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:
What do you think, traders? Are we heading for $0.66, or will the downtrend channel strike back? Drop your thoughts below!
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!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.