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Arbitrum Price Forecast: January 22
The Arbitrum market expects the bulls to push up beyond the $1.8170 support level. Failure to get this done may lead to a further slide to $1.5930.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $2.1200, $2.4000
Zones of Demand: $1.8170, $1.5930
Arbitrum bulls are still rusty and this means that the market has not particularly taken off from the $1.8170 support level. The plunge in the market has been stopped and the price now stabilized above $1.8170. However, a rusty buying base means the price has not taken off. If anything at all, the price has now marginally dropped below the same $1.8170 significant level. Bulls are expected to eventually revive and push the price back to a higher level.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum bulls currently exhibit a state of rustiness, reflecting a market that has not significantly surged from the $1.8170 support level.
While the market decline has been halted, and the price stabilized above $1.8170, the sluggishness in the buying base hampers any substantial upward movement.
The price has marginally dipped below the crucial $1.8170 level. Expectations hinge on the eventual revival of bulls, poised to propel the price to higher levels.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
The reluctance of buyers, evident in their inability to drive the price higher, has resulted in the market falling below the Moving Average period 25 (MA). The Relative Strength Index (RSI) indicator reflects these market dynamics, with its line dropping from fluctuating around the overbought border to the 50 mark, indicating a shift towards neutrality.
On the 4-hour timeframe, the price’s descent below the MA period 25 is conspicuous, requiring a robust bullish session to reclaim this level. The RSI on this shorter timeframe has descended further below the middle line to the oversold border. The failure of the bulls to instigate an upward push implies pressure on the price, with a potential downward movement toward $1.5930 looming.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.
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