- Crypto analyst Mac recently shared an update regarding his strategy for ARB.
- In the tweet, Mac stated that he is not rebuying ARB just yet.
- ARB’s price continued to drop 7.43% over the last 24 hours, according to CoinMarketCap.
The popular crypto trader Mac (@MacnBTC) posted a tweet this morning regarding Arbitrum (ARB). In his tweet, Mac shared that ARB’s price is in a downtrend and that he is waiting for the perfect time to rebuy the altcoin. Mac also included a previous tweet in today’s post wherein he stated that he was cutting his losses for ARB and was going to “stay on the sidelines.”
ARB currently occupies the number one position on CoinMarketCap’s trending list. The crypto market tracking website shows that the crypto’s price also dropped 7.43% over the last 24 hours. This negative 24-hour performance has pushed ARB’s weekly performance further into the red at -18.11%. As a result, ARB is trading at $1.34 at press time.
The altcoin displayed similar performances against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours. At press time, ARB is down 7.08% against BTC and 6.20% against ETH. ARB may also set a new daily low as it is currently trading close to its latest 24-hour low at $1.32. Meanwhile, the altcoin’s daily high stands at $1.45.
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. Currently, the 9-day EMA line is on the verge of crossing bearishly below the 20-day EMA line and the daily RSI indicator is flagging bearish at press time.
Should this bearish thesis play out, the crypto’s price will decline toward the next key support level at around $1.29. On the other hand, a close above the aforementioned-price level at $1.41 today will invalidate the bearish thesis.
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