- ARB price has declined over ( – 10.95 ) % in a week, ( -29.69 ) % in a month and (- 40.74 ) % in a year.
- Relative Strength Index (RSI ) is below the oversold zone but the current consolidation is cooling down the RSI .
- Arbitrum is trading under the Inside candle formed on 11 Sept and forming an inverted flag and pole pattern on hourly time frame .
Market capital of Arbitrum coin – $ 1.023 B
Current market price of ARB – $ 0. 8037
The price of ARB coin in current session i.e on 14 sept is $ 0, 804 up by 2.26% which indicates that the price is currently bullish today, if we talk about 1 week return the price has declined over -10.95 % and – 29.69 % in one month which state that the price is in extreme downtrend .
Arbitrum crypto is down by about 40% since listing and about 55% declined off highs which indicates that the price is overall in a wealth destroying mode, it can continue this momentum ahead as the chart structure is super weak as of now.
Is ARB a good investment ?
If we go by charts then the Price structure is still bearish as the Crypto is forming a falling wedge pattern on daily time frame where the resistance is present at the levels near $ 1.005 and the support zone is present near to the levels $ 0.6857. If we talk about RSI it is now in an oversold zone which means the price has come down aggressively and it needs some consolidation here.
ARB price is trading in a insider candle range which it made on 11 sept and price is struggling to cross a halfway mark of that candle which means the seller’s dominance is present at these levels too, till the price trading under the falling wedge pattern it is not a good crypto for an investment.
What is the ARB coin prediction for 2023?
As the price currently in strong bearish hold so any big up move is quite difficult as the inverted flag and pole which the price is forming is a bearish pattern and it can restrict the price to go upward, along with that the price is currency trading below the 50, 100 and 200 EMA which is also indicating a bearish sign.
The resistance of the price is present near to the levels $ 0.8211 along with the resistance of the inverted flag and pole is also very close to that level which means the price will face some difficult hurdles to cross upward. Support for the price is present near the level $ 0.785 – $ 0.782 and second support will be near to the level $ 0.739 i.e the previous swing low of this crypto.
Conclusion
Till the price is trading under the falling wedge pattern it is not a good investment material for an investors, and if the price breaks the pattern on upside the price can start the upward journey towards the level $ 1.676 and price can face the rejection near $ 0.914 and then near the trendline resistance i.e near $ 0.97- $ 0.99.
Technical levels
Resistance – $ 0/806 and $ 0.914
Support – $ 0.7403 and $ 0 .684
DISCLAIMER-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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