Arbitrum Price Forecast: July 2
The ARBUSD bullish pattern emerged, speculating on a possible recovery despite the market downturn. This is a part of bullish development on the part of the asset as it shows the market sentiment for the coin is turning green. As a result, if the bulls can unleash their powers in the market, the price may likely rise to hit the $2.406 high level and beyond, resulting in an intraday gain for the coin buyers.
Key Levels:
Resistance Levels: $1.000, $1.100, $1.150
Support Levels: $0.650, $0.600, $0.550
ARBUSD Long-term Trend: Bearish (Daily chart)
ARBUSD pair is trending upward as the bullish pattern emerged, indicating buyers are making recovery attempts on the higher time frame. Prices are below the moving averages, implying a bearish trend.
The bears’ pressure on the coin to the $0.776 support value during the last session has sustained the coin price below the resistance trend levels in its recent high.
Today, the bullish pattern emerged as the bulls drove the Arbitrum price to a high of $0.792 mark, below the moving average as the daily session opened. This indicates a bullish pattern is building for the asset, and this may contribute to driving it to the $2.406 price target.
Additionally, the daily stochastic indicates an uptrend by pointing upwards. Hence, there is a tendency for the coin to rise further if the support level holds, this will enable buyers to take the price of ARBUSD up to a high of $2.406 level soon as the bullish pattern emerges in its long-term perspective.
ARBUSD Medium-term Trend: Bearish (4H chart)
The medium-term chart shows that a bullish pattern has emerged as the new correction can be seen below the supply levels. 
The price of ARBUSD can be seen in green below the moving averages, suggesting that the bullish pattern has emerged as the bulls are coming in gradually to the market.
The bears’ pressure to the $0.780 support value in the previous action also contributed to the coin’s bearishness in its recent price level.
A rise to a $0.791 high level below the resistance levels by the bulls shortly after the 4-hour session opens today, affirms the returns of the long traders into the market and shows that the bullish pattern has emerged. Thus, the price of Arbitrum is set to advance further if the bulls can redouble their efforts and push above the current supply level.
Hence, the stochastic oscillator pointing up means that the price action is in an uptrend. We can certainly expect the price of the coin to increase to a $2.406 supply level soon in its medium-term outlook.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply