Arbitrum Price Forecast: November 28
The market price of ARBUSD may reverse at the $1.023 support level to resume its upside moves soon. Should the bulls push higher and exchange hands with the sell traders at the mentioned support and close above the $1.222 resistance value, a bullish breakout confirmation will reflect the improved market sentiment. Doing so will offer a higher footing for buyers to prolong this recovery. Thus, a post-retest rally may drive the prices high to hit the $1.250 resistance trend level.
Key Levels:
Resistance Levels: $1.100, $1.050, $1.150
Support Levels: $0.700, $0.600, $0.500
ARBUSD Long-term Trend: Bearish (4H chart)
ARBUSD indicates a downward trend with a bearish sentiment in its long-term perspective. The coin is trading below the EMA. However, the crypto may reverse soon as the market now trades at the oversold region.
The high order flow of sellers to a $1.028 low mark during the previous action also added to this bearishness. However, it seems that the bulls are about to reverse the price action and push us higher.
The price of Arbitrum at the $1.023 low value below the EMA-50 as the 4-hour chart opens today is a result of low bullish momentum. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Meanwhile, the price of Arbitrum may reverse at the mentioned support as the market now trades the oversold region of the daily stochastic. This upcoming bullish rally may likely break the $1.222 high mark which might possibly hit the $1.250 supply value in the coming days in the long-term outlook.
ARBUSD Medium-term Trend: Bearish (1H chart)
Downward pressure also dominates the medium-term outlook, as the price of ARBUSD can be seen below the EMA-50, indicating a downhill trend. Meanwhile, it looks like the price may reverse at the $1.023 support level soon as the market approaches the oversold region.
The sustained bearish pressure to a $1.024 support value in the previous session has dropped the coin price below the supply levels in its recent low.
The drop in the price of Arbitrum to the $1.023 low value as the 1-hour chart commenced today is a result of low bullish momentum.
Thus, if the bulls can increase their speed of buying, the coin price may reverse at the mentioned support and break above the $1.084 supply mark which will put further selling pressure into hibernation.
Additionally, the coin is approaching the oversold region of the daily stochastic, therefore, if additional selling power is prevented, the price may reverse to the upsides and drive the prices high to hit the $1.250 resistance value soon in its medium-term time frame.
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