Arbitrum Price Forecast: ARBUSD Forms Double-Bottom Bullish Pattern

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Arbitrum Price Forecast: April 6

The Arbitrum price forecast is for the market to make full use of the emerging double-bottom bullish pattern to shoot its price upward.

Arbitrum Long-Term Trend: Bullish (4-hour Chart)

Key Levels:
Zones of supply: $1.3310, $1.4360
Zones of Demand: $1.2190, $1.1100

Arbitrum has begun its lifecycle, and the buyers have wasted too much time trying to dominate the market. The price is structured into a double-bottom chart pattern, which is a bullish structure. The price has bounced off the support level at $1.1100 and will be looking to break the $1.4360 neckline on its way higher.

Arbitrum Price Forecast: ARB/USD Outlook

The Arbitrum market, having begun its lifecycle in late March, is looking to hit the ground running with bullish strides. The coin has wasted no time in pushing for a price increase.

Currently, the market is forming a double-bottom bullish chart pattern. This will give the buyers something to leverage when pushing the price higher. The $1.4360 key level is acting as the neckline.

The price has bounced off the support level a second time, which lies at $1.1100. The EFI (Elders Force Index) power line has clawed above the zero level as the bulls gradually take control.

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

As the price bounces off the $1.1100 support level, the Parabolic SAR (Stop and Reverse) on the daily chart confirms the uptrend by switching its dots below the candles from there. There is a slight retracement, but the daily Parabolic SAR remains firmly below the candles to assure us of an uptrend.

However, on the 4-hour chart, the Parabolic SAR dots respond to the retracement in price and switch their positions above the candlesticks. The EFI power line has been forced to lie low at the equilibrium level due to the short time frame. This all points to the shift of control to the buyers. The coin will use the $1.2190 level to continue its rally.

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