Arbitrum Price Prediction: ARB Prints a Higher Low With Its 3% Drop, Will It Rise to a New ATH?
The Arbitrum price dropped more than 3% over the past 24 hours to trade at $1.81 at press time as crypto investors engage in a marwide selloff.
Arbitrum Price Prints Another Higher Low
Daily chart for ARB/USDT (Source: TradingView)
The Arbitrum price rebounded from a positive trend line over the past 48 hours to record a higher low. This is a continuation of the higher low trend seen over the last couple of weeks. In the last few days, however, ARB printed a series of lower highs as well. Despite this correction, a bullish move may soon ensue as the Arbitrum price looks to carry on with its medium-term higher low trend.
Should this bullish thesis play out, the Arbitrum price may soon overcome the $1.99 resistance level. A daily candle close above this threshold could then give the altcoin the foundation needed to rise to higher than its previous peak, which was recorded at $4.4250 on Jan. 11.
On the other hand, a break below the positive trend line that has emerged on ARB’s charts in the next 48 hours could invalidate the bullish thesis. In this alternative scenario, the Arbitrum price may retest the immediate support at $1.6740. Continued sell pressure could then drag the crypto below this point and expose it to the risk of plummeting down to $1.3470 in the short term.
Sellers Still Have the Upper Hand Against Buyers
Technical indicators on ARB’s daily chart suggest that the Arbitrum price may continue to drop in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
The MACD line is breaking away below the MACD Signal line, which signals that ARB’s bearish trend is growing stronger. In addition to this, the RSI is falling below its Simple Moving Average (SMA) line. This could be a sign of sellers growing their dominance over buyers.
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