Arbitrum Price Forecast: August 3
ARBUSD price might breakout from the support zone and resume its uptrend soon if buyers should trigger the buying pressure and break up the $1.350 previous resistance level, the coin price may prolong the correction rise to a $2.000 upper high level and beyond, resulting in an intraday gain for the coin buyers.
Key Levels:
Resistance Levels: $1.250, $1.350, $1.450
Support Levels: $1.160, $1.150, $1.140
ARBUSD Long-term Trend: Bearish (4H chart)
Arbitrum price is bearish on the higher time frame. This is due to the high impact of sellers. The prices are traded below the moving averages which has confirmed is bearish trend.
The high order flow from the bears to the $1.135 low value during the previous action also added to this bearishness. However, it seems that the bulls are about to take over and push us higher.
A pullback to the $1.152 high level below the moving averages by the bulls shortly after the 4-hourly chart opens today affirms the returns of the long traders into the market.
Thus, the price of Arbitrum is set to advance further if the bulls can redouble their efforts and push above the $1.305 previous supply mark.
Meanwhile, with the daily stochastic indicating an uptrend, there is a possibility of a bullish breakout if the bulls should add more effort to their tension in the market. The next recovery target could be the $2.000 supply trend mark in the long-term perspective.
ARBUSD Medium-term Trend: Bearish (1H chart)
The Arbitrum price is forming lower lows and lower highs on its medium-term chart. Further, the price is trading below the two EMAs; it means that it’s in a bearish market zone at the moment.
The bears’ pressure on the crypto in the past few hours has dropped the price down below the supply trend levels in its recent high price.
The $1.151 corrective value below the moving averages served as a solid resistance for the coin price as the 4-hourly session resumes today. Because there is currently a bullish correction in place, the bulls will likely continue climbing.
A potential breakout from this trend line could intensify the bullish momentum and may surge the price of ARBUSD higher to hit the previous high of $1.207.
Similarly to that, the market is now pointing up around the 20% range of the daily stochastic. This means the crypto market is oversold and the emergence of the bulls is crucial at this moment. Hence, the bulls are expected to turn around the price of Arbitrum and may likely reach the $2.000 supply value in the days ahead in its medium-term outlook.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply