The Arbitrum (ARB) Price Breaks Down, Reaches All-Time Low
The price of Arbitrum (ARB) has recently broken down from the $0.90 support area, leading to a new all-time low. With no signs of a bullish reversal in the price action or the RSI, it is likely that the price will continue to decrease towards the next nearest Fibonacci support area.
The Journey to the All-Time Low
Since April 18, the ARB price has been following a descending resistance line after reaching its all-time high of $1.82. Although there was a bounce at the $0.90 support level on June 15, it failed to break out from the resistance line. On August 15, the price was rejected by the line once again, eventually leading to the breakdown from the $0.90 support area at the beginning of September.
RSI Confirms Bearish Trend
The RSI (Relative Strength Index) provides a bearish outlook for ARB. Currently, the RSI is below 50 and decreasing, indicating a bearish trend. The attempted bullish divergence in the RSI was unsuccessful, further confirming the bearish trend.
What’s Next for ARB Price?
With the price already at an all-time low, the next closest support area is projected to be at $0.64, approximately 19% below the current price. Unless there are bullish reversal signs, it is likely that the price will eventually reach this support level. However, a sudden momentum reversal could lead to a retest of the $0.90 area, resulting in an 18% increase. Nevertheless, the trend cannot be considered bullish until the price recovers.
Hot Take: ARB Price Hits All-Time Low, Bearish Trend Persists
The Arbitrum (ARB) price has reached a new all-time low after breaking down from the $0.90 support level. With no signs of a bullish reversal and a bearish outlook confirmed by the RSI, it is expected that the price will continue to decrease towards the next support area at $0.64. However, a sudden reversal in momentum could lead to a retest of the $0.90 level. Despite this possibility, the overall trend remains bearish until the price recovers. Traders and investors should closely monitor the price action and look for any potential signs of a trend reversal before making any decisions.
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