decline in valuation.
altcoin Its price subsequently experienced significant fluctuation. It traded between $1.6743 and $1.8075 for a while. Following this, ARB price gained momentum and registered a 40% jump in a single day before being rejected at $2.3467.
In this context, ARB price was consistently rejected at the resistance level. This caused it to lose momentum and drop the support level. In this regard, the price traded in a consolidated range between $1.9698 and $2.2258 for about a week and crypto- It indicated a neutral feeling in the field.
As market volatility increased, the Arbitrum token traded under a constant bearish effect. Additionally, it lost over 30% of its value within a week. After testing the low at $1.5467, the market regained momentum and the bulls broke the resistance level at $1.6743.
Since then, the price has consistently traded in a consolidated range between $1.6743 and $1.9698.
Will Arbitrum Price Rise?
Koinfinans.com As we reported, the Relative Strength Index (RSI) recorded a sharp decline on the chart. Then the price recently experienced a rise in the oversold range. Additionally, the averages are showing a bearish curve, underscoring the mixed sentiment in the crypto industry.
If the market holds the price above the support level, it will successfully gain momentum and rise to test the $1.8075 resistance level. Holding the price at this level will pave the way for the Arbitrum token to attempt to test the upper resistance level of $1.9698 in the coming period.
Conversely, if the bears continue to gain strength, ARB price will lose momentum and decline to test the $1.5467 support level. Moreover, if the bears continue to dominate the market, they will continue to decline and prepare to test the lower support level at $1.4195 during the weekend.