Arbitrum Price Forecast: May 14
ARBUSD is very likely to continue growing and might revisit the $2.406 supply level soon as we see a bullish correction in place. The bullish breakout of the coin from the $1.001 level indicates that buyers are attempting a comeback. As a result, the possible rally might revisit the $2.406 level and be higher if the crypto currency’s price holds above the $2.129 high mark.
Key Levels:
Resistance Levels: $1.000, $1.050, $1.100
Support Levels: $0.800, $0.700, $0.600
ARBUSD Long-term Trend: Bullish (Daily Chart)
ARBUSD price retracement might revisit its previous high and remain stable soon on the daily chart. The coin price is below the moving averages and confirms a bearish race. This is due to the high impact of the sell traders on the coin market.
The sustained pressure from the bears at the $0.987 support level during yesterday’s session has contributed to its bearishness in its recent price level. Meanwhile, the bulls have just begun the rising pattern which might revisit the high resistance soon.
The crypto rebounded after its massive drops and made a pullback to a $1.001 supply mark below the moving average as the daily chart resumes today. This is a result of more concerns from the buy investors.
Therefore should the bulls increase their swagger in the market, the price of Arbitrum might surge higher to revisit the $2.406 key resistance levels to stabilize the bullish trend.
Also, the momentum indicator which is pointing up indicates that the price of ARBUSD might revisit the upper channel to hit the $2.406 supply level and beyond soon in the higher time frame.
ARBUSD Medium-term Trend: Bearish (4H Chart)
The currency pair’s rising pattern might revisit the previous high mark soon in its medium-term view. The Arbitrum price is currently facing the supply level which confirms its bearish trend.
The $1.001 price level served as a solid resistance for the coin price as a pullback below the EMA as the 4-hourly session resumes today.
Because there is currently a bullish correction in place, the coin price might likely revisit the $1.439 previous high level if the bulls could add more strength to their buying purposes.
Further, the Arbitrum price is pointing up indicating an uptrend as shown by the price indicator; it means that the buying pressure will continue. As a result of that, the bullish race might revisit the $2.406 resistance level in the coming days in its medium-term outlook.
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