Arbitrum Price Forecast: April 20
Arbitrum price forecast is for the market to rally after it drops to a lower and stronger support level. This allows for more bulls to enter the market.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.9000, $1.7460, $1.5930
Zones of Demand: $1.4360, $1.3310, $1.2880
Arbitrum is currently flying, and there is more scope for upward movements. However, the price has dropped in a retracement. This is an avenue for the buyers to recharge themselves. The retracement also allows for more investment into the market at a lower level, seeing that it is set to rise and continue its upward movement.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum is currently flying, and this is anticipation for more to come. This price increase comes after the market spent some time in consolidation before breaking out.
Upon breaking out, the coin rose more than 50% and passed the $1.7460 resistance. However, as it surpassed the resistance, the market pulled back for revitalization at $1.5930.
The coin has dropped towards $1.4360, allowing more investment in the coin at a lower price. The lower Bollinger Band has stretched to coil around the lowest candle to prevent further drops.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The EFI (Elders Force Index) power line has dropped slightly below the zero level due to the drop in price to the $1.4360 demand level. However, we expect that power line to recoil back into a positive value due to investment coming into the market with optimism.
The 1-hour chart already shows signs of recovery in the market. The price seems to be using the lower Bollinger Band as a support to rebound from. Meanwhile, the EFI power line is already advancing towards pushing back above the zero level. The price is expected to cross the $1.9000 level once it begins to rally.
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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