Arbitrum Price Forecast: June 1
ARBUSD price may likely hit the $2.000 supply value soon as the coin is facing a new correction to resume its upward rally. A possible breakout from this resistance will offer a higher footing for prices to bolster further price rallies. The price will most likely continue its bullish correction and the price could go higher to retest its previous swing high at the $1.445 resistance level, which might further expose the coin price to hit the $2.000 upper resistance value. Hence, a big turnaround and a buy signal for the coin investors.
Key Levels:
Resistance Levels: $1.550, $1.650, $1.750
Support Levels: $1.250, $1.150, $1.050
ARBUSD Long-term Trend: Bullish (4H chart)
The currency pair’s orientation trades in a bullish market in its long-term outlook. The price of ARBUSD is seen above the EMA-50 and slightly below the EMA-9 which confirms its bullish growth.
The bulls’ pressure on the currency pair in the past few hours has made it possible for the price to remain in an upward trend zone in its recent high.
Despite the interactions from the short traders, the bulls caused a rise to a $1.221 high level shortly after the commencement of the 4-hourly session opened today. This shows that the bulls are actually buying at this level.
Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong breakup above the $1.445 resistance point would strengthen the bullish pressure.
However, the price of Arbitrum may possibly rise further if the current support level at $1.210 holds. The price action may head to the $2.000 supply level and beyond in its long-term perspective.
ARBUSD Medium-term Trend: Bearish (1H chart)
Arbitrum price portrays a bearish market trend in its long-term outlook. The price responded to the shift in the market structure and is currently below the moving averages. 
The price drop to the $1.217 low value during the previous action has made the coin price trade below the supply levels. This will soon be invalidated as the trend has just resumed its rising pattern but has not yet reached its goal.
ARBUSD on the 1-hourly chart is currently facing resistance and trading at the $1.222 correction level. This implies that investors are active and ready to move the price up to a significant level at the upside. Further, the rising prices reclaimed more confirmation for a bullish recovery.
In addition, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bull run and the target might be the $2.000 resistance level soon in its medium-term outlook.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply