- ARB price is currently trading at $1.36 with a decrease of -0.36% during the intraday session.
- The 24 hour trading volume decreased by 43.14%,
Arbitrum price gained bullish momentum during mid of april and formed a high at $1.81 level and received rejection. The bulls were not able to defend the $1.60 mark and price started to fall causing a downfall of approximately 28% during the previous week. ARB price is currently stuck in a narrow horizontal zone ranging between $1.33 and $1.42.
The consolidation phase started on 24 April and has been consolidating ever since. Among the newly listed coins on binance, Arbitrum has proven to be a good performer as it was able to retain its price even after its Airdrop showed the strength behind its network.
Airdrop involves a crypto project sending free tokens to their community in a bid to increase its adoption rate. In the month of march, Arbitrum airdropped $120 Million worth of ARB tokens DAOs within its ecosystem which did not result in price drop but ARB price has started to gain bearish momentum. The DAOs will have independence in how to distribute their share of ARB token airdrop. They can reward users or incentivize liquidity and usage by rolling out fresh ARB tokens.
The ARB token remains bearish today as well following the bearish candle formed on 28 April. ARB price shows a decrease of 1.07% in the last 24 hours and also reports a loss of 5.66% in value over the past week. ARB has also become the latest cryptocurrency to surpass Bitcoin in daily trading volume. On april 27, news regarding a crypto whale receiving 3.67 million ARB token worth $5.7 Million after price reached $1.48.
ARB Technical Analysis:
RSI trades at 47.94 residing in the neutral territory indicating the same pressure from bulls as well as bears. If bullish momentum rises in the market to break the $1.50 level, there is higher probability for the price to again retest the $1.70 level. On the contrary, if the bulls are not able to defend $1.33 level, there is a possibility for the price to touch $1.20 level. ARB price is currently trading near the 20-day SMA of bollinger indicating indecisive phase in price. The chaikin money flow score is 0.14 indicating that there is still strength left in the market for bullish behaviour. The longs/shorts ratio is at 0.98 with 49.45% longs and 50.55% shorts in the last 24 hours suggesting bearish sentiment still hovers around the market.
Conclusion:
The market structure and price action for Arbitrum is currently in the consolidation phase. Even after the air drop price has maintained its position in the market and has also surpassed bitcoin in daily trading volume, shows strength in the network. Arbitrum is the most advanced L2 platform and arbitrum will hopefully continue to absorb the technology trend to scale the platform and promote its expansion.
Technical levels:
Major support: $1.33 and $1.15.
Major resistance: $1.42 and $1.70.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.