Arbitrum Price Forecast: May 3
The Arbitrum price forecast is for the market to burst out of a triangle consolidation that has started since mid-April.
Arbitrum Long-Term Trend: Bullish (4-hour chart)
Key Levels
Zones of supply: $1.5930, $1.8170
Zones of Demand: $1.3310, $1.4360
The Arbitrum market dropped to the $1.3310 support level due to the bulls’ weakness after reaching the $1.8170 resistance level. The buyers revived at the support and have begun making moves to raise the price level. The market has been consolidating in a triangle structure, and the buyers have been building momentum. The coin will likely break out and upwards anytime from now.
Arbitrum Price Forecast: ARB/USD Outlook
Immediately after the coin began its lifecycle, the market first went under the $1.2880 resistance range, with $1.5550 as the demand zone.
After about two weeks, the price rise beyond the resistance.
A rise in the price followed, with an increase of more than 50%. The price rise eventually stopped at the $1.8170 resistance level. After struggling to hold above $1.5930, the market plunged.
The drop was to $1.3310, where the coin began a triangular consolidation with the demand level. The Parabolic SAR (Stop and Reverse) with the dots above confirms a current downward move.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
On the 1-hour chart, the undulating market candlesticks are seen. As a result, the Stochastic Oscillator lines are fluctuating as they move from the overbought to the oversold regions. On the 4-hour, the situation is the same; however, if the Stochastic rises again to overbought, the price will burst out from below the triangle.
The Parabolic SAR (Stop and Reverse) dots are alternating around the 1-hour candlesticks as the price drops to the $1.3310 support line in consolidation. The price will likely break out to the upside of this structure with aggression after being held in triangle confinement. The price rise is anticipated to reach $1.8170 after the breakout.
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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