Arbitrum Price Tests $0.66 Support Amid Bearish Market Conditions
The total crypto market cap excluding Bitcoin is now $1.43 trillion, down 5.66% from $1.53 trillion. Amid this bearish trend, Arbitrum is at a critical support level, with buyers anticipating a rebound.
Arbitrum Tests Crucial Support at $0.66
- Current ARB price: $0.6870, with a 24-hour low of $0.6701.
- Strong support near $0.665 has led to two bullish reversals in the past month.
- Bearish crossover between the 50 and 200 EMA indicates a possible continuation of the downtrend.
- Potential resistance breakout could target $1 and extend to $1.7984.
- Downside risks challenge support levels at $0.58 or $0.4724.
On-Chain Data Supports Bullish Comeback Chances
- At-the-Money Zone currently holds 4.12 million ARB tokens.
- Next crucial support zone between $0.62 and $0.65 contains 7.04 million ARB tokens.
- 4.97K addresses hold nearly 17 million ARB tokens in profit.
Analyst Projects 46% Swing in Arbitrum
- Analyst Ali Martinez identifies a descending triangle pattern for ARB.
- A breakout could target the previous peak at $1.2404, indicating a potential upside of 46%.
Arbitrum's price action is dependent on broader market conditions, with a critical focus on maintaining support above $0.665.