Arbitrum Price Forecast: May 9
The ARBUSD is ready to break up at its previous high of $2.406 level under the influence of the buying sphere. However, a daily candlestick above the mentioned supply level would invalidate any bearish theory. Therefore, if buyers can put more effort into their tension in the market, a shift in the trend upward will be achieved.
Key Levels:
Resistance Levels: $1.000, $1.050, $1.100
Support Levels: $0.700, $0.600, $0.500
ARBUSD Long-term Trend: Bearish (Daily chart)
Arbitrum‘s price is bearish and also ready to break up from its previous high on the higher time frame. This is obvious as we can see new corrective moves below the supply levels.
The crypto price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few days. This will soon be invalidated as the coin market is ready to break up at its previous high as the bulls have just resumed their rising pattern but have not yet reached their goal.
The crypto has completed its low dips and is now ready to break up at its previous high soon. The bulls earlier today, made a pullback at the $1.073 high point below the moving average as the daily chart opens. This indicates a genuine reversal which is ready to break up at $2.406 previous resistance level.
Adding to this, the market price of ARBUSD which is pointing up on the daily signal means that the momentum in the coin price will likely remain and continue in an upward move and ready to break up at the $2.406 high level which might further jump to a $2.500 upper resistance level in the days ahead in its higher time frame.
ARBUSD Medium-term Trend: Bullish (4H chart)
The momentum on the medium-term outlook looks bullish as the bulls are ready to break up at their previous high of $2.406 level.
The price of ARBUSD is currently trading at the resistance slightly above the EMA-50. So it seems likely that the bulls are ready to break up the previous resistance level and push us higher.
Despite the interactions from the short traders, the bulls caused a rise to a $1.073 high level above the EMA-50 shortly after the commencement of the 4-hourly chart today. Thus, buyers need to add more pressure to their activities to move the market beyond the current price level to forecast a bullish increase in the asset.
Meanwhile, the market is pointing up on the daily signal indicating a buy potential. This means that the price of Arbitrum is ready to break up the previous high at $1.667 which may further extend the coin price to a significant level of $2.500 upper high level in the days ahead in its medium-term time frame.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply