Arbitrum Price Forecast: November 20
Arbitrum price forecast is for another retest at the $1.550–$1.1100 zone after the initial failure to hold above it.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.1100, $1.1550, $1.1910
Zones of Demand: $1.0310, $0.9700, $0.7660
Arbitrum was able to spring upward from an all-time low position at $0.7660 using a double-bottom bullish reversal structure. This propelled the market high for a 60% price increase beyond the $1.1550–$1.1100 resistance zone level. At this point, the bulls were exhausted and were unable to even stabilize the price above the market zone. This has seen a plunge back to $1.0310 before the bulls could revive to stop the drop. Nevertheless, it is expected that the coin will immediately try to test the resistance again to breach it a second time.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market has failed to maintain its position above the significant $1.1550 mark.
After a significant rebound from its all-time low at $0.7660, driven by a double-bottom bullish reversal pattern, Arbitrum experienced a notable 60% surge, surpassing the $1.1550–$1.1100 resistance zone.
However, the bullish momentum waned, resulting in a pullback to $1.0310, where the bulls are trying to attempt a recovery.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
Currently, the coin is poised to retest the resistance zone, aiming for a successful breach. On the daily chart, the Moving Average (MA) Cross is showing signs of a downward crossover in response to the recent price dip. Concurrently, the Elders Force Index (EFI), which had risen above zero a month ago, has now fallen below it.
In the 4-hour chart, multiple downward crossovers of the MA Cross confirm a short-term downtrend. Despite the dip to $1.0310, the market has stabilized, trending sideways, with the EFI line recovering towards a positive value. Anticipated upward movement suggests a retest of the key $1.1550–$1.1100 zone.
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