Arbitrum Price Forecast: April 30
ARBUSD price may likely retest the $2.406 supply level as it is about to resume its bullish gallop. Cryptocurrency is making a lot of effort to avoid sharp declines. Hence, the price may probably reverse and turn positive to hit the $2.406 high level and beyond if the bulls can muster their forces in the market. Thus, a turnaround and clear buy signal for the coin holders.
Key Levels:
Resistance Levels: $1.100, $1.200, $1.300
Support Levels: $1.050, $1.040, $1.030
ARBUSD Long-term Trend: Bearish (Daily chart)
Arbitrum price is bearish on the higher time frame. The price is likely to retest the previous high level soon. The prices are traded below the moving averages which has confirmed is bearish trend.
The high order flow from the bears to the $1.095 support level during the previous action also added to this bearishness. However, it seems that the bulls are about to take over and push us higher as the market now trades at the oversold region.
Meanwhile, the current price of Arbitrum at a $1.048 low value below the supply trend lines as the daily chart opens today is due to the low bullish momentum.
However, the crypto price may turn positive to retest the previous supply level of $2.406 if the current support level holds.
The Stochastic is also showing the market is already oversold. This means that the selling pressure will end soon. This will compel the bulls to resume the bullish gallop to retest the $2.406 supply level; the $2.500 resistance level might be reached in the days to come in its long-term outlook.
ARBUSD Medium-term Trend: Bearish (4H chart)
The ARBUSD price is likely to retest the previous supply level on the medium-term outlook. The coin price is currently trading in the bearish market zone. This is due to the inflows from the sell traders.
The sell traders made a downward move to the $1.095 support level before the end of yesterday’s session. This gave sellers more strength to continue with the trend in its recent low.
As the 4-hourly chart begins today, bearish actions sent the coin price lower, reaching the $1.048 support level below the EMA.
In addition, given that the coin market price is currently trading in the oversold area, the price of Arbitrum may rise to retest its previous high of $1.667 very soon. This will force the bulls to resume their upward trend, and in this scenario, the price may rise to the $2.500 supply mark and beyond in the coming days within its medium-term time frame.
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