Arbitrum Price Forecast: December 12
The ARBUSD pair may likely complete the lows and the price could be ready to face the resistance soon as the coin market is now trading around the oversold region, hence breakout is imminent. Based on the outlook, should the bulls increase their buying forces and exchange hands with buyers at the $1.020 support value, the crypto could turn upside to reach the $1.400 correction value which indeed will be a turnaround for coin holders.
Key Levels:
Resistance Levels: $1.000, $1.050, $1.100
Support Levels: $0.800, $0.700, $0.600
ARBUSD Long-term Trend: Bullish (Daily chart)
ARBUSD indicates an upward trend with a bullish sentiment in its long-term perspective. The coin is trading above the EMA-50. However, the current trend will soon be nullified as the market has now resumed its bullish race to the overhead resistance.
The bulls’ pressure on the coin at a $1.166 high mark during yesterday’s session has made it possible for the coin to stay above the trend line and remain stronger at the moment.
The coin plummeted to the $1.020 support level slightly above the EMA-50 as the daily chart resumes today. Nevertheless, today’s price drop has still not stalled the bull run as it remains intact
Hence, the price of Arbitrum could face resistance soon if the bulls can redouble their buying pressure, the $1.350 previous point might be retested which will offer buyers a solid foothold to push the crypto price higher.
Additionally, the coin price now approaches the oversold region of the market, this will bring the emergence of buyers sooner and the price could face resistance to hit the $1.400 upper high mark in the days to come in its higher time frame.
ARBUSD Medium-term Trend: Bearish (4H chart)
The currency pair’s orientation trades in a bearish market in its medium-term outlook. The price bar is seen below the moving averages.
The intervention from the sell traders at the $1.114 low value in the previous action has made the coin price drop below the supply trend line in its recent low.
However, this will be invalidated and the trend could face resistance soon as the market price of Arbitrum is oversold already.
The market value of ARBUSD jumped up to the $1.085 high level below the moving averages shortly after the commencement of the 4-hour chart today, indicating that positive sentiment is returning to the market. Thus, buyers need to add more pressure to their activities to move the market beyond the current price level.
In addition, the Arbitrum market is showing more upside possibilities as shown by the daily stochastic pointing upwards; we can certainly expect more gains and strength from the coin.
The pair could face the resistance and may likely grow to retest the $1.228 previous resistance level soon which might expose the coin price to hit the $1.400 upper high mark in the days ahead in its medium time frame.
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