- Our noble hero, Arbitrum, has unfurlingly succumbed to a bearish trend upon the grand chart of one week, a plight that commenced as early as May in this present year of twenty twenty-four.
- Such misfortune was not limited to the daily chart, wherein a descent beneath the fabled support of $0.3 might herald a calamitous reset of considerable proportions.
With a countenance more somber than a winter’s eve, Arbitrum [ARB] has languished in the throes of an unfortunate downtrend across the highest of timeframes. During a period in November-December of twenty twenty-four, whilst the rest of the crypto realm danced with revelry, ARB audaciously soared by a staggering 140% in the span of but a month, like a rising soufflé, only to be met by a fate less favorable.
Upon scrutinizing the wretched weekly chart of our beleaguered Arbitrum, AMBCrypto elucidated that the market structure has been ensnared in bearishness since March of twenty twenty-four; a lamentable state, indeed.
The recent unlocking of 92.63 million ARB tokens, a small morsel from a grand linear unshackling over three years, saw approximately $27.6 million liberated on the sixteenth of June, yet these regular releases—totaling a mere 0.93% of the maximum supply—bore no fruit in alleviating the burdensome bearish pressure. Why, it’s as if a gentle breeze attempted to lift a ship sunk in tempestuous waters!
Alas! The $1.19 mark, a lower high bravely challenged in May, remained unbreached as November passed, leaving in its wake a new low laid bare in the month of April. This persistent bearish market structure for ARB, tragically unyielding for a year, echoes through the annals of time.
As one gazes upon the RSI, it reveals the somber truth: bearish momentum reigns supreme, whilst the OBV depressingly tumbles to new lows compared to the prior season, a veritable testament to an overwhelming selling frenzy.
Is This the Fateful Moment for Our ARB Bulls? 🤔
As we survey the overwhelmingly dreary landscape depicted in the weekly chart, the one-day vision also lays bare a structure of hopelessness spanning the last month. The previous week, alas, showcased a steadfast line of red candles that could rival the gloom of a forlorn love letter.
In the brief period of but eight days, our illustrious Arbitrum has lamentably shed 28% of its worth, whilst Bitcoin [BTC] continues its merry dance above the psychological threshold of $100k. One might say, “How curious!”
The OBV, with a heavy heart, has underscored the heavy volume of selling that besieges our dear token these past days, resulting in a new low, as dreadful as a rejected proposal.
Should the price descend beneath the sacred 78.6% Fibonacci retracement level at $0.298, it would likely plunge toward the infamous $0.18 level next—an alarming prospect to be sure. Ah, but should it pass that perilous gap, there exists a sliver of hope that the $0.265-$0.28 region may offer sanctuary.
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2025-06-20 11:07