Arbitrum Price Forecast: May 9
The ARBUSD price is set for another bullish momentum after a long dip dump by the bears. In case buyers manage to break up the pattern’s resistance trend line at the $1.819 high value, a possible relief rally may drive the coin market price to the $2.000 upper resistance level and beyond, which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $1.650, $1.750, $1.850
Support Levels: $1.350, $1.250, $1.150
ARBUSD Long-term Trend: Bearish (4H chart)
Arbitrum price is bearish on the higher time frame. Further, the price is trading below the two EMAs; it’s in a bearish market zone at the moment.
The price drop to the $1.238 low value by the short traders during the previous action has made the coin price trade below the supply levels in its recent high. This will soon be invalidated as the trend has just resumed its rising pattern but has not yet reached its goal.
The cryptocurrency rebounded from the mentioned support with a bullish candle at the $1.252 value which further increases to the $1.254 supply level as the 4-hourly chart opens today. This indicates a genuine reversal which may attempt the $1.819 breakout. Further, investors may seize the opportunity now, buy the coin at a lower price, and look for more gains.
Adding to this, there is a tendency for the coin to continue its bullish momentum as indicated by the daily stochastic which is pointing up in the oversold region, if the support level holds, this will enable buyers to take the price of ARBUSD up to a high of $2.000 in the days ahead in its long-term perspective.
ARBUSD Medium-term Trend: Bullish (1H chart)
ARBUSD is showing a more bullish impact in its medium-term time frame. The coin price can now be seen above the EMA-9 approaching the overhead resistance value.
The bulls are having the market at their disposal at the moment. The bullish pressure at the $1.257 supply level in the past few hours has sustained the coin price above the trend levels in its recent high.
The bulls made an aggressive move up to the $1.254 resistance level above the EMA-9 shortly after the 1-hourly chart opened 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.
Similarly, the price signal which is pointing upwards indicates that the trend will remain in an uptrend, if buyers should intensify their tension in the market and the prices break above the current resistance trend line, a bullish trend continues to the overhead resistance of $2.000 is possible soon in the medium-term outlook time frame.
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