Arbitrum Price Forecast: October 19
The ARBUSD market is about to make noise again, attempting the next big move to the upside after completing the downward moves. The coin price may likely break out further from the current supply at the $0.798 value to resume its uptrend soon if buyers could prove harder and increase their pricing actions in the market. This bullish correction rally might possibly reach the $1.000 high level. Hence, this will be a great opportunity and a clear buy signal for long-term investors.
Key Levels:
Resistance Levels: $0.800, $0.850, $0.900
Support Levels: $0.600, $0.500, $0.400
ARBUSD Long-term Trend: Bearish (4H chart)
The Arbitrum market is having a bearish posture in its long-term outlook as can be seen from the chart above. Meanwhile, it also shows the impeding next big move in the price.
Action from the bears on the crypto to a $0.783 low value in the past session has led to the coin’s bearishness in its recent price level.
However, on the 4-hour chart today, there is a broader recovery in the prices. The ARBUSD price jumped up to a $0.798 supply level below the moving average as the bulls took to their stand and also attempted the next big move to the upside.
Thus, a strong break up above the $0.985 previous resistance point would strengthen the bullish pressure and invalidate any further decline.
Meanwhile, the ARBUSD price is pointing up in the oversold region of the daily stochastic, this will compel the bulls to continue with the trend, and the next big move may possibly reach the $1.000 high value soon in its long-term outlook.
ARBUSD Medium-term Trend: Bearish (1H chart)
ARBUSD is in a bearish race in the medium-term outlook. This is due to the inflow from the short traders. Further, the current trend which is below the EMA-50 will soon be nullified as the coin buyers are currently attempting the next big move to the upside.
The high bearish pressure on the coin to a $0.783 low value has contributed to its bearish momentum in recent times.
Meanwhile, buyers are not relenting, therefore the bullish correction at the $0.797 supply mark below the EMA is an indication that the bulls are planning or attempting the next big move to the upside. The post-breakout rally may surge the ARBUSD price by 20% to hit the previous high at the $0.828 mark.
In addition, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bull run and the target might be the $1.000 resistance level soon in its medium-term outlook.
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