Arbitrum Price Forecast: May 23
ARBUSD is in an attempt for the next big bounce. The coin is now set for the next bull cycle and a swift increase is expected to follow soon. Therefore, a bullish crossover above the $1.697 high mark will encourage the buy investors for a longer correction and this might reach a high at the $2.000 upper supply trend line.
Key Levels:
Resistance Levels: $1.650, $1.750, $1.850
Support Levels: $1.350, $1.250, $1.150
ARBUSD Long-term Trend: Bearish (4H chart)
The ARBUSD pair is trading in the bearish trend market in its long-term outlook. The price bar can be seen slightly below the moving average lines and has confirmed its bearishness.
The interference of short-term traders to the $1.156 low level in the previous action contributed to its bearish momentum in its recent low.
Actions from the bears further dropped the coin price down to the $1.111 support level below the two EMAs as the 4-hourly chart resumes today. Hence, should the bulls exchange hands with the sell traders and close above the $1.697 resistance value, additional intraday gains would be recorded for the buy investors.
Additionally, the price of Arbitrum might possibly swing up above its previous high at the $1.697 value soon as the coin market price now points up in the oversold region of the daily stochastic, this means that the selling pressure has been exhausted. This will compel the bulls to resume the upward move and in this case, the coin price might push higher to the $2.000 supply mark and beyond in the days ahead in its medium-term time frame.
ARBUSD Medium-term Trend: Bearish (4H chart)
ARBUSD rebounded after its downside moves. This is due to the high inflow from the sell traders. The coin is now finding its way to the overhead resistance level in its medium-term time frame. However, there is about to be a turnaround for the ARBUSD buy traders.
The interference of short-term traders to the $1.159 low level in the previous action contributed to its bearish momentum in its recent low.
We have also spotted a breakout and the start of a continuation to the upside. Currently, the coin price made a pullback at the $1.126 supply value below the two EMAs shortly after the commencement of the 1-hourly chart as a correction phase with intraday gains.
Such lower price rejection indicates that buyers are defending at this level and attempting to push the price higher. Hence, a strong push above the $1.229 supply level will offer strong resistance to the crypto price.
Also, Arbitrum is showing more upside possibilities as we can certainly expect more strength from the coin and this may likely get to the $2.000 upper resistance mark in the coming days in its medium-term outlook.
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