Arbitrum Price Forecast: July 20
Today, the ARBUSD price is set for another upswing and sends a clear bullish signal that the bulls are still strong. If the forces from buyers in the market should increase and sustain the coin prices above the the$1.350 previous supply mark, the bullish correction pattern may plunge prices to the $2.000 upper resistance trend lines, resulting in a turnaround and a buy trade signal for the coin investors.
Key Levels:
Resistance Levels: $1.650, $1.750, $1.850
Support Levels: $1.350, $1.250, $1.150
ARBUSD Long-term Trend: Bullish (4H chart)
ARBUSD is in a bullish trend market in its long-term view. The prices are traded above the moving averages which has confirmed is bullish trend. 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 looks quite bullish here.
The coin made it to the $1.251 high level during the previous action and has made the price remain in green above the supply trend level in the recent high.
It’s nice to see a strong buying reaction from the ARBUSD market at the $1.276 supply mark above the supply levels where lots of contract is accumulated as the 4-hourly session begins today.
With sustained buying, the price will test the resistance strength of the recently breached $1.350 level and set the potential trend for further growth.
Adding to that, the daily stochastic indicates an uptrend, which means that the crypto may likely continue its bullish ride; we, therefore, expect the price distribution of Arbitrum to hit a $2.000 high mark soon in its long-term perspective.
ARBUSD Medium-term Trend: Bullish (1H chart)
The ARBUSD pair remains bullish on the medium-term time frames. This is clear as we can see from the price bar above the two EMAs. The trend is rising and the price has not yet reached its goal.
Pressure from the bulls at the $1.247 high value in the previous action has sustained its upward stability in recent highs.
The price distribution of the coin at the moment has risen to a $1.276 high level which is above the moving average lines shortly after the 1-hourly chart opens today, this indicates that bulls are gradually gaining access into the market at the present and may likely take over sooner.
Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong breakup above the $1.350 previous resistance point would strengthen the bullish pressure.
Similarly, the price indicator which is also pointing upwards suggests that the Arbitrum price might remain in an uptrend and in that case, the $2.000 upper resistance mark may be the target sooner in its medium-term time frame.
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