Arbitrum Price Forecast: December 7
The ARBUSD price is gathering momentum and attempting the next big bounce after a long dip dump by the bears. Therefore, a bullish crossover above the $1.128 high mark will encourage the buy investors for a longer correction and this might reach a high at the $1.200 upper supply trend line, which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $1.000, $1.050, $1.100
Support Levels: $0.800, $0.700, $0.600
ARBUSD Long-term Trend: Bullish (4H chart)
ARBUSD rebounded after its low dips. The coin is now attempting the next big bounce, reaching the overhead resistance level in its medium-term time frame. The market shows that the price may be trading in a new ascending channel.
The bulls have sustained the crypto market at the $1.067 supply value in the previous action, this has made it possible for the coin to stay above the trend line and remain stronger in its recent high.
The momentum remains in an uptrend despite the push from the short traders, the bulls made a touch at the $1.072 high mark above the EMA-50 as the 4-hour chart resumes today. This trend pattern proves the impact of bullishness on crypto.
In addition, the momentum indicator shows that the price of Arbitrum will still bounce up, so we expect the price distribution to reach the $1.200 supply level and beyond in the coming days in its long-term outlook.
ARBUSD Medium-term Trend: Bearish (1H chart)
ARBUSD is now bearish in its medium-term view. The coin prices can be seen traded below the moving averages which confirm its bearishness. Meanwhile, the bulls are seen attempting the next big bounce as they are about to take over and push us higher. 
The bearish pressure at the $1.067 support level in the past few hours has made the coin stay below the supply trend levels in its recent high level. This will soon be invalidated as the trend has just resumed its rising pattern but has not yet reached its goal.
We have also spotted a breakout and the start of a continuation to the upside. As of now, the coin price made a pullback at the $1.065 value which further increases to the $1.072 supply value below the EMA-50 as a correction phase with intraday gains.
Hence, a strong push above the $1.150 previous accumulated level will offer strong resistance to the crypto price.
Arbitrum is also attempting the next big bounce as shown by the daily stochastic pointing upwards. We can certainly expect more strength from the coin and this may likely get to a $1.200 upper resistance mark soon in its medium-term outlook.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply