Arbitrum Price Forecast: June 8
The Arbitrum (ARBUSD) price could see another uphill trend soon as it is now facing a new correction for another probable upward surge. The coin price is likely to grow more and may breakup the previous high of $1.368 supply value soon. In case the bulls increase their buying motives, the coin price may turn upside further to hit the $2.000 upper resistance level and beyond, resulting in an intraday gain for the coin holders.
Key Levels:
Resistance Levels: $1.450, $1.550, $1.650
Support Levels: $1.150, $1.100, $1.050
ARBUSD Long-term Trend: Bearish (4H chart)
Arbitrum market is having a bearish posture in its long-term outlook as can be seen from the chart below. This is due to the inflow from the sell traders, but it seems that the bulls are about to take over and push us higher.
The sustained pressure from the bears at the $1.101 support level during yesterday’s session has contributed to its bearishness in its recent times.
Hence, after completing the lows, the coin price has moved up to a $1.139 high level below the two EMAs as a pullback from the bulls as the 4-hourly chart resumes today. This is as a result of more concerns from the buy investors.
Thus, should the bulls add more aggression to their buying motives and push higher, the coin price may likely increase further to retest the $1.368 high value soon to invalidate ant further bearish thesis.
Adding to this, the ARBUSD market is currently trending upward as shown by the daily stochastic. This indicates that the market value of the Arbitrum will continue to rise. In light of this, it is anticipated that the bulls will swing the coin price upward and may eventually hit the $2.000 supply value in the next days in its higher time frame.
ARBUSD Medium-term Trend: Bearish (1H chart)
According to the chart below, the medium-term outlook for the Arbitrum market is in a bearish trend zone. It also indicates the impending next significant price shift. The bulls have benefited from the recent market structure.
The increase in the momentum by the bears at the $1.130 support value during the previous session has dropped the coin price below the supply trend line in its recent times.
The $1.139 price level served as a solid resistance for the coin price as a pullback below the two EMAs as the 1-hourly session resumes today. Because there is currently a bullish correction in place, it is extremely likely that the bulls will continue climbing.
Similar to how the daily stochastic is pointing upward in the oversold area of the daily signal; the ARBUSD price is likely to continue moving north. This indicates that there is no longer any selling pressure, and we can anticipate the forthcoming bullish correction phase to quickly achieve a high of $2.000 value in its medium-term time frame.
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