Arbitrum (ARB) Coin Prediction: Price consolidating for another fall?

ARB price has declined over (10.95 ) % in a week, ( -29.69 ) % in a month and (- 40.74 ) % in a year.

The relative Strength Index (RSI ) is below the oversold zone but the current consolidation is cooling down the RSI.

Arbitrum is trading under the Inside candle formed on 11 September and forming an inverted flag and pole pattern on an hourly time frame.

Market capital of Arbitrum coin – $ 1.023 B

The current market price of ARB – $ 0. 8037

The price of ARB coin in the current session i.e. on 14 Sept is $ 0, 804 up by 2.26% which indicates that the price is currently bullish today, if we talk about 1 week’s return the price has declined over -10.95 %, and – 29.69 % in one month which state that the price is in extreme downtrend.

Arbitrum crypto is down by about 40% since listing and about 55% declined off highs which indicates that the price is overall in a wealth-destroying mode, it can continue this momentum ahead as the chart structure is super weak as of now.

Is Arbitrum a good investment?

If we go by charts then the Price structure is still bearish as the Crypto is forming a falling wedge pattern on a daily time frame where the resistance is present at the levels near $ 1.005 and the support zone is present near the levels of $ 0.6857. If we talk about RSI it is now in an oversold zone which means the price has come down aggressively and it needs some consolidation here.

ARB price is trading in an insider candle range which it made on 11 September and the price is struggling to cross the halfway mark of that candle which means the seller’s dominance is present at these levels too, till the price trading under the falling wedge pattern it is not a good crypto for an investment.

What is the Arbitrum coin prediction for 2023?

As the price is currently in the strong bearish hold any big up move is quite difficult as the inverted flag and pole which the price is forming is a bearish pattern and it can restrict the price from going upward, along with that the price is currency trading below the 50, 100 and 200 EMA which is also indicating a bearish sign.

The resistance of the price is present near the level of $ 0.8211 along the resistance of the inverted flag and pole is also very close to that level which means the price will face some difficult hurdles to cross upward. Support for the price is present near the level of $ 0.785 – $ 0.782 and the second support will be near the level of $ 0.739 i.e. the previous swing low of this crypto.

Conclusion

Till the price is trading under the falling wedge pattern it is not a good investment material for investors, and if the price breaks the pattern on the upside the price can start the upward journey towards the level of $ 1.676 and price can face rejection near $ 0.914 and then near the trendline resistance i.e near $ 0.97- $ 0.99.