Arbitrum Price Forecast: June 6
ARBUSD pair is set for the next uptick trend to claim another resistance as the bulls begin the new correction move. The currency pair which has just started its rising pattern, may break up the $2.406 resistance level if all support level holds. The coin price may likely swing up further to as high as the $2.500 upper resistance mark, resulting in a greater opportunity to buy the asset.
Key Levels:
Resistance Levels: $1.114, $1.115, $1.116
Support Levels: $0.800, $0.700, $0.600
ARBUSD Long-term Trend: Bearish (Daily chart)
The long–term market of ARBUSD is set for the next uptick trend as the new bullish move is seen below the supply levels on the daily chart. The price is trading below the EMA-50; which means that it’s in a bearish market at the moment.
The price of the cryptocurrency has fallen below the supply trend lines as a result of the bears’ pressure, which brought it to a low of $1.099 level during yesterday’s session, but it now appears like the bulls are set for the next uptick trend and drive us upward.
At the time of writing this article, the price of ARBUSD responded to the shift in the market structure and is currently below the moving averages at the $1.115 resistance value as the daily chart opens today. Thus, any further bearish thesis will be invalidated if the buying pressure rises above the prior high of $2.406 high level.
Additionally, the daily stochastic indicates an uptrend while the Arbitrum price is set for the next uptick trend. This means that there is a tendency for the crypto price to rise further, as a result, the next uptick trend may touch the $2.500 upper resistance level in the coming days in its long-term perspective.
ARBUSD Medium-term Trend: Bearish (4H chart)
The Arbitrum market is also set for the next uptick trend in its medium-term outlook. The trend has just resumed its rising pattern but has not yet reached its goal.
The market has been slowed down due to the interaction from the bears to the $1.101 support level in the previous action. However, the crypto is now set for the next uptick trend as we can see a new correction below the resistance.
Today, shortly after the opening of the 4-hourly chart, the bulls made an aggressive move up to the $1.115 resistance level below the EMA-50 as the coin market set for the next uptick trend. This however will make it possible for the coin to rise further and claim another resistance zone.
Additionally, the daily stochastic suggests an uptrend. This indicates a bullish continuation which will allow the bulls to continue the current rally and may soon result in the $2.500 resistance trend line or higher in the upcoming days as the coin sets for the next uptick trend in the medium-term forecast.
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