Arbitrum (ARB) price has updated its all-time low — what's next
Date: 2023-09-12 Author: Karina Ziganova Categories: BLOCKCHAIN
Arbitrum (ARB) price failed to hold above the horizontal support area of $0.90 and fell to a new all-time low.
Price action and the relative strength index (RSI) show no signs of a bullish reversal, hinting at continued declines.
Arbitrum crashes
The ARB price has been below a descending resistance line since April 18, when it reached an all-time high of $1.82.
On June 15, it fell to the horizontal support area of $0.90 (this moment is marked with a green icon on the chart), and exactly two months later it again hit the descending resistance line. However, the efforts of the bulls were not enough to break through it - as a result, Arbitrum dropped below the horizontal support zone of $0.90, and today it updated its historical low at $0.77.
The daily RSI gives a clearly bearish forecast: the indicator is below 50 and declining, confirming the continuation of the fall. Moreover, he tried to form a bullish divergence (marked with a green line on the chart), but was not successful in this.
What to expect from ARB prices in the near future
Since the price is already at an all-time low, Fibonacci retracement levels must be used to determine the next support level.
By stretching the grid on the chart, we will see that the area of interest to us is at $0.64, which is 19% below the current price. Given that ARB is currently showing no signs of reversing, the asset price is likely to reach this level.
Despite this negative outlook, sharp upward momentum could lead Arbitrum to retest the $0.90 area. However, until the price consolidates above it, the trend cannot be considered bullish.
