Arbitrum Price Forecast: August 1
ARBUSD is now set for the next bull cycle and a swift increase is expected to follow soon. ARBUSD attempting the next big bounce. Therefore, a bullish crossover above the $1.350 high mark will encourage the buy investors for a longer correction and this might reach a high at the $2.000 upper supply trend line.
Key Levels:
Resistance Levels: $1.650, $1.750, $1.850
Support Levels: $1.350, $1.250, $1.150
ARBUSD Long-term Trend: Bullish (4H chart)
Arbitrum is bullish in the long-term outlook. The coin price is traded slightly above the EMA-9, confirming its bullish trend. We have also spotted a breakout and the start of a continuation to the upside.
Pressure from the bulls at the $1.183 high value in the previous action has sustained its upward stability in its recent high.
Currently, the coin price made a pullback at the $1.184 high value as a correction phase with intraday gains. Such lower price rejection indicates that buyers are defending this level and attempting to push the price higher.
Hence, a strong push above the $1.305 previous supply level will offer strong resistance to the crypto price.
Also, ARBUSD is showing more upside possibilities by pointing upward on the daily stochastic, thus, we can certainly expect more strength from the coin and this may likely get to a $2.000 upper supply mark in the coming days in its long-term outlook.
ARBUSD Medium-term Trend: Bullish (1H chart)
Despite the interruptions from the short traders, the ARBUSD market still maintains a bullish trend in its medium-term outlook. The bulls could not stop investing in the coin, so the general sentiment regarding the coin is bullish.
The coin made it to the $1.183 high level during the previous action and has made the price remain in green above the supply trend level in its recent high.
At the time of writing, Arbitrum is trading at the $1.184 resistance level above the two EMAs which are glued together. The bulls are also battling resistance above the moving averages at the mentioned supply level.
Thus, if the bullish momentum persists, a breakout above this combined resistance with candle closing will signal a strong buy signal for interested traders.
In addition, the momentum indicator shows that the coin price will still bounce up, so we expect the price distribution of ARBUSD to reach the $2.000 supply level and beyond sooner in its medium-term outlook.
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