ARC/USDT Sharp Drop Highlights Bearish Market Sentiment

I'm observing a significant decline in the price of ARC/USDT, with a drop of 2.69% in just about 40 seconds. The current price has decreased from approximately 0.01859 to 0.01809 USDT, indicating a quick and sharp sell-off. The trading volume over the last three minutes is 717,000, which contributes to an 18.3 million volume over the past 24 hours, with almost equal volume in the recent 3-minute window. This rapid decline suggests bearish sentiment, possibly triggered by momentum traders or market jitters. Given these facts, it appears that ARC is experiencing a short-term downtrend, which could be driven by profit-taking or negative market news. The narrow volume window indicates heightened activity and volatility, often precursors to further downside or a potential bottom if support levels hold. It's crucial to watch for support levels around the recent lows and monitor if subsequent trading sessions show a reversal or continuation of the downtrend. The sharp price move within such a short timespan signals caution for traders, as quick declines can sometimes lead to further selling pressure or temporary capitulation. Currently, the market sentiment seems negative, but this could also create a buying opportunity if a reversal is indicated by broader market signals or volume increase at support levels. Traders should exercise patience and look for clearer signals before initiating new long positions.