Arbitrum Price Forecast: August 29
The ARBUSD pair undergoes a bullish reversal due to a rise in buying pressure as the coin buyers set for another bullish momentum for a potential breakout. The coin price may trigger up, and a breakout is imminent should the bulls increase their buying motives. Therefore, if the 4-hourly candlestick closes above a $0.687 supply mark, the correction phase will extend to meet the resistance at the $1.000 upper level, indicating a potential buy for interested traders.
Key Levels:
Resistance Levels: $0.550, $0.600, $0.750
Support Levels: $0.420, $0.410, $0.400
ARBUSD Long-term Trend: Bearish (4H chart)
Despite the market fluctuations, the Arbitrum pair undergoes a bullish reversal to begin its upbeat trend on the higher time frame. Further, the price is trading below the EMA-50, confirming its bearishness.
The price drop to a $0.557 low value by the short traders during the previous action has made Arbitrum’s price undergo a bullish reversal in its recent price level.
Today, the ARBUSD experienced a bullish reversal at the $0.560 resistance level near the EMA-50 as the 4-hourly session opens, suggesting the returns of the long traders to stage a play.
More upsides are possible if the bulls increase the buying speed and breach the $0.687 supply level. A breakout above this barrier, with a 4-hourly candle closing, could signify a shift in the market dynamics.
Notably, ARBUSD is trading in the oversold region, under the influence of this market level, the coin price could rise steadily soon and break up the previous high at $0.687level to reach the $1.000 upper high level soon, as it undergoes a bullish reversal in the long-term perspective.
ARBUSD Short-term Trend: Bearish (1H chart)
ARBUSD undergoes a bullish reversal as the new correction begins in its lower time. The coin rising pattern has just begun below the EMA-50, suggesting a bearish trend. 
Actions from the sell traders at the $0.551 low mark in the past few hours have contributed to the coin’s bearishness in its recent price level.
The market value of ARBUSD at a $0.560 supply level below the EMA-50 as the 1-hourly chart resumes today suggested a bullish reversal to establish the uptick trend. This makes it possible for the coin to rise further. Thus, a break above the $0.634 previous high point will put further selling pressure into hibernation.
Hence, the ARBUSD pair pointing up on the daily stochastic means that the bullish reversal might increase further and suggests a possible recovery of the $1.000 supply level in the coming days as the coin price undergoes a bullish reversal in the short-term outlook.
Place winning Arbitrum trades with us. Get ARB here
Leave a Reply