The recent reversal in the price of Arbitrum’s native token ARB has come as a surprise to many market participants, as the token experienced a sudden and sharp decline. Several market factors, including Grayscale’s liquidation of its Bitcoin holdings, led to a significant increase in selling pressure on ARB.
Observing ARB’s chart, it becomes evident that the token has deviated from its upward trajectory and is struggling to maintain ground above the critical support level at $1.50. This price level now serves as a decisive marker for the short-term outlook of the asset. A breakdown below this level has ignited uncertainty about ARB’s immediate future, calling into question the possibility of a swift recovery.
As the price of ARB continues to grapple with resistance, all eyes are turning towards the $1.30 zone, which may provide some relief and act as a temporary support level for the token. In the event that this level fails to hold, the next substantial support is expected near the $1.20 price range, which will test the resilience of the token.
On the upside, any potential reversal would need to convincingly reclaim the $1.50 level to restore confidence among holders. A successful push beyond this resistance may pave the way for a recovery, potentially targeting the $1.70 level.
Shifting focus to Cardano, the cryptocurrency has reached a crucial support level, particularly the 100-day Exponential Moving Average (EMA). This indicator holds strong significance in predicting price trends and market momentum. The convergence of ADA’s price with the 100 EMA around $0.47 suggests that the cryptocurrency is at a potential inflection point. The 100 EMA stands as a pivotal support level that could either reinforce a price rebound or accelerate a further decline.
As market participants analyse the chart, it becomes evident that ADA’s price has entered a contraction phase, and the trajectory will depend on the interaction with the 100 EMA. The growth scenario for Cardano appears feasible, especially if the asset bounces off this support level. Conversely, a fall below this level could lead to a decline towards the $0.40 level, which also holds historical significance.
Turning attention to Shiba Inu, the digital asset has recently seen its price dip below the $0.000009 mark, a development that is being closely monitored by market participants. The drop to this level could represent a significant shift in the trajectory of SHIB, testing the strength of community and investor resolve.
Market sentiment surrounding Shiba Inu is tense, and support levels are being closely observed. The critical level is at $0.000008, which has historically been a strong support level both psychologically and technically. This level could be a potential turning point if market conditions are favorable and buyers reemerge to outweigh sellers, possibly sparking a rally.
