Arbitrum failed to sustain a breakout above $0.49, falling back below the $0.46 level as short-term selling pressure increased.
Trading volume dropped by 11.67%, reflecting reduced market activity, though ARB remains actively traded with a strong volume ratio.
RSI and MACD continue to show bullish momentum, indicating a possible recovery if current support levels manage to hold.
Arbitrum (ARB) experienced a sharp price correction after failing to break above a major resistance level near $0.49. The attempted upward move on July 18 lost steam quickly, causing ARB to drop back into a consolidation range. At press time, ARB traded at $0.4557, marking a 2.19% daily loss.
On Friday, ARB briefly reached an intraday high of $0.49. However, the rally could not sustain itself above the $0.4722 resistance level. The price was quickly rejected and moved downward. The failed breakout marks a significant short-term reversal as the asset moves back into a consolidation pattern below the $0.46 mark.
Declining Trading Volume Reflects Market Uncertainty
ARB’s trading volume declined by 11.67% to $637.91 million, indicating a slowdown in buying activity. This comes as sellers regain momentum, influencing the near-term direction of the market. Despite the dip, the volume-to-market cap ratio of 27.26% continues to show relatively active trading.
https://twitter.com/ali_charts/status/1946420734378561711
Arbitrum’s market capitalization currently stands at $2.34 billion, supported by a circulating supply of 5.15 billion tokens. The project has a total supply of 10 billion tokens, and the fully diluted valuation is at $4.55 billion. The absence of a capped supply keeps investor focus on upcoming unlock schedules and broader Layer 2 ecosystem developments.
Technical Indicators Maintain Bullish Structure
Despite the rejection, technical indicators remain in bullish territory. The Relative Strength Index (RSI) is positioned at 72.09, staying above its moving average of 63.27. This reflects continued buying pressure even as the asset hovers in an overbought zone.
The Moving Average Convergence Divergence (MACD) indicator remains bullish. The MACD line holds at 0.0313, staying above the signal line at 0.0218. A strengthening green histogram suggests underlying momentum is still intact. The current MACD setup has persisted since early July, supporting the potential for renewed upward movement if price support remains stable.
The post Arbitrum Slips Below $0.46 as Sellers Counter Breakout Momentum appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
