- ARB Price has surged by 35% from its ATL in the past few days.
- Arbitrum crypto price has declined by 70% since March.
ARB’s price has been on a bearish trend since March, losing around 70%. During this bearish trend, the price recorded an all-time low of $0.428 on August 05. It has kept declining due to resistance from the 20-day EMA.
The bullish trend in Arbitrum crypto was halted near the $2.20 hurdle. The buyers attempted twice to exceed this level, but the sellers were strong enough to drag down the price.
The Arbitrum price has been declining by forming lower lows and lower highs. It lost the main support level of $0.800, which was a strong bearish sign. The price has been going below this level, and the buyers need to be stronger to bounce back.
Is ARB Crypto at Its Cheapest Rate?
A source on X claims that ARB looks attractive as its Total Value Locked (TVL) reached $2.71 Billion. It is necessary to keep in mind that the influences were promoting Arbitrum crypto when it was $2.
$ARB with $2.71 billion in Total Value Locked (TVL) looks attractive at this price level. We should not forget that many influencers were promoting it when it was above $2. This seems like a good opportunity to accumulate it in your L2 basket.@arbitrum pic.twitter.com/69tnajaRTm
— Nilesh Rohilla | Crypto Analyst (@nilesh_rohilla) August 9, 2024
It might be a good opportunity to grab Arbitrum at the bottom.
ARB Price has Shaped a Falling Wedge Pattern
The ARB price formed a ‘Falling wedge’ pattern during a daily time frame. The price has been struggling to exceed the 20-day EMA but couldn’t. The Arbitrum crypto price has recovered 35% from the lower low territory.
Buying can be observed assuming the ARB price surpasses the 20-day EMA and triggers a breakout from the falling wedge pattern. Investors may show interest if the price manages to overcome the 200-day EMA, and a trend reversal can be anticipated.
On the other hand, if the digital asset price fails to exceed the 20-day EMA, sellers may eye for a new lower low. Suppose the price forms a bearish candlestick in the lower-low territory; it may record a new all-time low.
Turning to the technical indicators, the Arbitrum price has supported the Lower BB and is heading for the Base BB. It is expected to reach the Upper BB. MACD has formed a golden crossover with the Signal line, but histograms are still red.
Arbitrum Price Overview
Arbitrum crypto was being traded at $0.585 at press time, surging by 1.33% in the past 24 hours. It has a market capitalization of $1.95 Billion and a 24-hour trading volume of $303.25 Million.
Would ARB Price Recover Past Losses?
Based on the current analysis, it seems that ARB Crypto is at a crucial point.
The Falling Wedge pattern and the struggle to surpass the 20-day EMA indicate a potential trend reversal. This could happen if the price manages to overcome these hurdles.
However, failure to exceed the 20-day EMA could lead to further decline and possibly a new all-time low. The total value locked (TVL), which is $2.71 Billion, makes ARB look attractive.
Technical Levels
The ARB price is expected to face resistance from the $0.800 and $1.25 levels. It may take support on the $0.475 level and an imaginary support level of $0.300.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
