In the cryptocurrency market, technical analysis is a crucial indicator that especially investors who trade in futures should continuously monitor. At the time of writing, Arbitrum is trading at $1.14 and Optimism at $2.17. Important support and resistance levels for both cryptocurrencies are being closely examined in detail.
On the four-hour chart of Arbitrum, the rising channel formation commonly seen in the altcoin market stands out. In this structure, the inability of the resistance line to achieve the expected rise between November 6-13 caused many investors in the futures market to incur losses. The significant correction experienced after touching the resistance line in the last rally is a sign of a negative period for the ARB price.
The most important support levels to watch on the four-hour chart for Arbitrum are; $1.11 / $1.08 and $1.04. In particular, if a four-hour bar closes below the $1.11 level, which played a significant role in the recent selling pressure, there could be increased selling pressure on the ARB price.
For Optimism, the rising channel formation on the four-hour chart is similarly striking. After the last contact with the resistance, the price finding support at the EMA 21 (green line) level presents a positive scenario for OP.
The most important support levels to watch on the four-hour chart for Optimism are; $2.14 / $2.08 and $2.04. Particularly, if there is a four-hour bar closure below the $2.04 level, the price could face selling pressure.
