ARC's recent on-chain data has shown some interesting phenomena. Contract open interest has hit a new all-time high, but the long-short ratio has dropped to 0.86, what does this indicate? A large number of retail investors are building short positions against the trend.

In this situation, we need to rethink market dynamics. When retail investors collectively hold a bearish outlook, it often provides an excellent opportunity for the main players. Especially in assets like ARC, where liquidity is relatively concentrated and dominant players have clear control, stop-loss orders from short positions can become fuel for price increases.

From a technical perspective, the current trading logic is to retest support levels before continuing to go long. We can view the specific target levels as follows:

The first target is around 0.06500, which is the intraday new high and a key short-term psychological level.

The second target is 0.07200, which was previously a strong resistance zone, requiring accumulation of chips to break through effectively.

The third target points to 0.08000, a longer-term goal that requires more time and volume to achieve.

Overall, the current bearish sentiment among retail investors and the accumulation of short positions are creating conditions for a subsequent rebound. Market reversals often occur quietly at the most desperate moments.