Long Position for ARB Still Pending, According to Popular Trader

The popular crypto trader Mac (@MacnBTC) posted a tweet this morning regarding Arbitrum (ARB). In his tweet, Mac shared that ARB’s price is in a downtrend and that he is waiting for the perfect time to rebuy the altcoin. Mac also included a previous tweet in today’s post wherein he stated that he was cutting his losses for ARB and was going to “stay on the sidelines.”

ARB currently occupies the number one position on CoinMarketCap’s trending list. The crypto market tracking website shows that the crypto’s price also dropped 7.43% over the last 24 hours. This negative 24-hour performance has pushed ARB’s weekly performance further into the red at -18.11%. As a result, ARB is trading at $1.34 at press time.

The altcoin displayed similar performances against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours. At press time, ARB is down 7.08% against BTC and 6.20% against ETH. ARB may also set a new daily low as it is currently trading close to its latest 24-hour low at $1.32. Meanwhile, the altcoin’s daily high stands at $1.45.

Daily chart for ARB/USDT (Source: TradingView)

ARB’s price flipped the $1.41 price level into resistance over the last 24 hours. Furthermore, technical indicators suggest that ARB’s price may continue to fall in the upcoming 24 hours. Currently, the 9-day EMA line is on the verge of crossing bearishly below the 20-day EMA line and the daily RSI indicator is flagging bearish at press time.

Should this bearish thesis play out, the crypto’s price will decline toward the next key support level at around $1.29. On the other hand, a close above the aforementioned-price level at $1.41 today will invalidate the bearish thesis.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Image
Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week. According to the latest on-chain data, this might only be the beginning for SOL’s price, with several indications of further upside potential for the altcoin. What’s Behind Solana’s Recent Price Climb? In a new report, blockchain intelligence firm Santiment offered insight into the recent price of Solana. According to the analytics platform, the price of SOL has swung upward by more than 33% since the 4th of July, rewarding investors who continued to bet big on it despite the sluggish market conditions. Related Reading Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? 19 hours ago Santiment mentioned that this positive run of form displayed by the altcoin over the past two weeks can be linked to investo...
Read more

Bitcoin Ordinals marketplace Bioniq launches on ICP

Bioniq, a new market place for Bitcoin Ordinals, introduces a distinctive approach by operating on the Internet Computer (ICP) blockchain. The introduction of Bioniq, a Bitcoin Ordinals market place, marks a notable development in the evolving landscape of cryptocurrency. Distinctively, Bioniq operates on the Internet Computer (ICP) blockchain, a platform developed by Dfinity, rather than directly on Bitcoin. This approach positions ICP as a type of layer-2 network for Bitcoin, a significant deviation from traditional practices in this space. Hello world! We're an experienced team of Web3 developers bringing you the worlds greatest trading experience for ordinal NFTs Send, receive, inscribe, buy, sell, swap, trade, auction, offer, and collateralize all in the works Can't wait to show you what we are building — bioniq (@bioniqMarket) February 28, 2023 Bioniq claims to offer several benefits including being the “world’s fastest” market place for Bitco...
Read more

Solana Trades Above $18 As Sellers Signal A Return To The Downtrend

Image
Mar 13, 2023 at 08:13 // Price Author Coin Idol Solana (SOL) is trading at a high of $18.84. The cryptocurrency value is rising again as it leaves the negative trend area. Solana price long term forecast: bearish The cryptocurrency price will cross the moving average lines and the $20 resistance level if the bullish momentum continues. The recent price rally becomes conceivable if the down trend reaches the historically significant price level of November 10, 2022. The historical price level is the current support level when the altcoin rises again....
Read more