Arbitrum (ARB) is consolidating at the lower boundary of a descending channel, with bulls actively defending a critical support zone on the 3-day chart. Analyst Butterfly suggests that this compression phase could lead to a breakout, potentially driving ARB towards the $0.70 mark if buying momentum increases. The descending channel has guided ARB lower in recent months, but the current price compression near support indicates possible seller exhaustion. Smart money may be quietly accumulating, setting the stage for a potential surge. A confirmed breakout above resistance could shift short-term momentum, with $0.70 identified as the next significant target. Traders are closely monitoring whether the support holds, as prolonged consolidation often precedes strong rallies.