Arbitrum (ARB) Price Hits All-Time Low Amid Mounting Liquidations
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Arbitrum’s (ARB) price has experienced a significant plummet of over 30% in the past 24 hours, influenced by its positive correlation with Bitcoin and Ethereum, both hitting multi-month lows.
The Layer 2 token is trading at $0.44, its lowest price ever noted. ARB's daily trading volume has spiked to $589 million, but this negative price and volume divergence indicates a bearish sentiment.
Sharp increases in derivatives trading volume and long liquidations underscore the selling pressure. Open interest has dropped by 30%, indicating traders exiting to prevent further losses.
Long liquidations have reached $2.01 million, a surge reminiscent of June 7 levels, suggesting many traders are forced out of their positions.
Key momentum indicators like the RSI (15.96) and MFI (3.53) suggest ARB is oversold and may soon correct positively. However, bearish sentiment and capital exit continue to pose significant downward risks.
The Chaikin Money Flow indicates weak market health, with signs of possible further price declines ahead. Rebound projections estimate a potential target of $0.99, contingent on positive market shifts.
Source: beincrypto.com ↗
