Arbitrum Price Forecast: June 15
Today, ARBUSD price finds support for a potential rally to the $2.000 resistance level as a clear bullish signal that the bulls are still strong. If the forces from buyers in the market should increase and sustain the coin prices above the $1.264 supply mark, the bullish correction pattern may plunge prices to the $2.000 supply level trend line. Hence, revealing a high accumulation zone for buyers and a buy trade signal for the coin investors.
Key Levels:
Resistance Levels: $1.450, $1.550, $1.650
Support Levels: $0.010, $0.009, $0.008
ARBUSD Long-term Trend: Bullish (4H chart)
Despite the interruptions from the short traders, the Arbitrum market still maintains a bullish trend in its long-term outlook. The bulls could not stop investing in the coin, so the general sentiment regarding the coin is bullish.
The sustained pressure from the bulls at the $0.983 supply level in the previous action has contributed to its bullishness in recent times.
After completing the dip-lows by sellers, an additional effort was added by the bulls and the price jumped up to a $1.013 high mark above the resistance trend line. This suggests an uptrend as well as an indication that the buy traders are responding to the price actions in the market. This also finds support for coin buyers to kick start a fresh recovery from this level.
Additionally, the momentum indicator shows that the price action of ARBUSD is in an uptrend, this implies that the coin price will continue in its bullish correction pattern.
Thus, if buyers managed to close the 4-hourly candle above the $1.264 supply mark, the potential rally could drive the prices higher to hit the $2.000 resistance trend line soon in its long-term view, thus, more gains and clear buy signals for the coin holders.
ARBUSD Medium-term Trend: Bullish (1H chart)
The currency pair remains strongly in an upward move in its medium-term time frame. We have also spotted a counter-trend line breakout in the direction of the bigger picture trend, which singles the potential end of a pullback and the start of a continuation to the upside.
The bulls’ pressure on the crypto at the $0.995 high level in the past few hours has moved the price above the supply trend lines in its recent high.
The bullish rejection candle at $0.989 supply indicates the aggressive accumulation from buyers at lower levels. The coin price is 24% higher from the bottom support to current trade at the $1.013 supply level as the 4-hourly session resumes today.
Hence, with the price showing an uptrend on the daily stochastic, if the coin buyers manage to break above the $1.199 supply trend line, the market participants may witness a long bullish recovery rally and this may reach a high at the $2.000 mark soon in its medium-term perspective.
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