What's up Arbitrum (Arb)?

📊 Recent price moves:
Since the start of an upward movement among the cryptocurrencies in late October, Arbitrum has joined the rally, gaining roughly 120%. Since last week, it's been moving in an bullish channel, currently touching it's bottom.

Now we're going to weigh the situation and see what are the odds of an other positive move.

✅ Positives:

1️⃣ Number of daily active users on a rise since early December

2️⃣ Fees keep volatile around $200k, following a growth from late October

3️⃣ A mild uptrend in TVL (ETH-denominated)

4️⃣ dApps on Arbitrum signal positive (in terms of unique active wallets, volume, and number of TX's)

❌ Negatives:

1️⃣ If the market, as a whole, moves toward profit taking (e.g. in an 'sell the news' manner as near the potential approval of spot Bitcoin ETF,) Arbitrum may experience price falls too.

📈📉 Scenarios & levels:

ARB/USDT- Daily time frame

ARB/USDT- 4H time frame

🔴 In a negative trajectory, which will be cemented if the price loses $1.35, the zone between $1.16 and $1.18 will be the next stop.

🟢 On a bullish perspective though, the joint level of on-chain, static, and the channel support around $1.35 - $1.42 will prevent the price of deeper fall, pushing it upwards. Moreover, the MA-50 is supporting the chart in 4H timeframe.

If the bulls pump enough money, the price may once again hit the major level at $1.67, with $1.95 (joint level of channel ceiling and Fibonacci 1.618)

⚠️ NOT A FINANCIAL ADVICE!

Trade due to your risk appetite, consider overall market conditions and like always, remember to DYOR 😉

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