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Arbitrum (ARBUSD) Recovery Rally Could Surpass the $2.600 High Level

Johnathon Fox
02/06/2024 | UPDATED ON: 02/06/2024

Arbitrum Price Forecast: February 6
The Arbitrum (ARBUSD) recovery rally could surpass the above-mentioned level and is indeed a good time to buy for coin traders. The potential breakout from the immediate resistance of $2.406 will give additional confirmation for a bullish recovery if the bulls can increase their efforts in the market. The potential recovery could assist buyers in surpassing the $2.600 upper high level, indicating a growth opportunity of 80%. Thus, a buying time and a good crypto signal for the coin traders.

Key Levels:
Resistance Levels: $2.400, $2.500, $2.600
Support Levels: $1.400, $1.300, $1.200

ARBUSD Long-term Trend: Bullish (Daily chart)
ARBUSD recovery rally could surpass the $2.600 high level as the coin price remains bullish on the higher time frames. This is clear as we can see the prices trading above the supply levels indicating a bullish trend. However, the recent market has favored the bulls.
Arbitrum (ARBUSD) Recovery Rally Could Surpass the $2.600 High Level
The bulls’ consistence pressure on the crypto in the past few days has sustained the coin price above the resistance trend levels in its recent high.

Today’s daily bullish candle at the $1.730 value which further rises to a $1.764 supply mark above the moving averages confirms that the recovery rally could surpass the previous swing high at the $2.406 level bolstering sustainable growth in the Arbitrum market.

This breakup may accelerate the bullish momentum and extend the ongoing correction to a higher level.

Additionally, the price of ARBUSD might increase further if the bulls could push harder, if this is achieved, the recovery rally could surpass the $2.600 upper resistance level in the nearby days and beyond in its higher time frame.

ARBUSD Medium-term Trend: Bearish (4H chart)
Having completed the low dips, the ARBUSD recovery rally could surpass the $2.600 high level as new correction moves can be sighted below the supply levels on the medium-term chart.
Arbitrum (ARBUSD) Recovery Rally Could Surpass the $2.600 High Level
The high order flow from the bears during the previous action also added to this bearishness. However, the bulls have taken over and this could surpass the previous high level soon.

The Arbitrum price at the $1.764 high level below the EMA-50 as the 4-hour chart opens today suggests the return of short-term traders to the market and the recovery rally could surpass the 42.406 resistance level soon.

This will however give the buy traders the tendency to further ladder up the trend. To push the price above the supply zone more buyers’ participation is a prerequisite.

In addition, there is a possibility of a further increase in the price of ARBUSD, if the buy traders should increase their price actions and all the current support level holds, the recovery rally could surpass the psychologically key level at the $2.600 supply level in the upcoming days in its medium-term time frame.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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