Arbitrum (ARB) Price Analysis: Bulls Aim to Overcome August High as the Asset Accumulates

ARB’s bears appeared to have reached an exhaustion point following the latest increase, initiated after a slight fall.

(Price Analysis) Arbitrum (ARB) Bears Appear Exhausted, Asset Primed For Big Rally

After a brief decline, the latest increase in Arbitrum (ARB) price appears to have reached an exhaustion point. The asset is currently accumulating daily, with a gradual price increase setting the stage for a substantial rally.

From the beginning of the price decline in the first quarter, ARB has breached several critical support levels, resulting in substantial monthly losses and ultimately reaching a new all-time low in August.

However, August provided a respite from the bearish trend with a substantial recovery, which was later curtailed and followed by another price decline. The price eventually found support at $0.47, which also serves as the monthly low, and began to rally.

At press time, ARB is changing hands at $0.57, having recovered nicely from the monthly low, like the majority of layer 2 tokens. Although volatility is currently low, we can anticipate a significant surge as demand rises.

Moving up, the August high of $0.636 could pose a minor challenge for the bulls. A breach of this level would pave the way for a strong recovery. However, judging by the current scenario, the bulls are likely to overcome this minor monthly high.

For now, it's crucial to note that ARB is still accumulating on the daily chart and displaying a neutral-bearish bias. If the price dips below the current monthly low, the bears could be reinvigorated.

Arbitrum (ARB) Key Levels to Watch

Above the August high of $0.636, we encounter the $0.84 resistance. A further push from here could lead to the price reaching the critical $1 resistance level in no time.

On the downside, the monthly lows of $0.5 and $0.47 are currently providing support in the latest increase. If the price falls below these lows, ARB could retrace to $0.429, which was the August low. Below this price level, we can consider $0.3 as support.

Key Resistance Levels: $0.636, $0.84, $1

Key Support Levels: $0.5, $0.429, $0.3

This is not trading or investment advice, and it should not be taken as such. Always conduct thorough research before making any cryptocurrency purchase or service investment.

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