Top crypto analyst, Crypto Aman, has shared his perception on the weekly price movement of Arbitrum (ARB), a layer-2 scaling solution for Ethereum. Through a chart analysis shared on the X platform, he shed light on the prevailing bearish sentiment surrounding ARB.
Notably, Crypto Aman recommended an entry point range between $0.78 and $0.80 as a favorable opportunity for investors employing dollar-cost averaging (DCA) strategies. Aman advised potential investors to keep a close eye on the price action.
The analysis of Crypto Aman’s chart paints a mixed picture for the Arbitrum (ARB) token. His chart illustrates a significant resistance zone ranging from approximately $1.20 to $1.50. Moreover, it identifies $0.7787 as a crucial support level for ARB.
The crypto token is trading around $0.9886, marking a 5.7% price increment over the last day. However, it has seen a 14.90% dip in the past seven days, according to data from CoinGecko, further highlighting the bullish trajectory empasized by Crypto Aman.
Furthermore, the chart reveals a noticeable downtrend from the previous peak of around $2.00, leading to the current price consolidation near the $0.7787 support level. Notably, this consolidation suggests a potential reversal in the offing. If ARB manages to break above the resistance zone, it could attract more buyers, driving the price higher. Conversely, a failure to hold the support level could lead to further declines.
From an analysis of Crypto Aman’s Arbitum chart, there are a few possible future trends for ARB. The price might bounce from the support level at $0.7787 and rise towards the resistance zone between $1.20 and $1.50.
Additionally, the chart shows that if the ARB price stabilizes within the identified support zone, it could lead to a period of accumulation, where investors mostly increase their holdings in anticipation of a future price surge. This phase could precede a breakout, which is a scenario where the price decisively surpasses a key resistance level.
Arbitrum Dedicates $215 Million to Gaming with 225 Million ARB TokensNotably, a breakout above the resistance zone could potentially trigger a substantial upward price movement for ARB. In such a case, the token might retest its previous highs, which were approximately around the $2.00 mark.
