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Arbitrum Price Forecast: June 5
The Arbitrum price forecast is for the market bulls to keep strengthening in the ranging movement until they can exert force to direct the price upward.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.8170, $1.3310, $1.2880
Zones of Demand: $1.1550, $1.1100, $1.0620
The Arbitrum buyers have the upper hand at the moment in the market. This is because they have had to endure a session where the price tapered continuously through a triangle structure, dragging the price to the $1.1100 demand zone, where it eventually broke out. On its way upward, ARBUSD is now caught in consolidation, an opportunity for the bulls to strengthen up for another rally.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market tapered through a triangle structure from April 19 to May 25. After that, the price broke out of the structure and, with consecutive candlesticks, rose to the $1.2880 supply.
The price didn’t breach the supply level but bounced back off it. The drop halted at the $1.1550 demand zone. From here, the coin bounced back toward the supply to give rise to a ranging session.
Right now, the price is dropping back to the demand level. The RSI (Relative Strength Index) line has gradually risen from below the midline and is currently fluctuating.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
The MACD (Moving Average Convergence Divergence) indicator on the daily chart reflects more precisely the market status from April into June. There was a major dip as the price tapered through the triangle, but the market is now actively working to push the prices high. The MACD lines are about to cross the zero level.
The RSI line on the 4-hour chart fluctuates from one extreme to the other. The line drops to the oversold border as the price ranges back to the support level. The MACD lines also reacted to the zero level and alternated around it in response to the consolidation. The buyers have the upper hand, and we should soon see a rally that will shoot toward $1.4360.
How To Buy Lucky Block
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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