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Arbitrum Price Forecast: July 31
The Arbitrum price forecast is for the price to rebound off the $1.1550 demand level to continue its bullish charge.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.2880, $1.3310, $1.1550
Zones of Demand: $1.1550, $1.0620, $0.9700
Arbitrum market is recovering from its all-time low in June using a cup-and-handle bullish reversal formation. It reached $1.1550 and then $1.3310 but now faces resistance. This made the coin drop back to the solid demand level of $1.1550. There are, however, expectations of a rebound off this demand level.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum is trying to overcome a challenging period in its market. The coin experienced an all-time low in June. Nevertheless, the market has since been exhibiting signs of recovery.
The price of this asset experienced a bullish reversal formation known as the cup-and-handle, which resulted in a rise to $1.1550 and eventually reached $1.3310. The price of this asset experienced a bullish reversal formation known as the cup-and-handle, which resulted in a rise to $1.1550 and eventually reached $1.3310. However, facing resistance at this level, the coin faced a downturn.
Fortunately, the $1.1550 support level remains robust, providing hope for an upward trajectory. Notably, the market’s decline was potent enough to cause it to trade below the Moving Average period 25 on the daily chart.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
Currently, the Arbitrum market has managed to stabilize just above the $1.1550 support level. The daily MACD (Moving Average Convergence Divergence) indicator illustrates the market’s current state as it approaches the zero line from above. Upon examining the 4-hour chart more closely, there are indications of positivity. A reversal candlestick pattern has emerged, and the market is testing the MA period 25.
Additionally, the MACD is displaying bullish histogram bars, with the line rising from a negative value, indicating positive momentum. It is expected that Arbitrum will rebound from the $1.1550 support level and make a move towards reattaining the $1.3310 level once again.
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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