Arbitrum Price Forecast: May 31
The Arbitrum price forecast is for the market to keep mounting pressure on the $1.2880 resistance level to weaken it.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.2880, $1.3310, $1.4360
Zones of Demand: $1.1910, $1.1550, $1.0620
The Arbitrum market is ready to mount pressure on the resistance level at $1.2880 after breaking out from below a descending trendline. The price has declined since the market hit the highest resistance at $1.8170; however, the buyers have been revived and are now on the front foot. There has been an initial test at the $1.2880 supply line, and more will come as the price looks to break out again.
Arbitrum Price Forecast: ARB/USD Outlook
A bullish regime in the market was tempered when the price hit the $1.8170 resistance level in mid-April. Afterward, the coin is seen sliding down through the key levels.
This plunge continued until the price dropped to a lower level around $1.0310. At this point, more investors were able to buy into the market at a lower price. This helped increase the bullish impetus.
Arbitrum has now violated the descending trendline that ushered it downward and rose to test the $1.2880 resistance. The Parabolic SAR (Stop and Reverse) dots have switched above the candles as the price drops to the $1.1550 support.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The RSI (Relative Strength Index) indicator rose into oversold territory as the price broke out and rose to test the $1.2880 resistance level. However, the resistance won’t bulge immediately, leading to a drop back to the $1.1550 support level. This is in the 4-hour timeframe.
On the 1-hour time frame, the RSI has dropped further to the oversold border while the Parabolic SAR dots remain aligned above the candlesticks. The $1.1550 support level is expected to keep the price afloat. From here, the coin is expected to make multiple tests against the resistance level for a breakout towards $1.1910.
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