Arbitrum Price Forecast: May 11
The Arbitrum price is in an attempt for the next upcoming uphill rally. The coin is moving upward, and if all support levels hold and resistance breaks out of the $1.120 level, we can see a further change in the coin price to retest the $1.819 high value. The ARBUSD price may likely grow higher to hit the $2.000 upper resistance level and beyond.
Key Levels:
Resistance Levels: $1.550, $1.650, $1.750
Support Levels: $1.250, $1.150, $1.050
ARBUSD Long-term Trend: Bearish (4H chart)
Arbitrum is in a bearish trend in its long-term view. Further, the price is trading below the two EMAs; it’s in a bearish market zone at the moment.
The price of the cryptocurrency has fallen below the supply trend lines as a result of the bears’ pressure, which brought it to a low of $1.030 value during the previous action, but it now appears like the bulls are set to take control and drive us upward.
The price responded to the shift in the market structure and is currently below the moving averages at the $1.120 resistance value as the 4-hourly chart opens today as the bulls took to their stand to resume the uphill rally. Meanwhile, a further increase in the buying pressure will invalidate any further bearish thesis.
Additionally, the daily stochastic suggests an uptrend. This indicates a bullish continuation to the upward, which will allow the bulls to continue the current uphill rally and may soon result in the $2.000 upper resistance trend line or higher in the long-term forecast.
ARBUSD Medium-term Trend: Bullish (1H chart)
ARBUSD market remains bullish on the medium-term outlook. This is clear as we can see the prices trading above the EMA-9.
The sustained bullish pressure pushed the currency pair up to the $1.179 supply level during yesterday’s session and sustained it. This has made it capable for the coin to remain in an uptrend in its recent high.
The price of Arbitrum is still moving upwards at the $1.106 supply value above the EMA-9 despite the sell traders’ movements as the 1-hourly chart opens today. Hence, maintaining above the moving average will actually allow the coin to rise higher, resulting in an intraday gain for the coin buyers.
Also, the market is currently trending upward as shown by the daily stochastic. This indicates that the market value of the ARBUSD will continue to rise. In light of this, it is anticipated that the bulls will swing the coin price upward and may eventually hit the $2.000 supply value in the next days in its medium-term perspective.
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