Since May 2024, Arbitrum has faced ongoing bearish pressure. The recent 28% decline over eight days, despite Bitcoin maintaining above 100,000 USD, highlights intense selling activity caused by 92.63 million ARB being unlocked.
If the price falls below the 0.298 USD support level, ARB could face further declines towards 0.18 USD. Observations on the market indicate a strong resistance at previous high levels.
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