ARB has finally broken out of its seven-month range between $0.08 and $0.14 with a strong upward move. The price has doubled from the August low and is now testing around $0.20, which is the 0.236 Fibonacci retracement level.
The downward trendline from September’s high is now below the current price, which is a positive sign. Overall, the chart structure looks strong and clear.
What caused the move?
Robinhood Chain operates on Arbitrum and recorded more than $1.5 billion in DEX trading volume in one day this month. This appears to be the main catalyst behind the price increase.
Important resistance levels:
$0.28 — 0.382 Fibonacci retracement
$0.35 — 50% retracement level
$0.51 — upper volume area
Key support:
The previous resistance area around $0.18–$0.20 has now become an important support zone.
There is also a potential supply risk: around 92 million ARB tokens are expected to be unlocked for the team and investors soon, worth roughly $18 million at the current price.
If ARB can stay above $0.20, the next major target could be $0.28. The breakout and chart structure currently look strong, but the key is to watch these price levels carefully.#ARB $ARB
