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Arbitrum price has been facing bearish pressure in recent times showcasing downward momentum, below the key moving averages.
Over the last seven days, Arbitrum‘s performance has been unsatisfactory. On April 28, ARB was trading at approximately $1.12.
After the launch of Chapter 8 of Arbitrum Arcade, which allowed players on the Arbitrum network to access InfiniGods’ King Of Destiny game, ARB gained traction and rose to $1.68 on the same day.
However, the excitement surrounding this news died down, and ARB began to rebuild its growth. After trading at $0.98 on April 30, the news of Delabs Games announcing plans to develop Arbitrum helped ARB recover on May 1.
On May 5, ARB stabilized around $1.06. This price implies that ARB experienced a 5.36% decline in one week.
So, is ARB a good cryptocurrency to purchase, or will it continue to lose value? Experts predict that ARB will register marginal gains and close the month at US$1.08.
Analysts base this forecast on investors abandoning ARB as the buzz surrounding Realm, an F2P action Roguelite and Metroidvanian powered by a digital economy, coming to Arbitrum on May 3 subsides.
Arbitrum Price Near Lower Support; Will It Bounce Back?
Arbitrum has been performing well since October 2023. It hit a new all-time high of $2.40 on January 11, 2024.
However, in the first week of January, the ARB price struggled to break through the $2.40 mark and ended up losing around 25% in just 10 days. In March, the price tried to reach a new all-time high again, but profit booking led to a decline of over 50% up to now.
The price has been declining and facing resistance from the 20-day exponential moving average, as seen on the chart structure.
Based on the technical indicators, the Arbitrum coin price is currently trading well below the key moving averages, which indicates a negative outlook. The RSI is at 35 and consolidating near the oversold zone. At this time, the technical indicators suggest a bearish sentiment.
Summary
Over the last seven days, Arbitrum’s performance has been unsatisfactory. ARB experienced a 5.36% decline in one week. Experts predict that ARB will register marginal gains and close the month at US$1.08. Investors are abandoning ARB as the buzz surrounding Realm coming to Arbitrum on May 3 subsides.
The Arbitrum price has been declining and facing resistance from the 20-day exponential moving average, indicating a negative outlook, with the RSI at 35 and consolidating near the oversold zone.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.