Arbitrum Price Forecast: March 28
There may soon be another uphill trend in the price of Arbitrum. The coin price may likely reverse in a bullish direction, and it may soon be prepared for another probable upward surge. The crypto price may perhaps retrace to retest the previous high of $2.406 and even further if buyers can demonstrate their strength and trade hands with sellers at the current support level of $1.673. The next price target by the bull could be the $2.500 upper high mark. Thus, a turnaround and clear buy signal for the coin holders.
Key Levels:
Resistance Levels: $1.450, $1.550, $1.650
Support Levels: $1.100, $1.050, $1.000
ARBUSD Long-term Trend: Bearish (Daily chart)
Arbitrum price is bearish on the higher time frame. Meanwhile, the price could see another uphill trend soon as the market now approaches the oversold region. The prices are traded below the moving averages which has confirmed is 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 the coin price could see another uphill trend sooner.
Today, actions from the bears further drop the ARBUSD price to a $1.673 support level beneath the moving averages. With the overall market trend still bearish, the ARBUSD price is likely to plunge higher and retest the high accumulation zone of $2.406 level, if the bulls could wrestle with the bears at the mentioned support.
Notably, as the market moves closer to the oversold area of the daily stochastic, a price reversal at the aforementioned support is possible in the interim. In the long run, this anticipated bullish surge could break through the $2.406 high point and reach the $2.500 upper resistance value in the upcoming days, as the crypto is anticipating another uphill trend soon.
ARBUSD Medium-term Trend: Bearish (4H chart)
According to the chart below, the medium-term outlook for the ARBUSD market also suggests that the coin could see another uphill trend soon. The price bar is below the supply level which suggests a bearish trend.
Sustained pressure from the short traders to a $1.724 low mark in the previous action has led the Arbitrum price below the supply levels in recent times.
The coin plummeted to the $1.687 support level beneath the EMA-50 as the 4-hour chart resumes today. Thus, if the bulls can put extra effort into the price action, the price of ARBUSD could see another uphill trend and break above the $2.280 supply mark, as a result of this, further selling pressure will be put into hibernation.
In continuation, the market price of ARBUSD is approaching the oversold region of the stochastic, this means that the selling pressure will end soon.
Hence, the expected upside move in the price could be high at the $2.500 level in the coming days in its medium-term outlook.
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