Arbitrum (ARB) is struggling to stay permanently above $1 with the recent market decline.
The crypto market has been on an upward trend for the last few months. Altcoins, which became green with the rise of BTC in September, went through difficult times last week. Sharp declines were seen in many altcoins due to money outflows.
The sensational rises experienced by Avalanche, Solana and Chainlink drew attention to Arbitrum. Although Arbitrum’s token, ARB, rose to $1.20, it remained below expectations. Additionally, ARB fell by 20 percent, affected by the recent decline in the crypto market. With the recent decline, ARB is struggling to maintain permanence at $1.
Will Arbitrum (ARB) recover?
Arbitrum (ARB), one of the Layer-2 projects, could not achieve the expected exit. ARB rose from $0.77 to $1.20 between October 20 and November 10. However, the decline in the crypto market caused the ARB price to retreat by 20 percent. ARB is trying to hold on to the $1 support.
ARB has been testing $1 for the last two days. Although there are small-scale increases due to reaction from this region, the market’s negative outlook makes things difficult. The $1 support for ARB stands out as the area that bulls should protect more tightly.
In case of a possible breakout and a drop below $1, ARB price may drop to $0.9860. If this region is lost, the price may drop to $0.90 in a short time. In a possible decline scenario in ARB, $0.90 is of critical importance. This support point is seen as an important buying point to stabilize the price again. However, if $0.90 is lost, the $0.8712 and $0.8284 supports will come to the fore. An intense transaction volume can be seen in these regions.
On the other hand, if ARB starts to hold on to the $1 support and gains strength from this region, it may attempt an upward attack. If ARB starts to rise with the strength it will gain from $ 1, it may enable $ 1.15 to be tested in a short time. $1.15 stands out as a critical resistance point that also touches the August price zone. Breaking $1.15 and staying above it will push the ARB price to $1.20. Although $ 1.20 stands out as a major resistance point, it can be easily overcome in case of a possible rise. Thus, a new uptrend may begin for ARB. The most critical point for ARB to intensify the bull run and reach $2 will be $1.34. Exceeding this price from July may trigger the bull. However, intense selling pressure may keep ARB below the $1.34 resistance.
