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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
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.
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.
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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