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Arbitrum Price Forecast – July 1
Arbitrum buyers struggle to gain momentum as the cryptocurrency faces a consolidation phase.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels
Zones of Supply: $1.27430, $1.67110
Zones of Demand: $0.92910, $0.66700
Arbitrum has been struggling to make a significant impact as it navigates a consolidation phase in the market. However, the buyers have opened the floor with some gains at the start of the new month, aiming to change the course of the bearish trend. The crypto price is currently trading around the $0.7880 key level, and amidst the ongoing consolidation, the buyers are attempting to regain control. After trading down to the $0.6700 key area, the sell-side traders seem to be losing the battle, with the buyers now showing signs of a potential reversal.
Arbitrum Price Forecast: ARBUSD Outlook
June was a bearish season for Arbitrum, with sellers pulling the price down from the $1.2740 significant level. Throughout the month, more selling orders kept penetrating the market, giving the sellers a distinct advantage.
Towards the end of June, the buyers have been looking for a strong recovery, but the market remains in a consolidation phase. To turn the tide in their favor, the buyers will need to gain significant strength and momentum.
A rise above the middle level of the Bollinger Band indicator on the daily chart could help visualize a bullish reversal. The Stochastic Oscillator is currently showing a slowdown in the oversold territory, indicating that the buyers may be gearing up for a comeback.
ARBUSD Medium-Term Trend: Bullish (4-Hour Chart)
In the short-term timeframe, the Bollinger Band is showing price compaction, suggesting a potential breakout. Traders can anticipate this breakout to be in the buyers’ favor, as the Stochastic Oscillator is providing a perfect crypto signal, indicating a potential rise.
While the buyers have shown some signs of life, the ARBUSD pair continues to face an uphill battle amidst the ongoing market consolidation. The sellers have maintained a strong presence, and the buyers will need to exert significant buying pressure to overcome the current resistance levels.
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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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