Arbitrum (ARB) Price Reaches Critical Trading Level, Will the Bearish Party Be Over Soon?

Arbitrum's price has reached a critical trading level again in the latest dip. But it appeared to have found a temporal support and now trades calmly. A major move at this support will determine the next direction.

Technical analysis of Arbitrum (ARB) price on September 21, 2023, reveals a critical juncture in its trading trajectory. After a prolonged decline from a high of $2.4 during the first month, ARB's price encountered a crucial support level following a brief recovery above $0.8.

A closer examination of the daily chart indicates a dwindling selling pressure, with low volume accompanying the recent candle patterns. This observation suggests a potential conclusion to the bearish trend.

However, a surge in volume could lead to a breach of the lower support levels. The mid-term market outlook remains bearish, but a shift could be anticipated as the market appears oversold.

A positive move from the current trading level could herald a bullish momentum, but the price must penetrate the falling resistance line for a potential trend reversal.

Crucial Resistance Levels to Monitor

If the price manages to rally past this line, potential resistance levels to watch for are $0.85, followed by the psychological $1 mark. These levels could present areas of interest for buying activity.

Crucial Support Levels to Monitor

The $0.565 level continues to serve as monthly support. If the price declines further, the $0.5 level should be noted as a potential sell target, with a further decline possibly reaching $0.4.

It's important to note that this analysis is not intended as financial or investment advice. Conduct thorough research before acquiring any cryptocurrency or investing in any service.

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