Arbitrum (ARB) is currently experiencing a bearish movement with prices hovering around the $1.30 support level. The altcoin's 24-hour trading volume stands at $330 million and its market cap is at $60.851 billion. Technical analysis of the ARB/USD pair on the daily and hourly charts reveal a bearish sentiment towards the currency, indicating that the prices might soon be headed lower. The Fibonacci retracement shows that the 61.8% level is acting as a strong support that has prevented any further losses. Furthermore, a descending triangle pattern has been identified, with the bears in control of the market. The MACD and signal lines are both below the zero line, suggesting bearish momentum.
The Arbitrum price analysis predicts that if the price continues to remain below the $1.30 support level, we can expect to see a further decrease towards the $1.25 level. However, if the price manages to break above the resistance at $1.40, some bullish momentum could be experienced and the price could reach the next resistance at $1.50. Investors should be aware of the market sentiment and trends in order to make informed decisions on their investments.
Anthony Brooks
- 2023-05-05
ARB/USD Price Analysis – Bearish Momentum Below $1.30
ARB/USD is currently hovering around the $1.30 support level, as technical analysis of the pair shows a bearish sentiment towards the currency. The MACD and signal lines are both below the zero line and a descending triangle pattern have been identified. Investors should be aware of the market sentiment and trends in order to make informed decisions on their investments.
![CandleFocus ARB-USD-TechnicalAnalysis-BearishMomentum-MACD](https://images.candlefocus.com/ARBUSD-Price-Analysis-Bearish-Momentum-Below-dollar1.30.jpg)