$ARB Just spotted some interesting movement on the Arbitrum chart. We’re seeing a nice +1.74% bounce, but the real story is the structure on the 1H timeframe.

Here’s what I’m seeing:
🔹 Trend Reclaim: Price is currently sitting at 0.16548, managing to hold above the MA30 (yellow line) at 0.16256. That’s a good sign for the short term.
🔹 The Squeeze: We’ve got the MA5 and MA10 converging right at price level. Usually, when MAs tighten up like this, a volatility spike follows.
🔹 Volume: 24h volume is decent (91M ARB), showing there is still interest here despite the chop.

My take: We need to flip that local resistance around 0.1679 into support to confirm a run back to the 0.174 highs. If we lose the yellow line, we probably retest the 0.158 range.

Keep an eye on this one. Layer 2s have been quiet, maybe it's their turn? 🤔