• Arbitrum sellers recently hit their crucial target and locked in gains.
• Bears exploited the choppy crypto market to their advantage, with ARB prices dropping to a critical demand zone.
• Bulls are now looking to defend the demand zone for a long entry position, targeting the May high of $1.35.
Arbitrum Price Ripe for Long Entry
Arbitrum [ARB] sellers recently hit their crucial target and locked in gains, seeing prices drop to a critical demand zone as bears exploited the choppy crypto market to their advantage. Despite the selling pressure, bulls are now looking to defend this demand zone for long entry positions, targeting the May high of $1.30.
Demand Zone Key Confluence Area for Bulls
Analysis shows that ARB has hit a key confluence area of $1.06 – $1.12 (cyan), which could bolster bulls looking to gain entry into the market. This area is also an important order block (OB) on its 12-hour chart and aligns with a critical support level from May, June and July – making it an ideal bullish zone for entry positions.
Weak BTC Could Spoil Party For Bulls
However, any moves by bulls will need to be carefully monitored against Bitcoin’s [BTC] sudden drop from >$30k to below its previous range-low of $29.5k – which could embolden bears for some time unless it reverses course soon again. The weak BTC could spoil any party that bulls may have hoped for with regards to Arbitrum’s price movements going forward if this situation persists too long into Q3 2023 or beyond – making it worth tracking before making any moves hereon out.
Q3 2023 Sees Steady Accumulation
Meanwhile, Q3 2023 has seen steady accumulation according to analysis provided by Santiment; with rising 90-day Mean Coin Age indicating that investors are holding onto their tokens rather than trading them iimmediately – offering up a bullish cue as we enter further into Q3 going forward still yet again here on out at least one would hope anyway!
In conclusion then; despite some bearish pressures in recent weeks due largely in part thanks towards Bitcoin’s [BTC] sudden pullback below its range low of $29k or so (which may continue if it doesn’t reverse back up soon enough) – overall there appears still plenty of reasons/opportunities indeed still left open yet still overall when it comes down toward potentially gaining an entry position within ARB itself at least right here & now today at least going forwards – especially when combined alongside steadily rising 90-day Mean Coin Age all things considered ultimately I guess?