Arbitrum Price Forecast: October 31
The Arbitrum (ARBUSD) shows fundamental growth and also maintains strength above the supply levels at the moment. The crypto is showing positive signs above the $0.919 supply value. If the coin holders could prove stronger and the price shows sustainability above the $1.350 previous high value, its upside moves could extend further to reach the $1.400 upper resistance level and beyond, resulting in an intraday gain and a potential buy signal for the coin holders.
Resistance Levels: $0.800, $0.900, $1.000
Support Levels: $0.700, $0.600, $0.500
ARBUSD Long-term Trend: Bullish (Daily chart)
ARBUSD turns positive today, as can be seen from the chart below. The coin price now trades and maintains strength above the supply levels which confirms a bullish race.
The persistent bullish pressure drove the currency pair up to the $0.934 supply level during yesterday’s session and sustained it. This has made it possible for the coin to remain firm in an uptrend in its recent high.
Despite the interaction from the bears, the bulls successfully pushed the coin price up to the $0.939 high mark above the EMA-50 as the journey up north continues shortly after the daily chart opens today. This indicates that the bulls remain dominant and have the market price at their disposal at the moment.
Further increase in the buying pressure might possibly lead the price of Arbitrum to retest the previous high of $1.350 high mark soon.
Hence, a bullish impact by the buy investors toward the higher side is likely as indicated by the stochastic oscillator pointing in an upward direction, the bulls could therefore aim at the psychological level of $1.400 upper resistance value as soon as the crypto remains strengthened above the supply levels in its long-term perspective.
ARBUSD Medium-term Trend: Bullish (4H chart)
The market price of ARBUSD is currently trading and maintains strength above the supply levels in its medium-term outlook. This is due to the high inflows from the buy traders. So it seems likely that the bulls are about to take over and push us higher to the upper resistance trend levels.
The bullish impact on the crypto to the $0.922 supply level during the previous action has sustained its strength above the supply levels in its recent high.
Today, the bulls made an upward move to the $0.939 high value above the EMA-50 as the 4-hour chart opens.
The Arbitrum price looks promising as the bulls remain dominant and strengthen above the supply levels in the market at the moment. If the bulls should increase their price action, and bullish momentum is sustained far above the resistance trend lines, further bearish sentiment will be hibernated.
Additionally, the daily stochastic remains in an upward direction. Hence, if the coin buyers manage to break above the $0.994 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $1.400 high mark soon as the ARBUSD price maintains strength above supply levels in its medium-term time frame.
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