Arbitrum (ARB) Looks All Green as It Faces Rejection

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Price action in the Arbitrum market has moved up by over 4% today. Also, the ongoing session has rewarded buyers with some profits. However, the appearance of the last price candle shows that the session has witnessed some short trades. Consequentially, this is resisting further price increases in this market.

ARB Statistics:
Arbitrum Value Now: $0.9505
ARB Market Cap: $1,238,045,455
Arbitrum Circulating Supply: 1,275,000,000 ARB
Arbitrum Total Supply: 10,000,000,000 ARB
ARB CoinMarketCap Ranking: 39

Major Price Levels:
Top: $0.9501, $0.9600, and $0.9700
Base: $0.9401, $0.9300, and $0.9200

Arbitrum Bulls Are Trying To Stay Dominant

The behavior of price action in the Arbitrum daily market over the past four trading sessions has shown that buyers have recorded consistent and significant gains. Meanwhile, the ongoing session remains considerably bullish, despite the minimal effect of headwinds.

The session has brought this token to trade near the $1.00 mark. However, it could be seen that the $1.00 price level may be a strong resistance in the meantime, given the fact that the Relative Strength Index lines have risen deep into the overbought zone. Consequently, this suggests that the momentum may be exhausted at this point.

ARB Bulls Seem To Have Fair Chances of Extending Profits in the Ongoing Session

In the ARBUSDT 4-hour market, it could be seen that buyers may still be looking forward to extending the upside retracement. This is so despite the fact that the momentum seems overstretched on the daily chart. Here, the Moving Average Convergence Divergence (MACD) indicator lines are significantly above the equilibrium level and are still slightly projected upward.

However, it could be seen that the bars of this indicator are also pale green, indicating that the buyers may be getting weary. Meanwhile, the last price candle on this chart reveals that buyers are still leading in the session. Therefore, traders may expect a continued retracement towards the $0.9850 mark at least.

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