Arbitrum's September Support Put to the Test as Price Hits $0.209

Arbitrum's price has dropped to $0.209 at the time of writing, down about 7.7% on the daily chart and returned to a former September breakout shelf.

The chart shows that Arbitrum is retesting its former resistance level from September, where it previously capped an advance before breaking higher.

A daily close above $0.212 would show that buyers have regained control of the market after the latest decline.

However, if the price continues to trade below $0.205-$0.208 range, attention will shift toward the 38.2% Fibonacci retracement near $0.185.