Arbitrum Price Forecast: May 4
ARBUSD price is bound to rise further as the coin is facing the resistance trend levels at the moment. If all the current support holds and the bulls should trigger their efforts and break up the $1.819 previous resistance trend line, the bullish correction pattern may extend the coin price to hit the $2.000 high mark. Thus, a turnaround and clear buy signal for the coin holders.
Key Levels:
Resistance Levels: $1.650, $1.750, $1.850
Support Levels: $1.350, $1.250, $1.150
ARBUSD Long-term Trend: Bearish (4H chart)
Arbitrum price is bearish on the higher time frame. This is due to the high impact of sellers. The prices are traded below the moving averages which has been confirmed as a bearish trend.
The high order flow from the bears during the previous action also added to this bearishness. However, it seems that the bulls are about to take over and push us higher.
The ARBUSD price opened lower but managed to trade in green over the past few hours as the 4-hourly session begins today. The price finds reliable resistance at the $1.328 mark below the two EMAs, resulting in intraday gains; this assures or confirms the bull’s gradual return to the market and also suggests that the bulls are still committed and ready to move the coin price to the key resistance levels.
Hence, should the bulls increase their buying motives, the previous high of $1.819 value might be retested soon.
Additionally, there is likely to be a further increase in the price of Arbitrum as indicated by the daily signal which is pointing upwards. We can therefore expect the buy traders to push the coin price above the overhead resistance trend line which may possibly reach the $2.000 supply trend line in the coming days in its higher time frame.
ARBUSD Medium-term Trend: Bullish (1H chart)
The ARBUSD pair remains in the bullish market zone in its medium-term view. The market price staying above the resistance trend line confirms its bullishness and the high impact of the bulls.
The coin has been making higher highs and higher lows in previous actions; this has made it possible for the price to maintain an uptrend in its recent high.
Despite the interruptions from the short traders, buyers successfully pushed the Arbitrum price above the EMA-9 at the $1.328 supply level as the 1-hourly chart opens today. Thus, if the coin buyers could hold and close the daily chart above the $1.504 high mark, a potential
BUY signal will be attained.
The market price of ARBUSD is also pointing in an upward direction on the daily stochastic, this suggests that the coin market price will continue in a positive move and this could reach a high at $2.000 level in the nearby days in its medium-term time frame.
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