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Arbitrum Price Forecast: May 13
The Arbitrum price forecast is for the market to drop to its all-time low at $0.7660 if it doesn’t evade the mounting bearish pressure.
Arbitrum Long-Term Trend: Bullish (1Day Chart)
Key Levels:
Resistance Levels: $1.2240, $1.1550
Support Levels: $0.9950, $0.7660
Arbitrum could drop to its all-time low point as the sellers keep up the pressure on the price. The same sellers gained a foothold on the market after the coin failed to breach the $2.1200 resistance level despite many tries. A perceived weakness among the buyers immediately led to a drop in price to the $1.5930 support and from there the process kept dropping with little resistance from the buyers. At this point, the market has slipped below $0.9950 and could drop to its all-time low at $0.7660.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum faces the looming threat of descending to its all-time low as selling pressure persists on the price. The market dynamics shifted when sellers capitalized on the failure of the coin to breach the $2.1200 resistance level despite multiple attempts. This perceived weakness among buyers triggered a price drop to the $1.5930 support level, setting off a downward spiral with minimal resistance from buyers. Presently, the market has slipped below $0.9950 and may plunge to its historical low at $0.7660.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Since mid-March, the RSI (Relative Strength Index) indicator has languished in the bearish territory, hovering near the oversold border without showing signs of recovery. Similarly, the EFI (Elders Force Index) indicator has remained in negative territory since mid-March, dipping even lower by April 11 before embarking on a tentative rebound towards equilibrium, although it remains below the zero line.
On the 4-hour timeframe, the RSI indicator briefly ventured into overbought territory before retracing back to the oversold region, mirroring the oscillating sentiment in the market. The EFI power line exhibited a similar pattern, initially turning positive in early March as the price reached $1.1550 before transitioning back into negative territory, underscoring the prevailing bearish pressure.
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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