Arbitrum (ARB) price is about to form a new all-time low as many altcoins witness weakness.

ARB holders now hold the power to prevent this from happening by maintaining an optimistic stance and continuing to accumulate.

Arbitrum investors are hopeful

Arbitrum (ARB)'s sharp decline over the past few days has brought it close to a new all-time low. Even so, the behavior of ARB holders is causing surprise. Instead of being pessimistic, their current feelings seem to be the exact opposite.

The Weighted sentiment index measures the overall market mood by taking into account the volume and intensity of positive and negative sentiments. It also looks at social media mentions of the property to provide an optimal analysis of sentiment.

Arbitrum Weighted Sentiment | Nguồn: Santiment

For the first time in three months, Arbitrum's sentiment index is at a positive level. As investor optimism increases, prices are likely to rise as well.

Besides, broader market signals are currently showing signs of buying. This can be seen in the difference between Price and Daily Active Addresses (DAA). This index compares the movement of an asset's price with the activity level of unique addresses interacting with it.

Divergence occurs when price moves in one direction while daily active addresses move in the other direction, indicating a potential market change. Currently, participation is increasing, while prices are decreasing.

Divergence between Arbitrum and DAA prices | Source: Santiment

This situation is usually a bullish signal and accumulation at this time will bring profits.

ARB Price Prediction: No Room for Error

Arbitrum price has a chance to benefit from the optimism surrounding this asset. If ARB holders continue to accumulate, this altcoin could prevent a drop to $0.74 or lower. This price marks an all-time low for ARB, set last September.

However, considering that investors are bullish, the price could rise to reclaim the $0.92 support level. This will facilitate a recovery to $1 and higher.

ARB/USDT 12-hour chart | Source: TradingView

Still, even a slight decline would mark the first record low in nine months. If investors increase pessimism by selling to cover losses, Arbitrum price could fall to $0.60 or lower.

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