Arbitrum Trades Near Support, Long-Term Channel Points to $0.137 Level

Arbitrum is currently trading near $0.20 amidst a two-year downward trend. While hovering above the support level of $0.1946, the asset exhibits strong resistance at $0.209. The chart suggests that the next key support lies around $0.137, coinciding with the bottom edge of the long-term downtrend. This indicates that the market’s focus is shifting towards this level as it serves as a critical point for price movement.