Arbitrum Price Forecast: June 9
The Arbitrum price forecast is for the market to launch an aggressive rally after it evades further bearish blows from double-top formation.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.8170, $1.3310, $1.2880
Zones of Demand: $1.1550, $1.1100, $1.0620
The Arbitrum market is ready to push for more increases after successfully evading a bearish blow due to the double top formation. The double-top structure gradually formed after the coin rose above the $1.1100 support level. It formed as the price tried to test $1.2880. This led to a spike to $1.0620, but the price recovered almost immediately above the $1.1100 key level.
Arbitrum Price Forecast: ARB/USD Outlook
The bulls have been trying to stabilize the market after the price plunge from $1.5930. So far, the price is anchored above the $1.1100 support level.
The market began ranging, with $1.1550 acting as resistance. While attempting to test the resistance level, the price formed a double top structure, a bearish structure, to plunge the price.
However, Arbitrum has recovered immediately above $1.1100 and will use that impetus to violate the $1.1550 resistance. Stochastic attempts to cross upward back to the bullish half of its chart.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
The MA Cross (Moving Average) has stopped plunging and is about to cross upward in response to the market recovery. On the 4-hour chart, the lines have crossed downward already but are now about to cross upward also.
The Stochastic Oscillator lines on the 4-hour chart have bounced off the oversold border and are actively rising toward the midline of the chart. Therefore, Arbitrum will be bracing itself for a bullish ride to break the consolidation resistance at $1.3310.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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