Arbitrum Price Forecast: August 22
The Arbitrum recovery rally has reclaimed the $1.026 high mark following the current correction phase. There is a possibility for the coin price to keep rising and may likely continue with the high hike provided buyers don’t give up and increase their momentum pressure in the market. The coin might increase further to a $1.350 high level and beyond which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $1.450, $1.500, $1.550
Support Levels: $0.900, $0.800, $0.700
ARBUSD Long-term Trend: Bullish (4H chart)
The coin price still trades in a bullish market in its higher time frame. The price of Arbitrum can be seen trading above the EMA-9, which has confirmed its bullish trend.
The bulls acted bravely during yesterday’s session by pushing the crypto’s price to a $1.022 high value which enhanced the price to remain strong above the supply trend levels in its recent high.
The price of Arbitrum reclaims the $1.026 high mark above the EMA-9 as the 4-hourly session opens today indicating an uptrend in the context of the strength of the market and also indicating that buyers are defending this level and attempting to push the price higher. Hence, a strong push above the $1.297 previous swing high level will offer strong resistance to the crypto price.
However, if the buy traders successfully keep the ARBUSD prices above the $1.297 supply value, a retest of the previous high at the $1.350 level is possible in the coming days in its long-term outlook.
ARBUSD Medium-term Trend: Bullish (1H chart)
The altcoin is also trading in a bullish market zone in the medium-term time frame. The price of ARBUSD can be seen above the moving averages which are glued together. This shows that buyers are currently gaining more strength in the market.
However, it seems that the bulls are about to take over and push us higher. There are multiple possible targets at this point, but either way, the pair is on its way to the overhead resistance area.
The strong push by the bulls to the $1.020 supply trend level during yesterday’s session has contributed to its strong bullish trend in its recent high.
After completing the low dips at a $1.017 low value, the buying team made an aggressive move up to the $1.023 resistance level above the two EMAs shortly after the 1-hourly chart opens today. This however makes it capable for the coin to rise further.
Trading above the moving averages will enable the market value of Arbitrum to keep pushing up. Therefore, if buyers should add more aggression to their activities in the market, the $1.165 resistance level might be tested soon.
Adding to this, fresh entries by the buy traders toward the higher side are likely as indicated by the daily stochastic pointing up, buyers could therefore reclaim the $1.350 supply value soon in the days ahead in its medium-term perspective.
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