Can Arbitrum Crypto Revive From The Lows Amid Improved Sentiment

7월 1일

Can Arbitrum Crypto Revive From The Lows Amid Improved Sentiments
Arbitrum crypto seemed to be consolidating after a sharp fall that took away the annual support.
The recent sessions have observed a notable rise in the social metrics like social dominance and social volume.

Arbitrum crypto seemed to be stabilizing after a sharp crash and has dropped below the annual lows. The crypto has been suffering a strong selling pressure since Mid march and has dropped over 65% from this year's high.

The short term as well as long term trend outlook is bearish at the moment which adds the risk of further fall in the crypto. However, the recent sessions have observed some notable change in the social metrics.

Let's uncover those developments in the social metrics and try to correlate it with ARB price. It would be worth analyzing whether ARB investors should wait for a recovery or look for other better investment opportunities.
Arbitrum Crypto: Analyzing The Social Metrics
At the time of writing, Arbitrum crypto was hovering close to $0.79 recording a swift 0.51% negative development today. The price performance has been negative in the short term with 29% decline a month and over 50 in the last three months.

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However, there has been a notable development in the social metrics which adds a ray of hope for the ARB investors. As per the data obtained by a financial website app.santiment.net, the social volume and social dominance have observed a healthy growth in the recent sessions.

The social dominance and volume has nearly doubled in the past two weeks, indicating the increasing user interactions. An increased social metrics generally reflects a positive development in the price.
ARB Crypto: Technical Outlook?
From a technical point of view, Arbitrum crypto trades below all the key exponential moving averages of 20, 50 and 200 days indicating a strong bearish trend in the short term as well as long term.

The recent price action highlights that the key 50 day EMA has been acting as dynamic resistance for the crypto. Currently, any surge in the price may be taken as a sell on rise opportunity for the bears until the price is maintained below the $0.96 level.

A breakout above the $0.96 may result in a bullish reversal, however it requires a consolidation at the recent support followed by a breakout with strong volume. on the lower side, if the price breaks below $0.77, it may head straight towards the $0.73 and $0.70.
Can Arbitrum Price Turn Bullish Again?
Arbitrum crypto has been recently facing a bearish trend, having plummeted over 65% from this year's peak. The persistent selling pressure since mid-March has pushed the price beneath all critical exponential moving averages (EMAs) of 20, 50, and 200 days, signaling a strong downtrend.

Currently, any short term price surge may be viewed as an opportunity for bears to sell, as long as the price stays under $0.96. A breakout above this level could suggest a bullish reversal, however it requires consolidation at current support levels.

Conversely, a drop below $0.77 could lead the price to decline towards $0.73 and $0.70. Key levels to watch are $0.96 for potential reversal and $0.77 for further declines.