Arbitrum (ARB) Price Rebounds From Strong Support — 3x Rally Ahead: Here's the Outlook

ARB is sitting at a make-or-break point right now. After sliding down for months, Arbitrum's token has finally touched the bottom line of a channel

Arbitrum (ARB) token has slid to the lower boundary of a descending parallel channel on the 4H chart.

A bounce could lead to a move toward the middle of the channel, at $0.63.

On the other hand, a break below the lower boundary could continue the downtrend toward the $0.30-$0.32 range.

Arbitrum (ARB) token has been sliding on lower highs and lows, forming a descending parallel channel on the 4H chart.

The token has touched the lower boundary of this channel multiple times, and it bounced back each time.

After dropping to lows of $0.38, ARB might be preparing for a rebound.

If the token manages to stay above the lower boundary and the Stochastic overbought reading in the sub-indicator, it could continue rising toward the middle of the channel, at $0.63.

This move could offer traders a 61% return on capital.

Alternatively, if buyers push harder, it might reach the upper boundary of the channel, at $1.1, which represents a nearly 3x return from current prices.

Traders should note that a break below the lower boundary, especially if accompanied by increased selling pressure, could continue the downtrend.

In this case, the next support level is at the 23.6% Fibonacci retracement level of the last major rally, which is located at the $0.30-$0.32 range.

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