Arbitrum Price Forecast: July 16
Arbitrum price retracement could rise above the $2.256 resistance level as it embarks on the up-north journey earlier today, suggesting the coin is ready to make noise again. If the coin price makes a retest at a $2.256 high mark, the price may jump to hit the $2.500 upper trend line and beyond, resulting in a good entry point for the coin buyers.
Key Levels:
Resistance Levels: $1.100, $1.150, $1.200
Support Levels: $0.600, $0.500, $0.400
ARBUSD Long-term Trend: Bearish (Daily chart)
ARBUSD price starts to recover, and its retracement could rise above the supply level as it continues to increase to the resistance levels on the higher time frames. The coin price is trending towards the supply levels, indicating a bearish momentum.
The high order flow from the bears to the $0.690 support value in the last few days also added to its bearishness in its recent high level. However, the bulls have decided to push the price forward, and the price retracement could rise above the supply level soon.
The bulls rode to a high at $0.740 below the moving averages as the daily chart resumes today, registering a daily of 3.5%, by the bulls.
Meanwhile, the Arbitrum price retracement pattern could rise above the $2.256 previous high, if additional power is added by the long traders.
Further, the price might continue its upward move, as shown by the price indicator, pointing upwards. If the ARBUSD price can break above the $2.256 supply value, we can expect the coin price to hit the $2.500 upper resistance level soon in its long-term outlook.
ARBUSD Medium-term Trend: Bullish (4H chart)
The market value of ARBUSD in the medium term is progressing forward above the resistance levels, suggesting the price retracement could rise above the crucial level at the upsides, indicating a high resistance zone. This is a result of high turnover from the buy investors.
At the press time, the coin trading above the moving averages at the $0.740 resistance level as the 4-hourly chart opens today, is an indication of a more bullish impact in the market.
Arbitrum is trading in a “Rising Channel”, making higher highs and higher lows, showing signs of upward retracement which could rise above the $0.846 previous high if all the support levels are put on hold. This will enable the buyers to influence the price tendency.
More upsides are certain as the price indicator shows that the ARBUSD price retracement could rise above the crucial level at the upside. The $2.500 upper resistance level might be the target soon as the market remains bullish in its medium-term forecast.
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