Arbitrum Price Forecast: July 9
ARBUSD may likely increase to the upside, as the coin price suggests a potential uptrend soon. However, the coin may see another uptrend if all of the support levels hold and the bulls increase their aggression; the coin price may rise to touch the $2.256 high level, which might extend to an upper resistance level of $2.500, indicating a good entry point for coin buyers.
Key Levels:
Resistance Levels: $1.000, $1.100, $1.150
Support Levels: $0.700, $0.600, $0.500
ARBUSD Long-term Trend: Bearish (Daily chart)
ARBUSD is in a bearish market zone and suggests a potential uptrend soon as the selling pressure is about to end in its long-term perspective. The coin price is below the EMA-50, indicating a bearish trend.
The high order flow from the bears to the $0.648 support value during yesterday’s session also added to its bearishness. However, the current trend will soon be over as the crypto suggests a potential uptrend, following the coin price approaching the oversold region.
Activities from the long traders pushed the Arbitrum price to a $0.00683 high mark below the supply levels as the daily chart resumes today. Thus, if a renewed surge in buying interest occurs, the coin price may suggest a potential uptrend and surge higher to hit the $2.256 resistance level to strengthen the bullish momentum.
Meanwhile, the market price of ARBUSD is pointing up on the daily stochastic, suggesting that the selling pressure is unlikely: thus, the expected upside move in the price could be high at the $2.500 level in the coming days as the crypto market suggests a potential uptrend soon in its long-term outlook.
ARBUSD Medium-term Trend: Bearish (4H chart)
The coin market suggests an uptrend soon as a new bullish phase has just begun in its medium-term outlook. The price is facing the resistance level, indicating a bearish momentum.
The sustained bearish pressure at the $0.648 support level during yesterday’s session also contributed to its bearishness in its recent price level.
The market price of ARBUSD suggests a potential uptrend soon as it increases from $0.633 to the $0.683 high level below the moving averages as the 4-hourly chart opens today, suggesting an attempt by the bulls to strengthen the bullish momentum.
A potential breakout from this trend line could intensify the bullish momentum and may surge the crypto price higher to test the previous swing high of $0.976 value soon.
However, the bulls are now set to take the pair to a psychologically key level on the upside soon, as indicated by the daily signal pointing upwards on the daily stochastic. Therefore, the next target by the bulls could be the $2.500 upper resistance level in the later day as the price suggests an uptrend in its medium-term time frame.
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