Arbitrum Price Forecast: December 21
The Arbitrum market is on the verge of reversal as the coin is currently under the bears’ pressure. The coin is about completing the dip-low movement and is on the verge of a correction phase. The coin price might rebound and turn upside as the market is oversold. As a result, if all current support holds and the bulls push higher, the price breakout may test the previous high at $1.350 and likely hit the $1.400 supply trend line.
Resistance Levels: $1.000, $1.050, $1.100
Support Levels: $0.950, $0.900, $0.850
ARBUSD Long-term Trend: Bullish (Daily chart)
ARBUSD is in a bullish posture in its long-term view. The coin price which is in red, slightly above the EMA-50, indicating an upward momentum is on the verge of reversal.
The sustained bullish pressure to a $1.159 high level in the past few days has led the coin price to stay above the supply levels in its recent price level.
Arbitrum’s price drop to a $1.062 low value as the daily chart began today has had no significant impact on the market because the price remains in an uptrend. Hence, staying above the supply levels indicates a strong possibility for a bullish correction.
Should the bulls increase their buying skills and hold all the support levels, the coin price could reverse to retest its previous high at $1.350 value soon.
Additionally, the ARBUSD price is on the verge of reversal as the coin price is at the oversold region of the daily stochastic. This means that the selling pressure has reached exhaustion, the expected upside move in the price could be high at $1.400, and swing high in the coming days in its long-term outlook.
ARBUSD Medium-term Trend: Bearish (4H chart)
The medium-term chart of ARBUSD shows a downward movement. As we can see, the price continues to make lower highs and lower lows.
The coin price is on the verge of reversal as the market price now approaches the oversold region of the market.
Before the end of yesterday’s session, sell traders made a downward move to the $1.033 support level. This gave sellers more incentive to maintain the trend at its recent low.
The price is hovering below the moving averages at the $1.062 support level as the 4-hour chart opens today. All eyes are glued on $1.262 but sellers’ congestions at $1.062 have become impenetrable.
Hence, the price of Arbitrum is on the verge of reversal as soon as the selling pressure seems to get weaker. So, the coin price can pull back at the current support of $1.062 value to invalidate the bearish theory.
Similarly, should the bulls push harder and exchange hands with the sell traders at the $1.062 low value, the ARBUSD price could turn positive and close above the $1.262 resistance value which might further increase to a $1.400 upper resistance level which could lead to to additional gains for the buy investors in its medium–term outlook.
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