Add as a preferred source on GoogleArbitrum Rebounds 21% as Traders Watch $0.183-$0.186 Zone
ARB rose 5.28% Sunday after recovering from its Oct. 8 low, while declining volume and a daily Chaikin Money Flow reading below -0.05 tempered the bullish setup.
Arbitrum (ARB) rose 5.28% Sunday, extending a 21.34% rebound from its Oct. 8 low of $0.162 as the token’s bullish daily structure faced a key technical test.
The broader altcoin market capitalization increased 1% to $1.12 trillion. Bitcoin (BTC) gained 0.95% Sunday, rising from $82,988 to $83,773.
ARB’s daily price structure turned bullish after it broke above the $0.1495 swing high from May in early September. The token then pulled back to $0.131 before reaching a new swing high at $0.255.
The $0.183-$0.186 area is a daily-chart imbalance and local supply-and-demand zone. A retest of the region would keep $0.255 and $0.285 as technical levels to monitor.
The setup also has weaknesses. Daily trading volume has shrunk noticeably over the past six weeks, while daily Chaikin Money Flow was below -0.05.
The bullish structure would be invalidated if ARB fell below $0.162. The technical analysis was updated at 1 a.m. ET (05:00 UTC) on Oct. 12.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.