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Arbitrum Price Forecast: March 13
The Arbitrum bullish trend came to an end with the formation of a swing high in December at the supply zone of $1.20. Since then, the price has consistently formed lower highs, ultimately drilling below the support level of $0.50.
Arbitrum experienced a consolidation phase from August to November, with the price oscillating between the major levels of $0.60 and $0.50. The Bull and Bear power indicator revealed a shift in strength to the buyers, triggering a wild displacement to the upside and enforcing the bullish trend.
The price reached the major supply level of $1.20, which had previously hindered a bullish recovery in May. Upon reaching this level, a bearish shift in market structure occurred, marked by the Bull and Bear power curve falling below zero with a red hue. This signaled the dominance of sellers.
Arbitrum Price Forecast: ARB/USD Outlook
The market structure formed lower highs and lows until the $0.50 demand level. However, this major demand level failed to hold the price. After a temporary stall, the sellers shattered the demand level, and the price has drilled to the next support level of $0.30. The price fall is ongoing, with the next support level in view.
ARB/USD Medium-term Trend: Bearish
The market structure on the 4-hour chart is also bearish. Upon testing the demand level of $0.30, the price has pulled back to the last bearish order block.
The Bull and Bear power indicator shows the continued dominance of sellers, even on the lower timeframe. Meanwhile, the Moving Average continues to act as a resistance upon retest, further emphasizing the bearish sentiment.
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ARB/USD Medium-term Trend: Bearish
ARB/USD Medium-term Trend
