Arbitrum (ARBUSD) Price Forecast: June 24
ARBUSD price is in an ascending channel again. The coin at the moment is currently recovering and facing the upper channel. Hence, the price will go up and move higher above the current resistance level if buyers should triple their efforts to forecast a bullish increase in the market above the $1.199 resistance level, $1.257 previous high may be retested soon which might lead to the coin price to hit the $2.000 upper high mark.
Key Levels:
Resistance Levels: $1.500, $1.600, $1.700
Support Levels: $1.300, $1.200, $1.100
ARB (USD) Long-term Trend: Bullish (4H Chart)
The long-term market value of Arbitrum is moving in a bullish direction as can be seen from the chart below.
The coin price now trades above the supply channel of the market and confirms a bullish race. This is due to the high impact of the buy investors in the coin market.
The sustained bullish pressure pushed the currency pair up to the $1.150 supply level during yesterday’s session and sustained it till its recent high.
The bulls continue the journey up north to the $1.155 high mark above the supply trend level as the 4-hourly session resumes today.
The price bars are above the moving average lines; this indicates and shows the high impacts of the bulls on the cryptocurrency, thus a turnaround and more intraday gains for the coin buyers.
Thus, the price of ARBUSD is set to advance further if the bulls can redouble their efforts and push above the current supply level, the $1.257 previous high might be retested soon.
However, the pair shows the continuation of bullish sentiment on the daily stochastic. In light of this, the next bulls’ target might be the $2.000 high level in the days ahead in its long-term outlook.
ARB (USD) Medium-term Trend: Bullish (1H Chart)
Despite the interference of short-term traders in the price flow, the medium-term time frame market shows a bullish race. The price of ARBUSD can be seen progressing upward above the moving averages. This shows that buyers are currently gaining more strength in the market.
The bulls’ pressure on the currency pair in the past few hours at the $1.147 supply level has made it possible for the price to remain in an upward trend zone in its most recent times.
The price opened lower but managed to trade in green over the past few hours. The price finds a reliable resistance at $1.155 value above the moving averages as the 1-hourly session begins today, resulting in intraday gains. This will prolong the upward rally and fuel the release of more buy investors into the market.
However, there is a possibility of more upsides as shown by the daily stochastic pointing up; it is expected of the long traders to continue with the bullish race to a significant level and break above the $1.175 previous high to reach the $2.000 upper resistance level in the medium-term time frame as we watch the market turns bullish.
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