A crypto analyst, who is closely followed by the crypto money market, warned “don’t go long” for the popular altcoin ARB! The famous analyst in the data he transferred on Twitter expects a decrease for ARB in the near future! Here are the details…
Warning to ARB investors from the popular analyst: “ARB is in a downtrend!”
Popular cryptocurrency analyst Mac (@MacnBTC) posted a tweet about Arbitrum (ARB) this morning. In his tweet, the analyst shared that the price of ARB is in a downtrend and is waiting for the perfect time to re-buy the altcoin. Mac also included a previous tweet in his post today, where he said he’s cutting losses for ARB and “staying on the sidelines”.
https://twitter.com/MacnBTC/status/1650196553825505281
Arbitrum currently ranks number one on CoinMarketCap’s trending list. According to CoinMarketCap data, the popular altcoin Arbitrum has experienced a 7.40 percent drop in the last 24 hours. That negative 24-hour performance pushed ARB’s weekly performance 18 percent more in the red. As a result, ARB is momentarily trading at $1.34 and is in a downtrend.
However, the popular altcoin has performed similarly in the past 24 hours against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). Instantly, ARB lost 7 percent against BTC and 6.2 percent against ETH. According to the expert, the ARB may decline to the $ 1.32 levels in the near future. The highest level of the project during the day is at the level of $ 1.45.
As reported by Kriptokoin.com, the price of ARB has turned the $1.41 price level into resistance in the last 24 hours. However, technical indicators suggest that the price of ARB may continue to decline in the next 24 hours. Currently, the 9-day EMA line is on the verge of a bearish crossover below the 20-day EMA line, and the daily RSI indicator is pointing bearish at press time. If this bearish thesis materializes, the price of the coin will slide towards the next key support level, around $1.29. On the other hand, according to experts, a close above the above-mentioned $1.41 price level today will invalidate the bearish argument.
What is an Arbitrum (ARB)?
As you know, the popular altcoin project Arbitrum was launched a short time ago and attracted the attention of many investors. Arbitrum is an Ethereum layer-2 scaling solution. According to the transmitted data, Arbitrum claims that Ethereum benefits from its security and compatibility. The Arbitrum network claims to operate with higher efficiency and lower fees than Ethereum.
However, the network states that any Ethereum DApp can run on Arbitrum without code changes. While maintaining the security of the Ethereum network, the Arbitrum network also offers that it can process thousands of transactions per second with low fees and high speed. Therefore, Arbitrum is one of the favorite altcoin projects of many investors lately.
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