Technical analysis by clasaicrypto about Symbol ARB: Buy recommendation (7/31/2024)

✉️ Pair: ARBUSDT 📈 Direction: Long 💯 Leverage: Cross 5X - 10X - 20X 📊 Entry 1: $0.6501 📊 Entry 2 (DCA): $0.5649 ✅ Target 1: $0.7250 ✅ Target 2: $0.7969 ✅ Target 3: $0.9396 ✅ Target 4: $1.1452 ⛔️ Stop Loss: $0.5000 Analysis: Arbitrum has exited the ascending channel and continues its downward trend on the daily timeframe, respecting the descending trend line and breaking the support level of $0.7350-$0.7850. This suggests a potential continued decline towards $0.5000. However, if the price manages to break and confirm a break above the dynamic resistance, it could signal a trend reversal. In this case, entry is recommended at $0.6501, with a second buying opportunity (DCA) at $0.5649. The targets are set based on the potential recovery and trend reversal: Target 1 at $0.7250 reflects a significant initial resistance. Target 2 at $0.7969 and Target 3 at $0.9396 are higher resistance levels that could be reached during a positive trend. Target 4 at $1.1452 is a more ambitious long-term goal, considering a potential complete reversal of the downward trend. The stop loss is set at $0.5000 to limit risks in case the price continues to decline below the major support level.Entry 1: $0.6501