ARB Investor Waiting for Optimum Time to Purchase, According to Crypto Analyst
- Mac, a Crypto Trader, shared an update about their ARB strategy.
- Mac stated that he has not yet repurchased the crypto asset.
- CoinMarketCap shows that the price of ARB dropped 7.43% over the last 24 hours.
The well-known crypto trader Mac (@MacnBTC (nBTC) tweeted this morning about Arbitrum (ARB). Mac shared in an accompanying tweet that ARB’s price is in a downtrend and that he is waiting for the ideal time to buy back the altcoin. Mac also included a former tweet in today’s post wherein he stated that he was cutting his losses with ARB and was going to “stay on the sidelines.”
$ARB shitting itself will let you know when I start rebuying https://t.co/KioWpE2Ojh
— Mac (@MacnBTC) April 23, 2023
ARB is currently the number one trending asset on CoinMarketCap. The crypto market tracking website also shows that the crypto’s price dropped 7.43% over the last 24 hours. This negative performance in the last 24 hours has brought ARB’s weekly performance further into the red to -18.11%. As ARB trades at $1.34 per share at press time.
The Altcoin demonstrated comparative performance against the two crypto leaders (BTC and (ETH)) in the last 24 hour. At press time, ARB is down 7.08% against BTC and 6.20% against ETH. ARB could also reach a new low for the day as it is trading near its 24-hour low of $1.32. Meanwhile, the altcoin’s daily high stands at $1.45.
Daily Chart for ARB/USDTSource: TradingView)
ARB’s price flipped the $1.41 price level into resistance over the last 24 hours. Furthermore, technical indicators suggest that ARB’s price may continue to fall in the upcoming 24 hours. CurrentlyAt the time of publication, the 9-day EMA was on the verge of crossing bearishly under the 20 day EMA.
If this bearish thesis pans out, the crypto’s price will drop to the next key support level at around $1.29. On the other hand, a close today above the $1.41 price level will invalidate any bearish thesis.
Disclaimer: The views, opinions and information in this price analysis are all published in good faith. Readers are advised to do their own due diligence. Any action taken by you is at your own risk. Coin Edition and its affiliates are not liable for direct or indirect damages or losses.
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