Is Arbitrum Going to Zero? ARB Price Drops 5% as BTC Mining Platform Surpasses $8.7 Million

cryptonews.com:

Following the success of the Arbitrum airdrop, ARB price has dropped -5%, leaving some panicked holders asking ‘Is Arbitrum Going to Zero?’, find out in this ARB price analysis.

Arbitrum is trading in a tight trading channel between the upper trendline and moving average support.

$ARB price is following the path nicely.

A bounce for a A-wave from the 23.6$ retracement level is likely. pic.twitter.com/4MzNnkfxiF

— Man of Bitcoin (@Manofbitcoin) January 17, 2024

Traders remain bullish despite the localized retracement move, with anticipation of a bounce here rising amongst the crypto community.

With price action defending support levels, Arbitrum is currently trading at a market price of $1.95 (representing a 24-hour change of -3.9%).

This comes in a localized cascade of retracement, after ARB price rejected from upper trendline resistance at $2.42 on January 11.

Now in the first retest of 20DMA support since January 8, moving average support forms a critical level for a bounce around $1.94.

A breakdown here would represent the first drop below ascendant 20DMA support since a re-test of the lower trendline on December 20.

However, lower support levels are available immediately to the downside at $1.80 and $1.60 – providing comfort to panicked holders.

Meanwhile, in a positive sign the key RSI indicator has cooled-off significantly in the retracement move, to a more level-headed 55.69 – creating the capacity for an upside move.

Whereas the MACD reflects tumbling price, with a bearish -0.0227 reading on momentum.

Overall, ARB Price Analysis reveals the make-or-break posturing of Arbitrum airdrops price level, with all eyes on the ongoing defence of the 20DMA support.

This leaves ARB price with an upside target at higher support around