Arbitrum (ARB) and Hedera (HBAR) price actions have been noteworthy with both tokens approaching critical price levels. Top analyst Cold Blooded Shiller predicts a potential drop below for ARB, despite slowing bearish momentum.
Meanwhile, HBAR’s chart displays a falling wedge pattern, often considered a precursor to bullish reversals. The analyses also highlight critical levels that would determine the trajectories for both tokens.
Arbitrum: A Cautious Approach Amid Declining Momentum
According to Cold Blooded Shiller, Arbitrum has seen a slowdown in its momentum as it reaches newer lows, hinting at potential further declines.
$ARBThe momentum has slowed into this fresh low. But it's not clean enough to feel confident we won't make a 3rd leg down here.I think we get sub $0.40.If we can start to break LTF structure to the upside here then you have a better shot of this single div being valid. pic.twitter.com/VxEK8Z1hfi
— Cold Blooded Shiller (@ColdBloodShill) August 15, 2024
“The momentum has slowed into this fresh low. But it’s not clean enough to feel confident we won’t make a 3rd leg down here,” he tweeted. Currently priced below $0.60, the possibility of it dipping below $0.40 remains on the table.
The technical indicators support this cautious outlook: the MACD continues to trend downward below zero, and the RSI is nearing oversold conditions at 30.
These signs suggest that while bearish momentum prevails, the potential for a reversal exists if buying interest increases, marking a critical juncture for ARB.
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Hedera signals Potential Upswing
Hedera, conversely, shows optimism despite its overall downtrend. It has been in a falling wedge pattern since May, characterized by lower highs and lower lows but with decreasing volume, which could signal an impending breakout.
The support level at $0.045 has held strong, and the current price at around $0.053 positions HBAR at a crucial support. Should the price break out of this pattern above the $0.06 resistance, it could mark a trend reversal and initiate a bullish phase.
However, the MACD below the signal line and an RSI of 36.59 suggest that any upward movement needs to be approached with caution.
Source: altFINS – Start using it today Future Outlook
For both ARB and HBAR, the short-term outlook leans bearish. However, traders remain alert for signs of reversal. A confirmed breakout above HBAR’s falling wedge, accompanied by increased volume, could signal a bullish entry point.
Conversely, breaks below key support levels for either token could trigger defensive strategies.
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The post Arbitrum (ARB) Faces Potential Dip Below $0.40, Hedera’s (HBAR) Pattern Signals Possible Reversal appeared first on CaptainAltcoin.
