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Arbitrum Price Forecast: April 1
The Arbitrum price forecast is for buyers to attempt a market reversal at $1.4360 after the price slumps below the $1.5930 consolidation support level.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.5930, $2.1200
Zones of Demand: $1.4360, $1.1910
The Arbitrum market finally goes under bearish pressure and drops out of the consolidation zone. This price consolidation started in January, when the coin suffered rejection at the $2.4000 significant level, thus reducing the bullish power. The sellers could then easily catch up and match the intensity of the buyers. This led to an up-and-down movement in the market consolidation, primarily between $2.1200 and $1.5930. After several weeks of this activity, the sellers have dominated the market and brought it below $1.5930.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum has recently succumbed to bearish pressure, breaking out of its prolonged consolidation phase. This consolidation began in January when the coin suffered resistance at $2.4000, diminishing bullish momentum.
Subsequently, sellers managed to equalize the market dynamics, resulting in a fluctuating market primarily oscillating between $2.1200 and $1.5930.
After weeks of such market activity, sellers have taken control, pushing the price below the $1.5930 support level.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Following two months of consolidation, the price has now descended below the support level, slipping beneath the middle Bollinger Band on the daily chart. Despite multiple attempts, the price struggled to rebound off the $1.5930 support line for over two weeks. This downward movement has halted the daily Stochastic Oscillator lines from continuing their range-bound movement observed since January.
On the 4-hour timeframe, the market initially showed signs of accumulation before breaking below the $1.5930 support level. Consequently, the candlesticks have pushed the Bollinger Band downward. On this timeframe, the Stochastic Oscillator lines have entered the oversold region. However, a potential support level to watch for buyers is the $1.4360 mark, below the previous consolidation zone, offering a glimmer of hope for a market rebound.
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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