Arbitrum (ARB) is trading near a critical support level, as crypto market analyst Jonathan Carter said the token may be preparing for a rebound after weeks of decline inside a descending channel.
Price action remains close to the lower boundary of the channel, where buyers have repeatedly stepped in, suggesting the market could attempt a recovery if the support zone continues to hold.
Source: Jonathan Carter’s X Post
If the current level remains intact, ARB may move toward higher resistance targets near $0.12, $0.18, $0.25, $0.40, $0.63, and $0.92, the analyst noted.
Maintaining strength above the support area is considered important for any bullish continuation, while a drop below $0.07 could invalidate the setup and increase downside pressure in the short term.
The move comes as layer-2 tokens face broader market weakness, with traders watching for signs of stabilization across the sector.
Also Read: Arbitrum (ARB) Accumulation Phase Points to an Explosive Move Toward $5
ARB Near Key Support Amid Bearish Pressure
According to TradingView, the weekly chart of ARB shows that there has been a downtrend, with the price dropping from its earlier high to a support at $0.095.
The latest candles indicate a lack of buying pressure, with the bears remaining dominant, as the small green candles indicate a slight consolidation of the price.
Source: TradingView
In addition, technical indicators reflect a cautious mood in the markets. The MACD indicator is still below the signal line with weakening momentum. The RSI is also near the oversold 30 level. This suggests that there is limited room to sell.
However, it has yet to reverse. Analysts explain that in order to sustain a rally, both the RSI and MACD must move up with rising volumes.
Arbitrum Funds On-Chain Projects for Robinhood Chain
Yet despite this consolidative price action in Arbitrum (ARB), it is also supporting early-stage developers who are building on-chain financial products related to the upcoming blockchain project announced in conjunction with Robinhood, which was announced last Friday, the 20th of March.
Through its mentoring program, developers are able to receive technical guidance and compete for rewards of up to $100,000 in prizes during its Demo Day.
Source: Arbitrum’s X Post
The initiative focuses on the essential financial infrastructure that the new chain aims to facilitate. This includes trading platforms, lending protocols, tokenized assets, payment systems, and compliance.
By supporting builders at an early stage, Arbitrum hopes to attract developers to launch on-chain products. This would help to build the ecosystem and connect traditional fintech platforms to decentralized finance.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Can Arbitrum Bounce? ARB Hits Key Support, Eyes $0.250 Upside
