Arbitrum Price Forecast: July 6
ARBUSD is currently trading in an ascending channel and will increase further. Arbitrum (ARBUSD) price presents a buying opportunity. In the latter half of June, the crypto market experienced a significant inflow by long-term investors and triggered a new wave of recovery. However, the coin may likely increase further if the bulls could push the price high and the market price sustains above the $1.244 previous supply mark, the potential rally could surge higher to hit the $2.000 upper resistance value, resulting in an intraday gain for the coin holders.
Key Levels:
Resistance Levels: $1.350, $1.450, $1.550
Support Levels: $1.150, $1.100, $1.050
ARBUSD Long-term Trend: Bullish (4H Chart)
ARBUSD remains bullish on the higher time frames. This is clear as we can see the prices trading above the moving average lines indicating an uptrend.
This upward trend was primarily led by the leading cryptocurrency Bitcoin as big asset management companies showed interest in Arbitrum.
The bulls’ pressure on the currency pair at the $1.171 high value in the past few hours has made it possible for the price to remain in an upward trend zone its recent times.
The coin price finds reliable resistance at around the $1.172 level above the two EMAs, resulting in intraday gains. With today’s intraday gain of 12.5%, buyers obtained an excellent follow-up confirmation for further recovery.
This, however, presented favorable opportunities for those interested in long-entry positions as the coin remains in an ascending channel.
Adding to that, the ARBUSD price is also pointing upwards, this suggests that the coin price may likely continue in an upward direction and head toward the $2.000 supply trend line in the days ahead in its higher time frame.
ARBUSD Medium-term Trend: Bullish (1H Chart)
The ARBUSD pair showed evidence of a bullish rally and a surge above the moving averages indicates growth in bullish momentum.
The bulls’ pressure on the currency pair in the past few hours has made it possible for the price to remain in an upward trend zone in its recent high.
The coin price breakout at the $1.172 resistance value above the EMA-50 as the 1-hourly chart opens today indicates the high buying impact from the bulls resulting in intraday gains.
Moreover, Arbitrum price has shown better performance in recent weeks and therefore provides better confirmation for a prolonged recovery.
With sustained buying, the coin price could hit the potential target of $1.243 value which could increase the possibility of an overhead trend line breakout.
However, there is a possibility of a further increase in the price of Arbitrum, if the buy traders should increase their price actions and all the current support level holds, a psychological key level at the $2.000 supply level might be reached soon in its medium-term time frame.
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