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ARB’s downward trend continues as the cryptocurrency struggles to regain momentum, currently trading at $0.72166 after a 5.54% decline over the past 24 hours. The breach of a critical demand zone has raised concerns about the potential for extended declines.
From a technical perspective, the situation appears grim, with indicators suggesting further challenges ahead. The Relative Strength Index (RSI) has fallen to 37.13, placing it on the cusp of oversold territory and reinforcing the idea that the bearish trend is likely to persist.
Furthermore, the Moving Average cross highlights a bearish pattern, as the 9-day MA sits at $0.7682 while the 21-day MA rests at $0.8505. This confluence of indicators implies that the downward trajectory may continue unless there is an influx of buying volume in the near term.
The on-chain metrics also point to decreased user engagement and waning confidence in ARB’s short-term prospects. The Net Network Growth has fallen by a staggering 0.98%, signaling slower adoption within the ecosystem. Additionally, “In the Money” saw a decline of 0.22% while Concentration dropped by 0.13%. Large Transactions have also experienced a notable decrease of 14.73%, further reinforcing the notion that institutional interest in ARB has waned.
The Santiment analytics indicate a significant divergence between user engagement and price performance, with the Price DAA Divergence standing at an alarming 14.89%. This disparity suggests that sentiment is strongly against ARB, likely to continue putting pressure on its value.
As traders hesitate to enter new positions due to the lack of buying interest, open interest has decreased by a concerning 2.90% to $163.69 million. This reduced participation further solidifies the notion that ARB’s downward trend will persist unless sentiment shifts dramatically.
In conclusion, the evidence suggests that ARB is more likely to experience additional downside in the near term. Without significant positive developments, the cryptocurrency’s chances of recovery appear slim.
Source: ambcrypto.com
