Altcoin Opportunities

4 key things to watch before trading ARB

Updated: Jul 25, 2024

Published: Nov 21, 2023

In the last analysis on ARB (Arbitrum), we mentioned how the key support level of 0.9880 has shown strong demand in the past, with price bouncing off it multiple times.

It’s great to see that support level being respected again in today’s follow-up analysis!

As projected previously, price tapped that support level again cleanly. This shows there's solid demand there. 💪

Now, here are the key next steps to watch for:

See if the 0.9880 can hold as the daily candlesticks close. Some further deviation below it is okay as long as the daily closes stay above.
Look for buying opportunities on a rebound off the 0.9880 support. We could see an upside towards 1.16 or retests of previous highs if 0.9880 continues holding. 📈
Monitor the daily candlestick closes carefully. If we get a strong daily close decisively below 0.9880, that would invalidate it as support and open the door for further downside. 📉 The next area to watch would then be around 0.9018.
For now, the 0.9880 area remains key. As long as daily closes stay above it, we can maintain a bullish bias and look for long setups on pullbacks.

On the bigger picture - the crypto market overall is still in an uptrend.

So, you can take "buy the dip" opportunities on ARB in the medium term. 👍