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Arbitrum Price Forecast: October 9
The Arbitrum price forecast is that the market will rebound from its retracement and continue its upward trajectory.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $0.8500, $0.9700
Zones of Demand: $0.8000, $0.7200
Arbitrum is expected to maintain its upward trajectory towards a $1.1100 significant level. ARB/USD market had plunged to unprecedented depths after slipping down from that same $1.1100 level two months ago. By mid-September, the price had plunged to its lowest ever. However, things are getting better after the sellers get exhausted. The coin has since embarked on an upward trend and is expected to continue for longer.
Arbitrum Price Forecast: ARB/USD Outlook
ARBUSD is anticipated to persist in its upward trajectory toward the significant level of $1.1100.
The market had experienced a considerable downturn, plummeting from the same $1.1100 level two months ago to reach unprecedented lows by mid-September.
However, a positive shift is underway following a period of seller exhaustion. The coin has embarked on an ascending trend and is poised to continue this trajectory for the foreseeable future.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Currently, the coin is at a juncture where it has retraced and dipped below both the $0.8500 threshold and the ascending trendline, in addition to falling below the 30-period Moving Average (MA). The Relative Strength Index (RSI) has mirrored its upward movement by ascending out of the oversold territory into the bullish half, although it has slightly receded below the equilibrium point.
On the 4-hour charts, the retracement has exerted notable pressure on the price, causing it to dip beneath the 30-period MA. Furthermore, the RSI line has reverted to the bearish half above the oversold region border. Nonetheless, given that the coin has achieved a higher high and a higher low, it is expected to rebound and continue its upward trajectory.
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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