Arbitrum Price Forecast: April 12
The Arbitrum price forecast is for the market buyers to strengthen in consolidation before driving the price higher.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.3310, $1.4360, 1.8000
Zones of Demand: $1.1910, $1.2190, $1.1100
Arbitrum was on the verge of pushing upward through the use of a double-bottom bullish pattern. However, the buyers were unable to complete that structure, allowing the sellers the opportunity to confine the market. Nevertheless, it is expected that the buyers will strengthen in consolidation to fulfill the foray toward the $1.4360 key level.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum buyers were in the process of using a bullish structure to bump up the market immediately. They formed the coin into the structure but were unable to complete the last arm of the structure.
The price rose off the $1.1550 demand level but was unable to get past the $1.2880 supply zone after a couple of tests. Right now, the buyers will focus on consolidating.
The Bollinger Bands have squeezed onto the candles on the 4-hour chart. This is an indicator of market consolidation in the confined space.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The Stochastic Oscillator chart on the 4-hour shows an interesting undulating pattern where it rises into the overbought region and then dips back into the overbought region. This is although the price has been confined to a channel. It is a pointer to how strong the market forces are in both directions.
On the 1-hour chart, the Stochastic Oscillator lines have shot upward toward the overbought region as the price bounces off the $1.1550 support level once again. The most likely movement of the market is to the upside for the coin to complete the aspiration of the buy-traders. The $1.4360 key level will be the first key level to reach.
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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