Arbitrum Price Forecast: November 30
Based on the outlook, Arbitrum price is attempting the next big move and the price will keep rising. The coin has just resumed its rising pattern and from the look of it, it will keep growing. The price tested the multiple resistance zones near the $1.031 value and we expect a swift increase to follow soon. The coin might jump towards the $1.350 supply level amid renewed buying momentum if the sell traders reduce their tension in the market.
Key Levels
Resistance Levels: $1.000, $1.050, $1.100
Support Levels: $0.800, $0.700, $0.600
ARBUSD Long-term Trend: Bullish (Daily chart)
Arbitrum has a bullish posture in its long-term outlook as can be seen from the chart below. It also shows the impeding next big move in the price. The recent market structure has favored the bulls.
Pressure from the bulls at the $1.084 high value on the 25th of November has sustained its upward stability in its recent high.
However, on the daily chart today, there is a broader recovery in the prices. After completing the low-dips at a $0.991 low level during yesterday’s session, the ARBUSD price jumped up to a $1.031 supply level above the EMA-50 approaching the overhead resistance level as the bulls took to their stand attempting the next big move in the market.
With high volatility, the price is hovering above the EMA-50 and approaching the overhead resistance, indicating more active buying pressure among investors.
The longer the price remains above the mentioned level, the more pressure builds up on the upside to reach a key significant level.
Furthermore, the momentum indicator indicates that the price signal is attempting the next big move in the market. Hence, we expect the Arbitrum price distribution to reach the $1.400 supply level and beyond sooner in its higher time outlook.
ARBUSD Medium-term Trend: Bearish (4H chart)
The market price of ARBUSD is currently trading below the resistance trend lines attempting the next big move in the medium-term outlook. The coin price can be seen slightly below the EMA-50 confirming its bearish trend. This is due to the interference from the short traders.
The crypto has been interfering with the sell traders in the previous action and has dropped the price below the supply trend levels in its recent price level.
Being affected by the widespread uncertainty in the crypto market, the Arbitrum price showed a slow yet steady recovery to the $1.031 supply level below the two EMAs approaching the resistance trend levels on the 4-hourly chart today.
Thus, a strong breakup above the $1.222 resistance level would strengthen the bullish outlook and sustain its upward stability.
Additionally, the ARBUSD price is pointing upward on the daily stochastic, this will compel the bulls to continue with the uphill ride, and with this trend, the next big move may hit the $1.400 high level in the days ahead in its medium-term forecast.
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