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Arbitrum Price Forecast – May 6
The Arbitrum price forecast is for the buyers to push upward after staunchly defending the $0.995 Support 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 holding strongly above the 0.995 demand level. There have been many downward moves in the price recently, and this is due to the inability of the coin to convincingly surpass the $2.1200 significant level. This gave rise to a kind of triple-top bearish formation which has conspired to drown the market. Nevertheless, at $0.995, Arbitrum has fought against the bearish pressure and held strongly to the level preventing further drops.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum (ARBUSD) demonstrates resilience as it maintains a strong position above the $0.995 demand level.
Recent downward movements in price can be attributed to the coin’s struggle to convincingly breach the significant $2.1200 level, resulting in the formation of a triple-top bearish pattern that has weighed on market sentiment.
Nonetheless, at the $0.995 mark, Arbitrum has withstood bearish pressure, staunchly defending the level and preventing further declines.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
On the daily chart, the Moving Average Cross (MA Cross) previously hovered above the daily candlesticks. However, with the candlesticks rebounding from the $0.995 level, they are now poised to trade decisively above the MA Cross, potentially signaling a bullish reversal even before an upward crossover of the MA. Concurrently, the Elders Force Index (EFI) indicator shows signs of upward recovery, nearing a crossover above the equilibrium line into positive territory.
Within the 4-hour timeframe, the market has comfortably risen above the MA Cross line, which has also undergone an upward crossover, now acting as a supportive barrier for the market. The EFI indicator in this timeframe fluctuates around the equilibrium level, but notably, the power line has crossed above the zero level, indicating bullish momentum. The market’s bullish trajectory will hinge on its ability to successfully navigate through the $1.1550 resistance zone.
How To Buy Lucky Block
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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