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Arbitrum Price Forecast: November 6
The Arbitrum market expectation is for the coin to keep reaching higher price levels after its bullish rally to $1.1100.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.1100, $1.1550, $1.1910
Zones of Demand: $1.0620, $0.9700, $0.7660
ARBUSD has transitioned into a bullish phase using a double-bottom bullish reversal structure. The market has been enduring some hard times recently as it drops to its lowest price. Furthermore, the $0.9700 resistance level has been posing a hindrance to the increase in price. Nevertheless, this has allowed the coin to give rise to a double-bottom bullish structure, propelling the price to $1.1100.
Arbitrum Price Forecast: ARB/USD Outlook
In recent developments, ARBUSD has transitioned into a bullish phase, primarily driven by the emergence of a double-bottom bullish reversal pattern.
The market had faced challenging times, witnessing a decline to its lowest price level. In addition, the $0.9700 resistance level presented a formidable obstacle to price escalation.
However, the adversity of the $0.9700 resistance has given rise to a double-bottom bullish pattern, culminating in a price surge to $1.1100.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
On the daily chart, the Parabolic SAR (Stop and Reverse) indicator has consistently aligned itself beneath the candlesticks since the price began its ascent from $0.7660. Furthermore, the MACD (Moving Average Convergence Divergence) lines have surged well above the zero level, accompanied by a series of bullish histogram bars.
On the 4-hour chart, the Parabolic SAR dots maintain their position beneath the candles, signifying the prevailing bullish sentiment in the market. Meanwhile, the MACD line in this timeframe exhibits a sideways movement above the zero level as the price encounters a newfound resistance at $1.1100. With this substantial upturn, a potential pullback may be anticipated before a retest of the newly established resistance level.
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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