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Arbitrum Price Forecast – May 20
The Arbitrum price forecast is for the bears to keep dominating the market till it plunges. Slow the $0.9950 significant level
Arbitrum Long-Term Trend: Bullish (1 Day Chart)
Key Levels:
Zones of supply: $0.1550, $$2.1200
Zones of Demand: $0.9950, $0.7660
The Arbitrum market is expected to crash below the $0.9950 significant level sooner or later. The price has been in a steady drop since mid-March till it dropped below the $0.9950 support level a month later. The coin quickly recovered above it and tried to rally from there only to be rebuffed at $1.2240. The market then spirals back to $0.9950 where it has been since fluctuating.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market is poised to plummet below the critical level of $0.9950 shortly.
Since mid-March, the price has experienced a consistent downward trend, breaching the $0.9950 support level a month later.
Although the coin swiftly rebounded, attempts to rally high were thwarted around $1.2240. Subsequently, the market retreated to $0.9950, where it has since remained fluctuating.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
Crypto signals emanating from the market indicate a strong bearish sentiment. The RSI (Relative Strength Index) indicator, previously in the bullish half of the chart, has descended to the bearish half, fluctuating above the oversold border since mid-March before a surge beyond the 50 mark. Similarly, the Stochastic Oscillator lines have just dashed from the bearish half to the overbought border.
On the 4-hour chart, the RSI indicator depicts a cycle of fluctuation from the bullish half to the overbought border and back, with the current trend seeing a rise towards the overbought region. The Stochastic lines mirror this erratic behavior, oscillating between extremes. ARBUSD is expected to succumb to bearish pressure, plunging towards $0.6023.
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