🔥🔥The crucial $1.67 – $1.79 support zone for #Arbitrum pricing has now turned into resistance

Defeating arbitrum pricing

Since the breakdown on March 16, the price of Arbitrum has fallen below the $1.79 and $1.67 support levels. Since then, ARB's value has dropped 24 percent, to $1.48 per share. Retesting after a breakdown of critical support usually verifies the level has flipped into resistance.

If this happens, the price of Arbitrum might surge by 13–20% and retest the previously indicated resistance level, which would be good news for investors. The next critical support level is around $1.34, or almost 20% below $1.67, and if sellers are in charge, ARB is likely to see strong rejection that sends it down.

Both the RSI and the Awesome Oscillator have fallen below their respective average values of 50 and 0, lending credence to this trend of decline.


Plus, according to IntoTheBlock's numbers, 175,000 addresses are OTM after buying 895,000,000 #ARB at an average price of $1.65. This group of buyers bought ARB between $1.58 and $1.70, which is the same range as the technical resistance level.

Roughly 56,400 addresses purchased 2.15 billion ARB at an average price of $1.41 between $1.36 and $1.45. If the price of Arbitrum drops, these investors will likely add to their holdings because they are still in the money. Curiously, the technical assistance mentioned before also occurs at this level.

When Arbitrum price reclaims the $1.79 resistance level and turns it into a support floor, the bearish thesis would be rendered useless. If this were to happen, ARB may try to break over the $2 psychological threshold by 12%.