Arbitrum (ARB) Faces Potential Dip Below $0.40, Hedera’s (HBAR) Pattern Signals Possible Reversal
Arbitrum (ARB) and Hedera (HBAR) price actions have been noteworthy with both tokens approaching critical price levels. Top analyst Cold Blooded Shiller predicts a potential drop below for ARB, despite slowing bearish momentum.
Meanwhile, HBAR’s chart displays a falling wedge pattern, often considered a precursor to bullish reversals. The analyses also highlight critical levels that would determine the trajectories for both tokens.
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Arbitrum: A Cautious Approach Amid Declining Momentum
According to Cold Blooded Shiller, Arbitrum has seen a slowdown in its momentum as it reaches newer lows, hinting at potential further declines.
“The momentum has slowed into this fresh low. But it’s not clean enough to feel confident we won’t make a 3rd leg down here,” he tweeted. Currently priced below $0.60, the possibility of it dipping below $0.40 remains on the table.
The technical indicators support this cautious outlook: the MACD continues to trend downward below zero, and the RSI is nearing oversold conditions at 30.
These signs suggest that while bearish momentum prevails, the potential for a reversal exists if buying interest increases, marking a critical juncture for ARB.
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Hedera signals Potential Upswing
Hedera, conversely, shows optimism despite its overall downtrend. It has been in a falling wedge pattern since May, characterized by lower highs and lower lows but with decreasing volume, which could signal an impending breakout.
The support level at $0.045 has held strong, and the current price at around $0.053 positions HBAR at a crucial support. Should the price break out of this pattern above the $0.06 resistance, it could mark a trend reversal and initiate a bullish phase.
However, the MACD below the signal line and an RSI of 36.59 suggest that any upward movement needs to be approached with caution.
Future Outlook
For both ARB and HBAR, the short-term outlook leans bearish. However, traders remain alert for signs of reversal. A confirmed breakout above HBAR’s falling wedge, accompanied by increased volume, could signal a bullish entry point.
Conversely, breaks below key support levels for either token could trigger defensive strategies.
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