The crypto market continues to display significant price fluctuations, resulting in top cryptocurrencies recording high volatility in their respective prices. Further, the Arbitrum price has added over 15% to its portfolio within the past 24 hours, making it one of the top gainers of the day.
The ARB price traded in a closed range between $0.9904 and $1.0380 for about a week, after which the market gained momentum and the price broke out of the range.
However, the rally was short-lived as the price faced rejection at $1.1133, after which it traded sideways for over a week. Following this, the bulls regained momentum and jumped approximately 16% before it faced rejection at $1.2036.
The Arbitrum token then traded sideways in a consolidated range between $1.1133 and $1.2036 for a brief period. After multiple failed attempts to break out, the coin lost momentum, resulting in the price breaking down its support level of $1.1133.
The price then hovered close to its resistance/support level of $1.1133 for a while after which the bulls regained momentum and jumped over 31% within a day. After reaching a top of $1.4594, the bulls lost momentum, resulting in a correction of over 8%.
Will ARB Price Rise?
The technical indicator, MACD, displays a decline in the histogram, indicating reduced buying pressure in the industry. Further, the averages show a high possibility of a bearish curve, suggesting the price may experience a trend reversal in the coming days.
If the bulls hold the price above the support level of $1.3089, the ARB price will regain momentum and prepare to test its resistance level of $1.4192 over the weekend. Maintaining the price at that level will set the stage for Arbitrum to test its upper resistance level of $1.4594 this month.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its lower support level of $1.2036. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its important support level of $1.1133.
