Arbitrum (ARB) is approaching a significant support level, as evidenced by its recent price action. Over the past few months, ARB has been in a downward trend, reflected by the descending channel on the chart.
This bearish pattern has brought the price close to a critical support zone around $0.76 to $0.82.
The chart indicates that ARB has been struggling to maintain its value above $1.00, with multiple rejections at higher levels. As the price continues to decline, it is now nearing a support area that previously held firm in October and November 2023. This area, highlighted by the yellow horizontal line, has historically acted as a strong base from which ARB has rallied.
Key Support and Resistance Levels
Support Zone ($0.76 - $0.82): This range is crucial for ARB. If the price holds here, it could serve as a springboard for a potential rebound.
Resistance Levels: Immediate resistance lies at the top of the descending channel and around the $1.00 mark. A break above these levels could signal the end of the current downtrend.
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