Arbitrum Price Forecast: ARBUSD Makes a Breakout Attempt from Consolidation

Arbitrum Price Forecast: June 7

The Arbitrum price forecast is for the market to attempt to break out of the ranging cycle with its latest bullish movement.

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

ARBUSD attempts to break out of the current price accumulation with the latest bullish move. The price has been sliding down behind a descending trendline since April 19th. The bulls then recovered themselves at the $1.1100 demand level. However, Arbitrum is now facing a major barrier in the $1.2880 resistance zone, keeping it in consolidation. The coin is attempting to break the cycle with its latest upward move.

Arbitrum Price Forecast: ARB/USD Outlook

The previous consolidation experience between the key levels of $1.1100 as support and $1.2880 as resistance can give us a clue as to what to expect in the Arbitrum market.

For a while, the coin ranged between the key levels and then launched an aggressive rally that violated the resistance level. This led the coin to an all-time high price level.

The price has since dropped and held up by the $1.1100 demand level again. The $1.2880 is acting as resistance again. The Bollinger Bands have adjusted to squeeze around the daily candles in consolidation.

ARB/USD Medium-Term Trend: Bullish (4-hour chart)

The EFI (Elders Force Index) power line shows that neither the bulls nor the bears currently have the market as it fluctuates around the zero line. This is the same on the 4-hour chart but with more volatility.

The price has traded up to the level of the middle Bollinger Band. Once the coin can comfortably rise to the upper Bollinger Band to sufficiently stretch it, we can see the coin testing the $1.2880 resistance and attempting to violate it. The buyers currently have this momentum.

 

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