Is Arbitrum's (ARB) Decline Nearing Its Peak?

After Bitcoin and several other currencies, including Ethereum, reached new all-time highs, the crypto market as a whole has been seeing a decline; Arbitrum (ARB) was no exception.

Trading below the 100-day Moving Average (MA) has persisted for a while for Arbitrum, a cryptocurrency with a lot of promise—a market valuation of over $3.8 billion and 2,653,939,384 ARB in circulation—. But ARB's price has been exhibiting reversal signals as of late.

At the time of writing, Arbitrum has risen 1% in the last 24 hours, trading at about $1.45. Just ahead of the price, at $1.799 and $2.278, there are two significant resistance levels.

Looking at the Relative Strength Index (RSI) indicator from the 4-hour period, we can see that the RSI line is moving up and approaching the 50 level, after having risen above the oversold zone. If the relative strength index (RSI) line breaks out over the 50 mark, it can signal the beginning of a new trend and suggest that prices are going up.

By examining the 4-hour MACD formation in the figure above, we can see that the MACD line and the signal line, which had been trending below the MACD zero line for some time, have now crossed and are moving in the same direction as the MACD zero line.

Finally, the 1-hour bull power versus bear power histogram indication reveals that the histograms are already moving over the zero level when examining the chart from the 1-hour time frame. The picture below shows that buyers are progressively displacing sellers in the market.

Finally, ARB might retest its prior significant resistance levels of $1.799 and $2.278 and perhaps go farther to build a new high if the price of Arbitrum manages to alter its orientation from downward to upward. However, the price of the cryptocurrency asset can fall even lower to reach a new low if Arbitrum doesn't rise.

#ARB #BullorBear #Arbitrum $ARB