Arbitrum Price Forecast: ARBUSD Eyes Breakout Above $1.1910 After Recent Retracement
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Arbitrum Price Forecast: ARBUSD Eyes Breakout Above $1.1910 After Recent Retracement

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Azeez Mustapha

Updated:

Arbitrum Price Forecast: May 22

Arbitrum price forecast is for the market to surmount the $1.1910 supply level immediately after it recovers from its latest pullback.

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

Arbitrum Price Forecast: ARBUSD Eyes Breakout Above $1.1910 After Recent Retracement

ARBUSD seeks to surmount the $1.1910 supply line after it recovers from its retracement. The market has been trying to hold above the $1.1550 key level to push higher above the resistance at $1.1910. This didn’t work out as anticipated, with the coin having to pull back to $1.1100 with a plan to surge upward from there and achieve its goal.

Arbitrum Price Forecast: ARB/USD Outlook

Arbitrum buyers have had their day in the market. This happened when the market sprung off the $1.1550 demand level to rise more than 50%.

However, after being exhausted, the price has dropped back even below the $1.1550 demand level, gradually at first and then sharply. Buyers have reacted positively by pushing the price up in a bullish formation.

As the market revives, it has to hold above $1.1550 to break above $1.1910, but after a while, it pulls back to $1.1100. This has led to a drop in the price below MA period 25 (Moving Average)

ARB/USD Medium-Term Trend: Bullish (1-hour chart)

The RSI (Relative Strength Index) line reacts around the middle line till the price drops to $1.1100, at which point the RSI line also dropped to the border of the oversold region. The tip of the RSI is bent upward in an upward reversal move.

Arbitrum Price Forecast: ARBUSD Eyes Breakout Above $1.1910 After Recent Retracement

The upward flow of the RSI has advanced in the 1-hour timeframe, almost reaching the middle line. This is because the candles have started rising off $1.1100 and are about to trade above the MA period 25. When this happens, the price will rise beyond $1.1550 to break the $1.1910 resistance level.

 

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