Arbitrum Price Forecast: June 6
The Arbitrum price may likely go higher from the $1.220 support value to face the upside soon. A bullish breakout from the $1.368 resistance level could trigger a new bull cycle within this pattern. Thus, in response to this bullish continuation, the coin might eventually reach the $2.000 upper resistance trend line and beyond.
Key Levels
Resistance Levels: $1.650, $1.750, $1.850
Support Levels: $1.250, $1.150, $1.050
ARBUSD Long-term Trend: Bullish (4H chart)
From the chart below we can be assured that ARBUSD is in a bullish move in its long-term view. This is clear as we can see prices trading above the EMA-50 and slightly below the EMA-9, indicating an uptrend.
The sustained bullish pressure pushed the pair up to the $1.256 resistance level during yesterday’s session and sustained it; this has made it capable for the coin to remain strong above the supply levels in its recent times.
The bulls actually caused a rise in the price of Arbitrum to a $1.229 supply mark earlier today; exhaustion sets in while the sell traders returned briefly and drove the price down to a low at $1.220 level above the EMA-50.
Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong break up above the $1.368 resistance point would strengthen the bullish pressure.
Thus, traders are advised to join the buy team now and invest in the coin at a lower rate for more gains ahead.
Further, a bullish candle closing above the $1.368 supply value will give a better confirmation of potential uptrend. Thus a prolonged correction phase will tumble the price of ARBUSD up to a $2.000 high value in the coming days in its long-term perspective.
ARBUSD Medium-term Trend: Bullish (1H chart)
The market value of Arbitrum on the lower time frame is also in a bullish trend zone. The price bar can be seen trading above the EMA-50 but below the EMA-9; an indication of an uptrend and bullish sentiment.
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 times.
Today, the bulls are trying hard to remain above the $1.281 supply mark, so there is possibility for the coin price to pullback at the current support of $1.221 value to invalidate the bearish theory.
The drop in the price of ARBUSD to the $1.221 low value as the 1-hourly chart commenced today has no serious effect on the market as the price remains in an uptrend.
Therefore, if the bulls should add more aggression to their activities in the market, $1.281 resistance level might be retested soon which could further extend the coin price to the $2.000 upper resistance value in the coming days in its medium-term outlook.
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