Things are not looking good for Arbitrum (ARB) price at the moment, as the token has now dipped to its lowest ever. It gets even worse when you consider that there’s no obvious level of support from the price action until its original price of $0.5.
What Has Happened to Arbitrum Price?
Investors will agree that the Arbitrum chart has not looked good since the 18th of April when hit its peak. However, it has since then bowed into a downtrend.
The price broke below the support level at $0.92 on the 1st of September. And now, it looks to be dipping aggressively, as it has dipped by over 13% in the last two days. However, this onslaught doesn’t seem to be coming to an end anytime soon, as there is no obvious support level in sight.
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Light at the End of the Tunnel?
The only thing that might be remotely seen as a positive for the Arbitrum price is the RSI. Although the sentiment is bearish on the chart, the indicator is in the oversold region. This suggests the price may soon reverse to the positive.
Also, it is important to note that this dip has nothing to do with the ARB token itself. The general crypto market has been bleak at best. Crypto enthusiasts will be hoping the market starts looking up soon.
TRADING COMPASS
