Altcoins Experience Massive Correction! ARB Price On A Path To Record New Low Soon?
The post Altcoins Experience Massive Correction! ARB Price On A Path To Record New Low Soon? appeared first on Coinpedia Fintech News
The crypto market displays massive price volatility as top altcoins continue to record constant fluctuations in their respective portfolios. Further, the Arbitrum price has experienced a correction of over 10% within the past 24 hours, making it one of the top losers of the day.
The ARB coin price traded in a closed range between $1.0380 and $1.2036 for a brief period, following which the bulls gained momentum, and the price broke out of the range. The rally was short-lived as the Arbitrum token faced rejection at $1.4195 after recording a jump of 29.05%.
The price traded sideways for a while, indicating weak buying and selling pressure for the coin. Following this, the ARB token displayed significant price volatility in the chart for about a week.
The year 2024 started positively, as the price jumped over 35% in value within the first four days. Since then, the price has been trading in a falling channel pattern, highlighting a bearish trend reversal in the crypto space.
The Relative Strength Index (RSI) displays a sharp fall in the chart, indicating increased selling pressure in the crypto market. Moreover, the averages show a constant decline, highlighting a bear power.
Will ARB Price Rise Back Up?
If the bulls push the coin’s price above the resistance level of $1.6743, the ARB price will regain power and test its upper resistance level of $1.8075.
Further, if the market continues to record bullish sentiments, Arbitrum coin price will continue to rise and test its upper resistance level of $2 in the coming days.
Conversely, if the bears continue to hold power, the Arbitrum price will fall and test its support level of $1.5467 this week. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its important support level of $1.4195 this month.
