Arbitrum (ARB) — the governance token of Arbitrum, a Layer-2 scaling network built on Ethereum — may have printed a local top in September, but a three-wave pullback could still leave the door open for another upward move, according to analysis from More Crypto Online. The $0.093 support level remains central to that outlook, with a break below it weakening the bullish wave setup.

During the most recent session, ARB fell to $0.1893, a decline of 4.46% that came as trading volume rose by approximately 54.62%, according to CoinMarketCap data.

Whether the token's broader outlook stays intact depends on whether the ongoing pullback remains corrective in shape and holds above the support level identified on the larger chart.

September Rally Gives Way to a Possible Correction

More Crypto Online said ARB may have formed a local top in September and that the correction could continue before another advance takes shape. How price behaves during the decline will determine the next move.

The token climbed from its August lows and rallied sharply into September. On the analyst's chart, the larger resistance zone sits roughly between $0.2095 and $0.4128. Price retreated after approaching this area, raising the possibility that the rally had reached a temporary peak.

The analyst's wave count leaves room for a "one-two" setup — a large move up, followed by a move down, ahead of a subsequent large move up. That reading remains valid as long as the correction takes the form of a three-wave decline.

Price action has not yet confirmed the pattern. A three-wave pullback would qualify as a proper corrective move, but a more significant breakdown remains in question. The distinction matters, as it could either set the stage for a further rally or signal a deeper trend reversal.

Why $0.093 Matters to the Wave Count

More Crypto Online identifies $0.093 as the level that must hold for the proposed bullish setup to remain valid. Staying above that threshold keeps the potential one-two structure in play, while a break below it would require a different interpretation of the chart.

The projection marks several possible retracement areas near $0.1575, $0.1351, $0.1158, and $0.0931. These levels provide traders with reference points during the pullback, though none guarantees a rebound, and price may move through more than one zone.

A move lower would not, by itself, invalidate the bullish scenario. The key questions are whether buyers defend the support and whether the decline carries a corrective shape. A rebound that forms a higher low would strengthen the case for another advance.

If ARB falls below $0.093, the current wave count would lose its footing. Such a move could signal a deeper correction than expected, and traders would have to re-evaluate the structure rather than continue working with the previous bullish one.

Intraday Selling Adds a Near-Term Concern

A separate intraday chart showed ARB at $0.1893, down 4.46% over 24 hours. The token had climbed toward $0.202 during the evening before turning lower, and its subsequent slide toward $0.189 showed that sellers had taken control of the session.

Trading volume rose by approximately 54.62% over the same period. Higher volume during a price decline points to increased market activity as ARB weakened, though the figure alone cannot confirm whether the selling will continue.

Earlier rebounds failed to hold their gains. ARB returned toward $0.198 during the afternoon, then moved above $0.200 before retreating. The final slide through $0.197, $0.195, and $0.192 showed how quickly the recovery faded.

A first rebound would need to occur in the vicinity of the $0.189 area. A move back above $0.192 could bring $0.195 and $0.198 back into view, while recovery of $0.198 would offer a clearer indication that selling pressure had abated.

More Crypto Online noted that the two charts cover different time frames and should not be considered the same setup. The intraday chart indicates weakness in recent days, while the larger wave count depends on support around $0.093. For now, the recovery scenario remains possible, but it hinges on the shape of the correction and whether the level holds.