Arbitrum Price Forecast: May 21
The ARBUSD pair is currently preparing for the next leap as a notable correction is taking place with pullbacks looming. The coin saw a notable increase in the last few hours. Therefore, if buyers can put more effort into their tension in the market, a shift in the trend upwards to a $2.406 previous high level will be achieved and this may further extend to the $2.500 upper resistance levels, setting the stage for buyers to invest on the asset.
Key Levels:
Resistance Levels: $1.000, $1.100, $1.200
Support Levels: $0.900, $0.800, $0.700
ARBUSD Long-term Trend: Bearish (Daily chart)
Arbitrum is bearish in its long-term outlook. Hence, the price is preparing for the next leap as a new rising pattern can be spotted below the supply levels, making its way to the resistance.
The crypto price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few days. The coin is beginning to rebound as new buying appears below the supply level after the recent correction.
Shortly after the daily chart opened today, the buy traders drove the ARBUSD market price up to the $0.992 resistance figure as a pullback, which is just below the EMA line. This implies that the coin buyers are preparing for the next leap in price.
Hence, there would be further buying pressure on the cryptocurrency, if it broke above the $2.406 previous resistance level.
The market price of Arbitrum is pointing up on the daily projector; this means that the momentum in the coin price will likely remain and continue in an upward move as the coin buyers are preparing for the next leap, which could reach a high at $2.500 upper high mark in the upcoming days in its higher time frame.
ARBUSD Medium-term Trend: Bearish (4H chart)
The momentum on the medium-term outlook looks bearish but it is starting to turn bullish as the coin buyers can be seen preparing for the next leap from the chart below.
The price of ARBUSD is currently trading at the resistance close to the EMA-50, which suggests that the coin price is in a bearish scenario. So it seems likely that the bulls are preparing for the next leap
and push us higher.
Shortly after the 4-hourly chart opened today, the bulls drove the price of Arbitrum higher, reaching a high level of $0.982 below the EMA line despite the interactions from the short traders.
Therefore, to push the market over the current price level, purchasers must exert additional pressure in their actions and move the market beyond the current price to hit the $1.239 high level.
In addition, the momentum indicator shows that the price of ARBUSD may continue with the bullish correction as the coin buyers are preparing for the next leap. In light of this, the next price target might be the $2.500 supply level and beyond in the coming days in its medium-term outlook.
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