Arbitrum (ARB) is struggling to remain permanently above $1 with the recent market decline.

There has been a bullish trend in the crypto market for the last few months. Altcoins, which turned green in September along with BTC’s rise, went through a tough time last week. Many altcoins witnessed sharp decline due to the outflow of money.

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The sensational growth experienced by Avalanche, Solana and Chainlink attracted the attention of Arbitrum. Although Arbitrum’s token, ARB, rose to $1.20, it remained below expectations. Additionally, ARB declined by 20 percent, impacted by the recent decline in the crypto market. With the recent decline, ARB is struggling to maintain stability at $1.

Will Arbitrum (ARB) Recover?

Arbitrum (ARB), one of the Layer-2 projects, could not achieve the expected exit. Between October 20 and November 10, ARB rose from $0.77 to $1.20. However, the price of ARB dropped by 20 percent due to the decline in the crypto market. ARB is trying to maintain support at $1.

ARB has been testing $1 for the last two days. Although the sector’s reaction has led to small-scale gains, the negative market outlook makes things difficult. The $1 support for ARB stands out as an area that bulls should defend more strongly.

ARB decision

In case of a possible breakout and drop below $1, ARB price could fall to $0.9860. If this area is lost, the price may drop to $0.90 in a short period of time. In the scenario of a possible decline in ARB, $0.90 is of utmost importance. This support point is seen as an important buy point to stabilize the price again. However, if $0.90 is lost, the $0.8712 and $0.8284 supports will be exposed. High transaction volumes can be seen in these areas.

On the other hand, if ARB starts to hold the $1 support and gains strength from this area, it may attempt an attack to the upside. If ARB starts rising with the strength it gained from $1, it may be able to test $1.15 in the short term. $1.15 stands as an important resistance point which also touches the August price zone. Breaking $1.15 and staying above it will take ARB price to $1.20. Although $1.20 stands as a major resistance point, it can be easily overcome in case of a potential rise. Thus, a new uptrend could begin for ARBs. The most important point for ARB to accelerate the bullish run and reach $2 would be $1.34. If this price exceeds this level from July, there may be a rise. However, intense selling pressure may keep ARB below the $1.34 resistance.

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