Arbitrum Price Forecast: October 10
The ARBUSD price is set for another bullish momentum as usual after a long dip dump by the bears and the next price target might be the $1.00 supply mark. The buying pressure can still go higher if the bulls are able to swing harder and the coin price is able to break up the $0.985 high value, we can expect a good upside momentum up to the $1.00 resistance trend line, which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $0.85, $0.90, $0.95
Support Levels: $0.65, $0.60, $0.55
ARBUSD Long-term Trend: Bearish (4H chart)
Arbitrum price is bearish on the higher time frame. Further, the price is trading below the two EMA; it means that it’s in a bearish market zone at the moment.
The price drop to the $0.84 low value by the short traders during the previous action has made the coin price trade below the supply levels in its recent high.
This will soon be invalidated as the trend has just resumed its rising pattern and the next price target could reach the upper resistance territory.
The coin price on the 4-hour chart is currently facing resistance at the $0.85 value and the coin is also approaching the retest of the previous high at the$0.98 level.
This bullish correction, however, indicates a gradual improvement in market sentiment and leads to more intraday gains in assets to higher prices.
In addition, the price of ARBUSD may likely continue its bullish waves as indicated by the daily stochastic which is pointing in an upward direction. Thus, a daily close above the $0.98 high mark could invalidate a further bearish outlook and the $1.00 supply value might be the next price target in its long-term perspective.
ARBUSD Medium-term Trend: Bearish (1H chart)
The momentum on the medium-term outlook is in a descending channel as can be seen from the chart below. The price of Arbitrum is currently trading below the resistance level.
Meanwhile, we have just spotted the growth of a new bullish candle and its next price target could be the upper high value. So it seems likely that the bulls are about to take over and push us higher.
Despite the interactions from the short traders, the bulls caused a rise to a $0.85 high level as the 1-hour chart opens today. Thus, buyers need to add more pressure to their activities to move the price of ARBUSD beyond the current price level.
Further, continuation to the upsides is likely as the price indicator projects an upward move.
This implies that the bullish trend pattern will most probably continue and the next price target might hit the $1.00 resistance trend line resulting in intraday gains for the coin holders in its medium-term view.
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