Arbitrum (ARB) breaks a multi-month downtrend, retesting the $0.41 support level after reaching a short-term high of $0.43, signaling a pivotal shift in market dynamics.
Despite a 2.67% price decline and a 37% drop in trading volume, ARB’s breakout above the descending trendline suggests potential for renewed bullish momentum.
According to COINOTAG analyst Marcus Corvinus, the flip of $0.41 from resistance to support marks a critical technical reversal, with traders eyeing this zone for confirmation of sustained strength.
Arbitrum’s breakout above a key descending trendline shifts market structure as $0.41 flips to support amid volume decline, highlighting critical resistance and Fibonacci levels.
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Arbitrum’s recent price action demonstrates a decisive break above a descending trendline that had constrained the asset since early 2024. This breakout interrupts a prolonged bearish pattern characterized by lower highs and consolidates ARB’s position for a potential upward trajectory. The next significant resistance levels to monitor are $0.50 and $0.67, which align with key Fibonacci retracement points. These levels will be critical in determining whether ARB can sustain its bullish momentum or face renewed selling pressure.
The transition of the $0.41 level from resistance to support is a classic technical indicator of trend reversal. This shift is reinforced by multiple retests of the green demand zone between $0.26 and $0.28, which provided a strong foundation for the breakout. Momentum indicators now suggest an ascending trajectory, with projections targeting the $1.23 Fibonacci extension as a long-term resistance. Traders should watch for confirmation of this support flip through volume and price action to validate the emerging bullish structure.
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Source: https://en.coinotag.com/arbitrum-arb-breaks-downtrend-retests-0-41-support-amid-volume-decline-and-price-pullback/