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Arbitrum Price Forecast: November 27
The Arbitrum price forecast is for the buyers to capitalize on the lower higher at $0.9700 to keep pushing the price upward.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.0310, $1.1100, $1.1550
Zones of Demand: $0.9700, $0.8500, $0.7660
Arbitrum bulls are looking to rebuild their momentum after getting exhausted at $1.1910. The exhaustion came after the buyers had stretched themselves so much to execute the double-bottom bullish reversal formation. This helped the coin break the $0.9700 neckline and several other key levels to reach $1.1910. The bulls were now exhausted, which caused the market to retreat to the $0.9700 neckline. Overall, the increase from $0.7660 is still significant, and buyers will want to build on this success.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum bulls are in the process of regaining momentum after experiencing exhaustion around the $1.1910 level.
The exhaustion came after an extensive effort by buyers to execute a double-bottom bullish reversal formation, successfully breaking through the $0.9700 neckline and several other crucial levels to reach $1.1910.
Subsequently, the market retraced to the $0.9700 neckline, representing an overall increase from the initial level of $0.7660. Buyers are eager to capitalize on this progress and continue building upon it.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Examining the daily chart, the lower Bollinger Band has acted as a support, mitigating the market’s decline and stabilizing it around $0.9700. The focus now shifts towards surpassing the middle line of the Bollinger Band. The daily Elders Force Index (EFI) power line highlights the period of robust bullish activity and the subsequent dip. The price is positioned around the equilibrium line, indicating a balanced state.
On the 4-hour price chart, the market appears to be in a consolidation phase, with $0.9700 as the lower boundary and $1.0620 as the resistance level, as indicated by the Bollinger Bands. Notably, the EFI power line reflects improvement as buyers revive, restoring equilibrium to the forces. Anticipations lean towards the bulls gaining strength and pushing the price back towards the $1.1550 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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