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Arbitrum price analysis: ARB price backtrack to $1.11 as market selloff intensifies

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TL;DR Breakdown

  • Arbitrum price analysis is bearish for today
  • Support for ARB prices is seen at $1.08
  • ARB price is facing resistance at $1.12

Arbitrum price analysis shows that the cryptocurrency has seen a downward trend in recent days, with ARB prices slipping back to $1.11. This comes amid a broader market selloff which is seeing a bearish sentiment on crypto assets across the board. Support for Arbitrum’s price is seen at around $1.08, while resistance is found at $1.12. This range could remain in effect for some time, as the markets look to find direction following the recent market selloff.

The market capitalization for Arbitrum has also decreased significantly in recent hours at $1.410, with buyers failing to step in and lift prices. This could be a sign that the bearish sentiment is still in control of market momentum and that ARB prices may take some time to find footing again. However, the trading volume for ARB has increased significantly, suggesting that there is still some appetite for the asset.

Arbitrum price analysis 1-day price chart: Bearish pressure still weighs on the price function

The 1-day price chart for Arbitrum price analysis shows the price movement is continuously downwards, as the price has decreased further today. Overall the ARB/USD shows a decrease in price over the last 24 hours, and the cryptocurrency reports a decrease in price value over the past week extending to 1.41 percent.

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ARB/USD 24-hour chart. Source: TradingView

The EMA lines are flattening out, indicating a decreased momentum in the price function. The MACD line is also shifting downwards with the histogram showing a bearish footprint. The RSI indicator is at 38.32, indicating the ARB price is nearing oversold conditions. The Chaikin money flow has been oscillating around the zero line, showing an absence of capital flow into the market and a neutral sentiment associated with it.

Arbitrum price analysis 4-hour price chart:  Bears  maintain control as sideways trading continues

The 4-hour Arbitrum price analysis shows the price has been trading within the $1.08 – $1.12 range, with no clear direction. The ARB/USD touched the lower support level at $1.08 and is currently trading near the mid-point of the range, If bears manage to break below the $1.08 support level, prices could see further downside pressure.Arbitrum price analysis: ARB price backtrack to <img decoding=

Arbitrum price analysis: ARB price backtrack to <img decoding=

image 911Arbitrum price analysis: ARB price backtrack to <img decoding=
ARB/USD 4-hour chart. Source: TradingView

The 20-EMA is currently below the 50-EMA indicating a bearish sentiment in the market. The CMF indicator remains around -0.11 showing an absence of capital flow into the market. The relative strength index is currently at 34.61, suggesting that the asset is still close to neutral conditions. The moving average convergence/divergence indicator, however, has shifted to the downside with bearish pressure intensifying. The MACD line is below the signal line, indicating a bearish trend in the market.

Arbitrum price analysis conclusion

Overall, Arbitrum price analysis indicates that bears are currently maintaining control and further downside pressure could be seen in the near future. Prices could remain range bound between $1.08 – $1.12 for some time, while buyers struggle to step in and lift prices. The technical indicators suggest a bearish trend in the market and that bears could remain in control of market momentum for some time.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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