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Arbitrum Price Forecast: October 16
The Arbitrum price forecast is for the market to return to its bullish track along its ascending trendline.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $0.9280, $0.8500
Zones of Demand: $0.8000, $0.7200
The Arbitrum market is looking to get on track with the ascending trendline. After dropping to its lowest ever in mid-September, the coin got some respite from the bearish activities. This led to an upward movement along a trendline. After about a month, weakness set into the market again, causing it to slump below the trendline. Nevertheless, the price has stabilized at $0.8000 and is ready to push upward to get back on track.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market is striving to regain its momentum by reattaching itself to the ascending trendline.
After reaching its lowest point in mid-September, the coin found some relief from the relentless bearish pressure, which led to an upward movement along the established trendline.
However, after about a month of relative stability, the market encountered renewed weakness, causing it to slip below the trendline. Despite these challenges, the price has now stabilized at $0.8000 and is poised for an upward push to regain its footing.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
To truly resume an upward trajectory, the price must not only trade above the trendline but also surpass the $0.8500 resistance level, which is currently reinforced by the MA period 25 (Moving Average). There are promising signs, such as the Stochastic Oscillator lines crossing upward from the oversold region, indicating a likely continuation of the rise.
Examining the 4-hour chart, we observe the MA period 25 providing support for the market’s ascent, while the Stochastic oscillator has approached the border of the oversold region. These indications suggest the market is on the path to recovery, which would be confirmed upon breaking through the $0.8500 resistance level. Arbitrum is striving to get back on track and reclaim its positive momentum.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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