ARB Don Break Long-Term Downtrend, Dem Dey Target $0.90 & $1.20
ARB don break one long downtrend wey don dey for months after e draw double-bottom pattern near $0.26. The ARB breakout wey jam the long-term downward trendline confirm as trading volume jump, dem record $54.06 million for the move. Immediate support don land for $0.38, level wey ARB don dey respect for weeks. If dem fit hold this support, e fit make the price continue go up reach the next resistance at $0.4787 and targets of $0.90 and $1.20. For the 2-week chart, ARB dey trade for narrow range between $0.26 and $0.38 for almost six months before e sharply cross the diagonal resistance. If e close below $0.38, e fit cause another test for the $0.26 demand zone. Ethereum market momentum dey pick up too, wey dey usually benefit Layer 2 tokens like ARB. Traders suppose dey watch how ARB price dey behave above $0.38 and dey look out for volume spikes when price dey rise. Key SEO terms: ARB breakout, trend reversal, support levels, double-bottom pattern, trading volume. If ARB fit hold the key support, short-term upside to $0.90 and $1.20 go likely, but if e fail, e fit bring downside risk back to $0.26.
Bullish
Di ARB breakout from long-term downtrend and di double-bottom pattern near $0.26 show say market mind dey shift to bullish. E get one similar pattern wey happen for late 2024 when Layer 2 tokens rally after dem break key resistance with volume confirmation. Di $0.38 support now dey act as pivot: if e hold e fit push short-term rally go $0.90 and $1.20, but if e break, e go bring back downside risks.
For short term, traders go likely dey chase breakouts wey get volume surges, dey push ARB higher. For long term, if e strong pass $0.38 plus Ethereum momentum continue, e fit set new uptrend channel for ARB. But if support no hold, e fit trigger stop-loss orders and quick sell-offs back go $0.26, like how e happen before during consolidation.