Arbitrum Price Forecast: January 23
above the current resistaARBUSD price is increasing towards the $2.600 resistance level at the moment, and might move higher above the current resistance level at $1.901, if buyers exert more force into the price action in the market, the $2.406 high trend line might be retested soon. Thus a clear buy signal and intraday gain for the coin buyers.
Key Levels:
Resistance Levels: $1.700, $1.800, $1.900
Support Levels: $1.450, $1.350, $1.250
ARBUSD Long-term Trend: Bullish (1H chart)
Arbitrum price is increasing towards the upper resistance channel and remains in a bullish trend market in its long-term view. It seems that the bulls are ready to take over and push us higher. There are multiple possible targets at this point, but either way, the pair looks quite bullish here.
The sustained bullish move to the $2.203 supply value on the 16th of January has made it possible for the coin to stay above the trend line and remain stronger in recent times.
The ARBUSD price increased to the $1.901 high level above the moving averages as the daily chart opens today. This indicates that the traders are actively buying at this level. A possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery.
Similarly, the market is pointing upwards on the daily signal; this will quicken the emergence of more buyers to move the price of Arbitrum up to a significant level on the upside and this might increase towards the $2.6000 upper resistance trend mark soon in its higher time frame.
ARBUSD Medium-term Trend: Bearish (4H chart)
The Arbitrum pair is showing a bearish display in its long-term perspective. The price bars can be seen below the moving averages moving towards the resistance level
This is due to the high inflow from the sell traders. However, there is about to be a turnaround for the ARBUSD buy traders.
The bulls however made an increase towards the resistance level at $1.875 earlier today, this indicates that the bullish sentiment is about to return to the market which could lead the coin price to the retest of $2.406 previous high level.
Additionally, if ARBUSD buyers could hold above the $1.875 high mark and close a candle, closing above the mentioned resistance will signal a potential BUY. As a result, the price could increase towards the $2.600 upper resistance value soon in its medium-term outlook.
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