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NullTx 2025-02-08 02:39:17

ARBITRUM PRICE ANALYSIS & PREDICTION (February 8) – ARB Sits at Support, Negotiating Next Major Move After Posting a 30% Weekly Loss

ARBITRUM PRICE ANALYSIS & PREDICTION (February 8) – ARB Sits at Support, Negotiating Next Major Move After Posting a 30% Weekly Loss

ARB’s performance has been poor since it lost a key price level in mid-December. As a result, the trend is now considered super bearish following a back-to-back drop since the start of the year. Following the latest downturn across the crypto space, ARB has shed over 50% loss in a month and as we can see, it is now trending bearishly again on the daily timeframe after rejecting a yearly low a few days ago. This came after failing to push above $1.3 late last year. Losing buzz, it broke below the key $1 level and closed that year at $0.75. The year started with a recovery but later halted due to a sharp rejection. That rejection led to another drag down and the trend remained bearish throughout January. Unfortunately, the bleeding continues due to rising supply and the price plunged heavily to a year $0.345 low. Despite registering a major loss in the past week, it is still demonstrating signs of weakness on the daily chart. It is on the verge of breaking lower while trading at critical support at the time of writing. A continuous drop in volatility could cause a bigger loss before recovering. ARB’s Key Level To Watch Source: Tradingview While negotiating the $0.45 support, the closest level for a test right now is $0.4 and the recent $0.345 low, marked as the lowest level in the past year. Right below this level lies the key $3 and $2 level. The $0.515 level stopped the bulls recently. If they push back above it, the higher level to consider as resistance is $0.613, followed by $0.75. Key Resistance Levels: $0.515, $613, $0.75 Key Support Levels: $0.4, $0.345, $0.3 Spot Price: $0.45 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: panuwatsikham/ 123RF // Image Effects by Colorcinch

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