ARPA Technical Analysis
The ARPA is currently in a well-defined downtrend, as indicated by the descending channel that has been guiding the price downward since early March. Currently, the price is consolidating on the support zone (Green) at $0.03499 – $0.03596, after a pullback from the $0.04539 level.
If the price breaks below this support zone (Green) at $0.03499 – $0.03596, it could potentially decline further, testing the next support level at $0.03047 and possibly moving down to the historical low support zone (Yellow) at $0.02264 – $0.02555. On the other hand, if the price manages to break above the resistance at $0.04539 and breach the descending channel’s upper boundary, it may indicate the beginning of a bullish reversal. However, the overall trend remains bearish, and any upward move would need to be sustained by a significant increase in volume to confirm a true breakout.
Overall, the market is at a crucial juncture where it could either continue its downward trajectory or attempt a reversal. Traders should closely monitor the key support and resistance levels and watch for changes in volume to gauge the potential direction of the next move.
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