Arbitrum token launch led the crypto market’s bearish week

Please fol­low and like us:
Pin Share


Share:

  • XRP and Lite­coin price emerged as the only few top cryp­tocur­ren­cies to note any gains over the last week.
  • Arbi­trum launched its ARB token this week and became the biggest los­er as hold­ers ran to sell their airdrop.
  • Opti­mism took a hit as well, fac­ing com­pe­ti­tion from the ARB launch, declin­ing by near­ly 16.5%.

The cryp­to mar­ket not­ed a rather bear­ish tone over the last sev­en days owing to the Fed­er­al Reserve hik­ing the inter­est rate by 25 basis points (bps). How­ev­er so, some recov­ery was expect­ed towards the end of the week, which only took place for a few alt­coins as Bit­coin price stood vir­tu­al­ly unchanged at $27,466.

Top Gainers of the week — XRP, LTC, ADA

While most of the cryp­tocur­ren­cies strug­gled to climb on the charts, XRP and Lite­coin price man­aged to paint the most gains at 12% and 9.6%, respec­tive­ly. Car­dano price, on the oth­er hand, did not note any sig­nif­i­cant increase from its trad­ing price from a week ago but still man­aged to rack in almost 3% gains.

XRP

Going for­ward, Rip­ple investors would need to watch the sup­port lev­el at $0.417 as falling below it would push the XRP price toward the crit­i­cal sup­port at $0.387. Los­ing it would thus result in a decline to Decem­ber 2022 lows of $0.330.

XRP/USD 1-day chart

XRP/USD 1‑day chart

How­ev­er, if the alt­coin man­ages to breach the resis­tance lev­el at $0.475, it would be able to breach the crit­i­cal resis­tance at $0.506, enabling the XRP price to inval­i­date the bear­ish the­sis and chart a four-month high.

LTC

Lite­coin price, in the span of a week, rose to trade at $93, inch­ing clos­er to the crit­i­cal resis­tance at $97. Flip­ping it into sup­port would give LTC bulls a chance to ral­ly the price above $102.99 and mark new 2023 highs.

LTC/USD 1-day chart

LTC/USD 1‑day chart

On the oth­er hand, if LTC were to crash by 14% and fall through the crit­i­cal sup­port at $79, it would inval­i­date the bull­ish the­sis. This could lead to the alt­coin falling to March lows of $69, reg­is­ter­ing a 25% decline.

ADA

Car­dano price not­ed the least rise of the three alt­coins and is still hov­er­ing near the crit­i­cal sup­port at $0.352. Los­ing this sup­port lev­el would leave ADA vul­ner­a­ble to a crash to March lows of $0.3019.

ADA/USD 1-day chart

ADA/USD 1‑day chart

Although, if buy­ers pull through and the alt­coin bounces off $0.3019, it could rise toward the crit­i­cal resis­tance at $0.3984. Breach­ing the same would inval­i­date the bear­ish the­sis and set ADA up for a ral­ly to $0.4206 to mark new year-to-date highs.

Top Losers of the week — ARB, IMX, OP

The launch of the ARB token was expect­ed to be a huge deal for Arbi­trum, but soon upon the launch, hold­ers rushed to sell the token, result­ing in an 89% plunge. Opti­mism, on the oth­er hand, took a hit through the week for being a com­pe­ti­tion to ARB, falling by 16.29%. 

Immutable price falling by 27% was sur­pris­ing since the same just announced a part­ner­ship with Poly­gon this week dur­ing the Gam­ing Devel­op­ment Conference.

OP

Opti­mism price slipped through $2.42 to flip it into an imme­di­ate resis­tance lev­el this week, inch­ing clos­er to the crit­i­cal sup­port at $2.14. Falling through this lev­el could push OP towards March lows of $1.8 and turn the 100-day Expo­nen­tial Mov­ing Aver­age (EMA) into resistance.

OP/USD 1-day chart

OP/USD 1‑day chart

Nev­er­the­less, if the Arbi­trum fever pass­es, buy­ers would be able to push the alt­coin back above $2.42 to set it up for recov­ery. Breach­ing the crit­i­cal resis­tance at $2.75 would inval­i­date the bear­ish the­sis and enable OP to rise to 2023 highs of $3.10.

IMX

Immutable is fac­ing a sim­i­lar sit­u­a­tion as the alt­coin is close to falling through the crit­i­cal sup­port at $1.03. IMX could drop to March lows of $0.81 if this were to happen.

IMX/USD 1-day chart

IMX/USD 1‑day chart

But if a recov­ery ral­ly pulls Immutable price back above the crit­i­cal resis­tance at $1.24, it would have the oppor­tu­ni­ty to rise to 2023 highs of $1.53 and inval­i­date the bear­ish the­sis as well.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *