Arbitrum Price Forecast: January 16
The ARBUSD pair is making positive moves and looks good to buy at the current trading level of $2.097 resistance value. The cryptocurrency may rise even higher and attempt to reach the $2.600 supply threshold. If the bulls put more pressure on the market, the resistance level at $2.097 might not hold, and the price might rise as far as $2.600 upper resistance level and beyond, indicating a growth opportunity of 80%. Thus, a buying time for the coin traders.
Key Levels:
Resistance Levels: $1.800, $1.900, $2.000
Support Levels: $1.500, $1.400, $1.300
ARBUSD Long-term Trend: Bullish (Daily chart)
ARBUSD indicates an upward trend and also looks good to buy with a bullish sentiment in its long-term perspective. The coin is currently trading above the level of $2.029 while facing resistance at the recent high. 
The previous action at the $2.230 high level in the past few days has sustained the coin price to remain above the trend line in its recent high.
After completing the bearish move at the $2.016 support level during yesterday’s session, the bulls’ action increases the price of Arbitrum up to the $2.097 resistance level above the supply trend levels as a pullback as the daily session opens today, this looks good to buy for the coin traders. Hence, a break above the $2.406 value would intensify the buying pressure on the crypto.
Further, if the coin buyers could hold above the $2.406 high mark and close a candle, closing above the mentioned resistance will make the ARBUSD price look good to buy more.
As a result, the price could pump or surge upsides to hit the $2.600 resistance value soon in its long-term outlook.
ARBUSD Medium-term Trend: Bullish (4H chart)
On the medium-term outlook, the ARBUSD pair also looks good to buy as it remains in a resistance zone. Firstly, the crypto has broken above the moving averages which indicates a possible rise of the pair. 
The bullish reversal at the $2.029 high value in the previous action has sustained the crypto above the trend line in its recent high.
Today’s 4-hour bullish candle at the $2.072 value which further rises to a $2.097 supply mark above the moving averages confirms the bulls’ dominance in the market.
Thus, a potential breakout from this trend line could intensify the bullish momentum and may surge the price of ARBUSD above the $2.406 previous high.
Having said that, if the bullish momentum persists, a breakout above this combined resistance with candle closing may push the price of Arbitrum to the $2.600 upper resistance value in the days ahead which will signal a strong buy signal for interested traders as the coin looks good to buy in its medium-term timeframe.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply