Arbitrum Price Forecast: August 29
ARBUSD is now facing the positive side to resume its uphill trend. Thus, a sharp breakout and closure above the current correction phase at a $0.957 high value will invalidate any bearish thesis, and there is a high probability of the price going up to its recent swing high of $1.207 level to wade off the bearish shackles and focus on the ultimate breakout to the $1.300 upper resistance level and beyond.
Key Levels:
Resistance Levels: $1.100, $1.150, $1.200
Support Levels: $0.900, $0.800, $0.700
ARBUSD Long-term Trend: Bullish (4H chart)
On the higher-term time frame, prices of Arbitrum are above the EMA-9 and have confirmed a bullish momentum breaking the previous high of $0.949 value as it resumes its uphill trend.
The high order flow of buyers to a $0.950 high mark during the previous action also added to this bullishness. However, it seems that the bulls are about to take over and push us higher.
The coin is recovering from the recent correction as fresh buying emerges near the supply level following the upward race.
The rising demand pressure of bulls pushed the price of ARBUSD up to the $0.957 resistance value above the EMA-9, this surge reflects the increasing interest of the buying team. Thus, a breakout above the $1.207 previous barrier could signal a change in the price trend.
Adding to that, the price of Arbitrum indicates an uptrend on the daily momentum, this assures the continuity of the uphill trend and this may hit the $1.300 upper high level soon.
ARBUSD Medium-term Trend: Bullish (1H chart)
Upward pressure also dominates the medium-term outlook, as the price of ARBUSD can be seen above the two EMAs, resuming its uphill trend.
Pressure from buyers at the $0.942 high value in the previous action has sustained its upward stability in its recent high.
Actions from buyers to a $0.957 high value above the supply trend levels as the 1-hour chart opens today, indicates growing confidence in Arbitrum as an investment opportunity.
Thus, additional buying efforts and a potential breakout from this trend line could intensify the bullish momentum and may surge the price of ARBUSD above the $1.039 previous high which would stop further selling pressure.
In addition, the momentum indicator shows that the price of ARBUSD will continue the uphill trend, so we expect the price distribution to reach the $1.300 supply level and beyond in the coming days in its medium-term-term outlook.
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