Arbitrum Price Forecast: April 21
Arbitrum price forecast is for the price to leverage support from the $1.4360 significant support level and bounce back upward.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.7460, $1.9000
Zones of Demand: $1.5930, $1.4360
The Arbitrum market has made its first leap upward after the breakout from consolidation. The buyers are, however, exhausted, resulting in a pullback in the market to $1.4360. At this level, the buyers are beginning to recover their impetus. There is a high probability that the coin will reverse upward at this level and continue its bullish adventure beyond the current high at $1.8170.
Arbitrum Price Forecast: ARB/USD Outlook
The buyers were always eager to move the price of the coin higher. Nevertheless, the market is now totally without input from the bears. This hindered the immediate rise in price.
However, the buyers have since found a way around it. After an initial double-bottom structure stopped, the coin consolidated through a channel and burst upward.
This led the coin to record its highest position at $1.8170. Right now, though, a retracement is going on, and the price has dropped to $1.4360. The Stochastic has dropped to oversold, ready for an imminent rise.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
On the daily chart, the RSI (Relative Strength Index) line is dropping far toward the oversold region. On the 1-hour chart, the RSI line dropped to the oversold border, undulating right above it, waiting for the right time to push upward beyond the 50 mark.
The Stochastic Oscillator lines, on the other hand, have hit the oversold border and are already on a steady rise, even as the price continues to stabilize at the $1.4360 key level. The price is expected to leverage this support to bounce back and continue its bullish run.
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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