Arbitrum Price Forecast: August 6
The ARBUSD market is anticipating a price reversal at the $0.432 low level as the market selling pressure seems to have reached an exhaustion stage. The coin may resume its upside moves soon. Based on the outlook, should the bulls push higher and close above the $2.256 mark, a bullish breakout confirmation will reflect the improved market sentiment, which could expose the coin price to reach the $2.500 upper high level, resulting in a potential gain for the coin buyers.
Key Levels:
Resistance Levels: $0.700, $0.800, $0.900
Support Levels: $0.400, $0.300, $0.200
ARBUSD Long-term Trend: Bearish (Daily Chart)
Arbitrum price reversal at the $0.432 low level is imminent as the market selling pressure is ending soon, as shown by the chart below. The prices are traded below the moving averages, confirming its bearish trend.
The high order flow from the bears during the previous action also added to this bearishness. However, it seems that the bulls are about to take over, as price reversal is likely soon.
The bears’ action dropped the Arbitrum price to a low of $0.432 value below the supply levels as the daily chart opens today. Hence, if the bulls wrestle with the bears at the mentioned support, the crypto may experience a price reversal and turn upside to hit the $2.256 previous barrier level, intensifying the bullish momentum.
Having said that, if the bullish momentum persists, a breakout above this combined resistance with candle closing may push the price of Arbitrum to the $2.500 upper resistance value in the days ahead signaling a strong buy signal for interested traders in its higher timeframe.
ARBUSD Medium-term Trend: Bearish (1H Chart)
The ARBUSD pair may experience a price reversal at the $0.432 current low value in its medium-term outlook. The market price is below the moving average line, confirming its bearishness and the high impact of the bears on the crypto.
The bears’ pressure on the currency pair in the past few hours has made it possible for the price to remain in a downward trend zone in its recent price level. However, a price reversal will occur soon as the current market trend is oversold.
The momentum in the price of Arbitrum is bearish at the $0.432 support level below the EMA-50 as the 4-hourly chart resumes today. Meanwhile, if the bulls could increase their buying forces, the crypto may encounter a price reversal at the $0.432 low level to touch the $0.828 high mark, bolstering the coin market for a higher recovery.
In addition, the momentum indicator shows that the price of ARBUSD will still bounce up, so there is a possibility of a price reversal at the $0.432 support value. Thus, the price distribution might reach the $2.500 supply level and beyond in the coming days in its medium-term-term outlook.
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