Arbitrum Price Forecast: October 12
ARBUSD is currently on its way to the resistance trend levels and price may likely swing up and increase further, provided buyers don’t give up and increase their momentum pressure in the market. In case buyers manage to break up the pattern’s resistance trend line at the $0.985 high value, a possible relief rally may drive the coin market price to the $1.00 resistance mark and beyond, which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $0.95, $0.96, $0.97
Support Levels: $0.70, $0.60, $0.50
ARBUSD Long-term Trend: Bearish (4H chart)
The market price of ARBUSD is currently gathering momentum below the moving average; this implies that the coin is trading in the bearish market zone.
This is due to the gradual returns of the buy traders into the market and may swing up the coin price to the overhead supply zone.
The high order flow from the bears to the $0.80 support value during yesterday’s session also added to its bearishness. However, the bulls are now set to further swing up the coin price to the upper resistance zone.
The price increase to a $0.82 resistance value below the EMA as a pullback from the buyers as the 4-hour chart resumes today, is as a result of more concerns from the buy investors.
Thus, with sustained buying, the Arbirum price could rise another 50% to reach the previous high at $0.98 which would offset any bearish thesis.
Adding to this, there is a tendency for the coin to swing up further, if the support level holds; this will enable buyers to take the crypto price up to a high of $1.00 soon in its long-term perspective.
ARBUSD Medium-term Trend: Bearish (1H chart)
ARBUSD rebounded after its low dips. The coin is also trading below the EMA on its way to the resistance levels. The market shows that the price may now swing up and be trading in a new ascending channel.
The bearish pressure at the $0.80 support level in the previous action has made the price of Arbitrum stay below the supply level in its recent price.
On the 1-hour chart today, there is a broader recovery in the prices. After completing the downside move at a $0.81 low level, the crypto swung up to a $0.82 high level below the moving average as the bulls took to their stand in the market.
This bullish correction, however, indicates a gradual improvement in market sentiment and could also lead to more intraday gains in assets to higher prices.
In addition, more upsides are still coming as shown by the stochastic oscillator pointing upwards to indicate an uptrend. With the look of things, the bullish rally may therefore swing up towards the $1.00 high value in no long time on the lower time frame.
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