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Arbitrum Price Forecast: May 29
Arbitrum price forecast is that although ARB/USD has been bullish for some time now, the price is expected to return to a discount level.
Arbitrum Long-Term Trend: Bullish (4-hour chart)
Key Levels:
Zones of supply: $1.1520, $1.0680, $1.0300
Zones of Demand: $1.2910, $1.3720, $1.5050
ARBUSD market has been in a bullish trend for a while now. Ever since the bounce off the $1.0680 price level and the second bounce off the rising trendline, Arbitrum has been bullish. More buying pressure overwhelmed the market as the diagonal resistance broke around the $1.1700 price level. The bullish trend will continue since the market’s environment remains bullish.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market has been bullish since May 25, 2023. Price made a second bounce off the rising trendline at $1.0680. This brought about more bulls storming the market and driving prices upward.
Though the overall market has been bullish since the second week of this month, a new bullish phase just resumed on May 25, 2023. The Arbitrum market’s bullish trend is not exhausted yet, as the price broke the previous high of $1.2300.
While the overall trend is bullish, a short-term retracement to the downside is ongoing. This is due to the Stochastic Oscillator’s indication as it recovers from the overbought region.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
On the 4-hour chart, the price broke a diagonal resistance to the upside. According to the Moving Average, the market is bullish as the 18 MA crossed 40 MA. Once the price reaches the discount zone, a massive expansion to the upside will likely ensue.
The market’s environment in the 1-hour timeframe is undoubtedly bullish as the price continues to create higher highs and higher lows. However, as the price heads into the discount zone, the MA Cross has signalled a retracement phase. Once the Fair Value Gap at the discount array is reached, the continuation of the uptrend is highly probable.
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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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