Can a Rebound Push Prices toward $0.4633 Level?

Key Insights:

• ARB nears key support level, hinting at a possible price reversal if support holds.
• A successful bounce could push $ARB prices toward $0.3436, $0.4043, and $0.4633 levels.
• Arbitrum continues strong fundamentals with $2.71B TVL, despite recent bearish pressure.

Arbitrum ($ARB) is currently testing a crucial support level as it faces significant bearish pressure. Recent market analysis suggests that the cryptocurrency is nearing a potential reversal point. 

At the time of writing, $ARB is trading at $0.197 USD with a 24-hour trading volume of $197 million. The cryptocurrency has dropped 2.81% in the last 24 hours,

Testing the Lower Boundary of the Falling Channel

ARB has been trading within a falling channel, and it is now testing the lower boundary of this channel. According to Rose Premium Signals, this could signal a potential reversal if the price bounces from this key support level. The cryptocurrency has shown a pattern of moving between higher and lower price ranges, determining whether it continues to fall or starts to rise.

A successful bounce from this support could provide buyers with an opportunity to enter the market at favorable levels. As Rose Premium Signals notes, “A successful bounce here could drive price toward $0.3436, $0.4043, and $0.4633,” suggesting that upward movement is possible if the market conditions align.

Bearish Pressure and Key Developments for $ARB

Moreover, recent reports from MIDΞ indicate that $ARB is struggling under bearish market pressure. Based on MIDΞ, $ARB is now testing its all-time low at $0.20, a critical level for the token. However, the blockchain network remains solid in terms of total value locked (TVL) and market position, ranking seventh among all blockchains with $2.71 billion in TVL. 

This suggests that while the price is under pressure, the network’s fundamentals remain strong. Several ongoing developments may influence the future price movement of $ARB. 

ARB staking proposal, which is in its final stages, could be a crucial factor in increasing the token’s utility. The network’s ongoing integration into traditional finance (tradFi) platforms like Robinhood and CMC markets could help drive real-world adoption.

MIDΞ also notes that, despite a recent price decline, Arbitrum continues to maintain strong on-chain revenue. This shows that the project is still expanding and gaining traction, even as market conditions remain challenging. With these key developments in play, traders will be closely monitoring the support levels and any signs of reversal in the coming days.