Arbitrum is playing out a textbook downtrend channel on the 1-day chart, and the structure is crystal clear!
We’ve been cycling through Accumulation → Rise → Distribution → Selloff, and right now, we’re in the Rise phase at $0.43. The price is climbing steadily after bouncing from the $0.35 support after breakout from Fallind Wedge within Selloff phase, and I’m eyeing a potential target of $0.66 — 0.618 Fib near the upper boundary of the channel!
This channel has been guiding ARB’s price action since late 2023, with each phase clearly marked. The current $0.35 level is a key support to watch — if it holds, this rise could have legs. But if we break below, the next accumulation zone might kick in. Let’s see if ARB can keep the momentum going and hit that $0.66 target!
Key Levels to Watch:
Support: $0.35 (current base of the rise)
Current Price: $0.43 (rise phase)
Target: $0.66 (0.618 fib near channel resistance)
What do you think, traders? Are we heading for $0.66, or will the downtrend channel strike back? Drop your thoughts below!
