Key Insights:
- ARB market fell 7.5% to $1.34, with bears in control, despite a trading volume increase of 11.03% to $679,552,409.
- Fisher Transform rating of -2.18 indicates increasing selling pressure, suggesting traders hold off on long positions.
- Keltner Channel and Bollinger Bands heading south on ARB 4-hour price chart indicate a potential further drop in price to test lower support level.
In the past 24 hours, the ARB market experienced a steep decline, and attempts to rebound were unsuccessful due to strong resistance at $1.45. The bears managed to lower ARB’s value from its peak to a low of $1.30, where it stabilized.
$ARB shitting itself
— Macwill let you know when I start rebuying https://t.co/KioWpE2Ojh
(@MacnBTC) April 23, 2023
At the time of writing, the ARB market remained under bearish control, causing the value to drop to $1.33, indicating an 8.05% decline from the previous closing price.
Despite a surge of 59.24% in ARB’s 24-hour trading volume, the company’s market capitalization plummeted by 7.91% to $1,694,899,348. This contradictory situation indicates a mixed reaction among investors, with some buying more tokens while others selling them, leading to a rise in trading volume but a fall in market value.
ARB/USD 24-hour price chart (Source: CoinMarketCap)
The ARB market is facing increased selling pressure with a Fisher Transform rating of -2.18, indicating the possibility of further price reduction. As a result, traders may consider going short or delaying long positions until a potential trend reversal.
On the ARB 4-hour price chart, the Keltner Channel bands are heading south, with the top bar at 7.67 and the bottom at 7.62. This behavior suggests that the ARB price could decrease and test the lower support level.
The price action on the ARB 4-hour chart further reinforces this view, with red candlesticks forming towards the bottom band. A reversal or comeback could be possible if the price movement continues in this direction and breaks below the lower band, indicating an oversold market.
ARB/USD 4-hour price chart (Source: Tradingview)
The current Bull Bear Power (BBP) of -0.00 in the market suggests a strong negative momentum, which could lead to further drops if crucial support levels are broken. Conversely, if the ROC rating improves and shifts to positive territory, it may indicate a change in the trend and potential buying opportunities for traders.
The ARB 4-hour price chart shows a southward movement of the Bollinger bands, with the top bar at 7.67 and the bottom bar at 7.64. This indicates a declining asset value trend, with the lower Bollinger band level at 7.64 potentially serving as a support level. If this level is breached, traders might consider selling or shorting the asset.
ARB/USD 4-hour price chart (Source: Tradingview)
Conclusion
The ARB market is in a negative trend, with selling pressure mounting. If the lower support level, around $7.64, is broken, traders should look for a possible reversal.
The post ARB Market Bears in Control as Price Drops: Traders Beware of Potential Trend Reversal first appeared on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/arb-market-bears-in-control-as-price-drops-traders-beware-of-potential-trend-reversal/
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