Arbitrum Price Forecast: May 7
Amid the ongoing market rebound, the ARBUSD experienced a notable recovery as it began its bullish action by facing the resistance trend levels at the moment. If all the current support holds and the bulls trigger their efforts and break up the $2.406 previous resistance trend line, the bullish correction pattern may extend the coin price to hit the $2.500 high mark. Thus, a turnaround and clear buy signal for the coin holders.
Key Levels:
Resistance Levels: $1.070, $1.080, $1.090
Support Levels: $0.500, $0.400, $0.300
ARBUSD Long-term Trend: Bearish (Daily Chart)
Arbitrum price begins its bullish action amid the ongoing current rebound on the daily chart. The coin price is currently on its way to the supply trend levels which has confirmed its bearish trend.
The high order flow from the bears during the previous action also added to this bearishness. However, it seems that the bulls are about to take over and push us higher as it begins its bullish action.
The price responded to the shift in the market structure and is currently below the moving averages at the $1.090 low value as the daily chart opens today: this assures or confirms the bull’s gradual return to the market and also suggests that the bulls are still committed and ready to move the coin price to the key resistance levels.
Hence, should the bulls increase their buying motives, the previous high of $2.406 value might be retested soon.
Additionally, the Arbitrum price might continue with its bullish action as indicated by the daily signal which is pointing upwards. As a result, the next price target could be the $2.500 supply trend line in the coming days in its higher time frame.
ARBUSD Medium-term Trend: Bullish (4H chart)
The ARBUSD pair remains in the bullish market zone as it begins its bullish action in its medium-term view. The market price staying above the resistance trend line confirms its bullishness and the high impact of the bulls on the crypto market.
The coin has been making higher highs and higher lows in the previous actions; this has made it possible for the price to begin and continue with its bullish action in its recent high.
The bulls continued with the bullish action and made an impulse move to a $1.089 supply value above the moving averages as the 4-hourly chart resumes today. This will encourage the buy traders to invest in the crypto, as possible future gains are certain as the Arbitrum price begins its bullish action.
Meanwhile, if the coin buyers could hold and close the 4-hourly chart above the $1.667 high mark, a potential BUY signal will be attained.
The market price of ARBUSD is also pointing in an upward direction on the daily stochastic, this suggests that the coin market price may continue its bullish action and this could reach a high at the $2.500 level in the nearby days in its medium-term time frame.
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