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Arbitrum (ARB) has been struggling at the price level of $0.72, sparking concerns about its potential to rebound or continue a downward trend. The cryptocurrency’s recent performance has seen it decline by 5.54% over the past 24 hours, indicating sustained bearish momentum.
As ARB approaches this key support level, there are growing doubts whether the digital asset will find buyers and stabilize its value or continue to slide further. According to data from TradingView, the Relative Strength Index (RSI) is sitting at a lowly 37.13, suggesting an overbought condition that could be a sign of potential reversals.
However, both technical indicators and on-chain metrics indicate that further declines may be more likely than any upward momentum in the near term. The Moving Average (MA) cross highlights a bearish trend, with the 9-day MA at $0.7682 and the 21-day MA at $0.8505.
Source: ambcrypto.com
