Arbitrum [ARB] falls below $1, but should bears look to short it?
also edged toward the $2000 level, although it was halted just above $1900. When the prices of BTC and ETH were trending upward, Arbitrum bulls found it easier to push prices higher.
Yet, with the On-Balance Volume , we see that a true uptrend was not established. The trading volume in the last week of May was also relatively low. This suggested that a strong trend was not in progress. Hindsight is 20/20 but the daily market structure also flipped bearish in June, showing just how important volume and demand are to establish trends.
The Relative Strength Index showed strong bearish momentum and the OBV underlined steady selling pressure. The Fibonacci levels showed that the next targets are $0.82 and $0.51, which are the 23.6% and 61.8% extension levels. In particular, the $0.51 target could be extremely ambitious- but the lack of demand and intense bearish sentiment across the market could see such a move materialize.At the time of writing, the funding rate was just above the zero level. It had dropped deep into the negative territory on 11 June, when ARB prices dived beneath the $1.05-$1 zone. Yet, the prices halted there and the OI began to flatten as well.
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