Arbitrum (ABR) Coin entered our lives during the bear season and failed to show the expected performance after the airdrop. ARB Coin, which was released at a bad time, tried to find buyers in a period when market demand was constantly eroding. As expected, it was unsuccessful because many promising altcoins had already reached attractive levels.
Why is ARB Coin Falling?
The price of Arbitrum (ARB) dropped from the critical support level of $0.90 at the beginning of September and today it hit its all-time low. There is no sign of a reversal in both the price movement and the RSI, indicating a possible drop to the next nearest Fib support level.
The ARB price has been struggling with sellers since it reached its all-time high of $1.82. Initially, it was expected that the price would hold at the $0.90 support level. We saw a weak bounce from here, but things quickly turned around again. On August 15th, the ARB price was once again rejected by the resistance line, causing the $0.90 support to be broken at the beginning of September.
The lack of market appetite, negative factors supporting the decline, and the decline in BTC prompted ARB Coin investors to cut their losses early.
Arbitrum (ARB) Coin Analysis
Today, ARB reached its all-time low of $0.77. The daily RSI presents a downward trend. Since the price is already at its all-time low, it may be useful to focus on $0.64 to determine the next nearest support level. If the decline continues, a loss of 19% could be experienced at this Fib support level.
Since there is no sign of a reversal, it is likely that the Arbitrum price will eventually reach this level. Despite this bearish ARB price prediction, a sudden momentum reversal could allow the price to test $0.90, which would mean an 18% increase.
However, the possibility of FTX soon receiving approval for billions of dollars in crypto liquidation, the upcoming Fed meeting, expected inflation, SilkRoad, and MTGOX selling pressure highlight the matured conditions for further price drops.
Nevertheless, it should not be forgotten that the crypto market is full of surprises.
