BTC attempted an upward movement today but fell back from $70,000 and failed to maintain stability. It was an important opportunity period for altcoins. BNB returned to the key resistance. However, it’s hard to say the outlook is great for all altcoins. So, what awaits ARB Coin investors?
Arbitrum (ARB)
Investors are the primary triggers of altcoin price movements. If concerns about a decline dominate, they tend to sell more, accelerating these declines. Regularly monitoring investor sentiment can be useful for making accurate predictions. The Market Value to Realized Value (MVRV) ratio is an important indicator in this regard.
The MVRV, which measures investors’ profit and loss, indicates that investors are 10% profitable over a 30-day period. This could signal a command to prepare for selling for ARB Coin investors. Historically, we have seen ARB Coin declines range between 7% and 23%.
The profitability of investors climbing into the danger zone is also supported by Global In/Out of the Money (GIOM) data. The cost level of 1.64 billion ARB is in the range of $1.06 to $1.16. The current price of ARB Coin is in a profitable area for both those who bought at lower levels and investors in the current massive buying demand zone.
Considering BTC’s new attempts at $69,000, the potential for further price declines should not be ignored.
ARB Coin Price Predictions
The resistance level of $1.26 could not be surpassed by ARB Coin bulls. Although the bounce from $1.1 is positive, the ongoing sales in the resistance zone and the information about investor sentiment in the first section are discouraging.
If the support level of $1.1 cannot be maintained, it is possible for the decline to continue towards $1 and $0.97. However, if a stronger reaction from the support can break the resistance, new peaks in the range of $1.3 and $1.5 can be determined with closures above $1.26. For now, no definite direction has been determined. A break at the support or resistance will clarify the direction.
BTC was trading at $69,414 at the time of writing.
