Arbitrum Price Forecast: June 11
The ARBUSD price is currently attempting the next increase by the bulls and could see another uphill trend soon as it is now facing a new correction for another probable upward surge. As a result, a bullish crossover above the $2.406 high will encourage buyers to wait for a longer correction, and this might reach a peak at the $2.500 upper supply trend line, resulting in a great opportunity for long-term investors.
Key Levels:
Resistance Levels: $1.600, $1.800, $1.900
Support Levels: $0.700, $0.600, $0.500
ARBUSD Long-term Trend: Bearish (Daily Chart)
The ARBUSD pair is attempting the next increase while trading in a bearish trend market in the long run. The price bar may be observed just below the moving average lines, confirming its bearishness.
The interference of short-term traders to the $0.950 low level in the previous action contributed to its bearish momentum in its recent price level.
As of today, the coin price attempting the next increase has pulled back to a $0.988 high level below the moving average in a correction phase with intraday gains.
This lower price rejection suggests that buyers are defending this level and attempting the next increase seeking to push the price higher. As a result, a strong push above the $2.406 supply level will provide strong resistance to the crypto price.
Also, Arbitrum is exhibiting more upside potential as we can expect more strength from the currency, which may reach a $2.500 upper resistance level in the coming days while attempting the next increase in its long-term perspective..
ARBUSD Medium-term Trend: Bearish (4H chart)
ARBUSD rebounded after its downside moves. The coin is now attempting the next increase and finding its way to the overhead resistance level in its medium-term time frame. The market shows that the price may soon reach the previous high level.
The increase in bears’ momentum at the $0.951 support value during the previous session has dropped the coin price below the supply trend line in recent times.
The $0.984 price level served as a solid resistance for the coin price as a pullback below the EMA-50 as the 4-hourly session resumes today. Because there is currently a bullish correction in place, the bulls will likely 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 up 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 $2.500 value while attempting its next increase in its medium-term time frame.
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