Arbitrum (ARB) Faces Potential Dip Below $0.40, Hedera's (HBAR) Pattern Signals Possible Reversal

Arbitrum (ARB) and Hedera (HBAR) price actions have been noteworthy with both tokens approaching critical price levels. Top analyst Cold Blooded Shiller predicts a potential drop below for ARB, despite slowing bearish momentum.

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Arbitrum (ARB) price might drop below the $0.40 level despite slowing bearish momentum, while Hedera (HBAR) price action suggests a potential breakout from a falling wedge pattern.

Top crypto analyst Cold Blooded Shiller took to Twitter on Monday to share his analysis on Arbitrum’s price action. According to the analysis, ARB is approaching a critical juncture as it attempts to break out of a bearish trend. Despite the slowing bearish momentum, the analyst predicts a potential drop below $0.40.

Arbitrum (ARB) price analysis. Source: Cold Blooded Shiller Arbitrum price might drop further

“$ARB The momentum has slowed into this fresh low. But it’s not clean enough to feel confident we won’t make a 3rd leg down here,” tweeted Shiller. Arbitrum price has been on a downtrend since March, and the recent lower lows and lower highs might indicate a bearish continuation pattern.

However, the technical indicators, such as the flattening MACD and the RSI at 30, suggest that bearish momentum is slowing down. Moreover, a potential double divergence on the lower time frames could indicate a trend reversal in the making.

Hedera (HBAR) price might rally next

Hedera price action, on the other hand, shows a falling wedge pattern formation since May, with lower highs and lower lows but decreasing volume, which could indicate an upcoming breakout. The support level at $0.045 has held strong, and the current price is around $0.053, showing a crucial resistance level.

Should the price break out of this pattern above the $0.06 resistance, it could mark a trend reversal and initiate a bullish phase. However, the MACD is below the signal line and an RSI of 36.59 suggest that any upward movement needs to be approached with caution.

Both ARB and HBAR are in a short-term bearish trend, but traders are keeping an eye out for any signs of a reversal. A confirmed breakout above HBAR’s falling wedge, accompanied by increased volume, could signal a bullish entry point.

Conversely, breaks below key support levels for either token could trigger defensive strategies.

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