Arbitrum (ARB) Faces Pressure, Forming Falling Wedge Pattern

Arbitrum’s price continues to decline, trading at around $0.21 today, down over 2% since yesterday. While recent user growth has been positive with daily active users surpassing 242,315 despite the market downturn, investors remain cautious about the falling wedge pattern emerging on its weekly chart. This pattern often signals a potential bullish reversal. The RSI stands at 35.39, indicating that the token is nearing oversold territory. However, limited momentum indicates a lack of near-term buying pressure.