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Arbitrum Price Forecast: September 4
The Arbitrum price forecast is for the price to take advantage of the waning bearish influence to make a significant shift toward a bullish upturn.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.1100, $0.9700
Zones of Demand: $0.9280, $0.8500
The bears are currently driving the Arbitrum market. By last Friday, the price had plunged to a new record low of $0.8700. However, since reaching that point, there has been a respite for the bears, and the price has thus far retraced back upwards. The coin is currently testing the $0.9280 resistance level. The outcome here will go a long way toward determining the market’s trajectory.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market is currently under bearish forces, with the price hitting a new historical low of $0.8700 last Friday.
However, since that nadir, there has been a respite for the bears, resulting in a modest upward retracement.
The coin is testing the $0.9280 resistance level, a pivotal juncture that will significantly impact the market’s future trajectory. Even if the coin surpasses the $0.9280 level, it is poised to encounter the 25-period Moving Average (MA).
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Surpassing the daily MA level could signal a transition into bullish market sentiment. The Elders Force Index (EFI) powerline shows signs of ascending toward the equilibrium point, indicating potential upward momentum. Encouraging signs are also apparent on the 4-hour chart, as the coin has traded above the 25-period MA.
The development on the 4-hour chart may provide the necessary support for breaching the $0.9280 resistance. Notably, the EFI line has risen above zero, suggesting waning bearish strength. Should the market decisively breach the $0.9280 level, it could mark a shift toward bullish sentiment.
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