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Arbitrum Price Forecast: August 28
The Arbitrum price forecast is for the coin to drop to a new record low due to the impending bearish pressure on the market.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.1100, $0.9700
Zones of Demand: $0.9280, $0.8500
The Arbitrum market was hit by the global bearish wave that affected many cryptocurrencies. The effect sees the price knocked down more than 20% to its all-time lowest level, around $0.9280. The market has made initial efforts to recover from the level, but it has been too weak to push back the bearish pressure hanging on the market. At the moment, the coin has dropped back to $0.9280 and may even drop lower.
Arbitrum Price Forecast: ARB/USD Outlook
ARBUSD is facing the impact of the global bearish trend that has affected multiple cryptocurrencies. This has resulted in a substantial drop of over 20% in the Arbitrum market.
The price has now fallen to an all-time low of approximately $0.9280. Although initial attempts at recovery were made, the market’s weak momentum has struggled to counter the prevailing bearish pressure.
Currently situated at $0.9280, there is a possibility that the price might experience a further decline. The Parabolic SAR (Stop and Reverse) indicator has depicted a series of dots positioned above the daily candles.
ARB/USD Medium-Term Trend: Bullish (4-hour Chart)
Also concurrently indicating the persistent bearish sentiment in the market is the daily RSI (Relative Strength Index) indicator. It has trended towards the oversold zone, reflecting the extent of the downward pressure.
The 4-hour chart reveals a consolidation phase, with the price fluctuating between $1.0310 and $0.9280. The Parabolic SAR remains engaged in alternating patterns around this range, while the RSI lines are also oscillating within the bearish region, suggesting a dominance of bearish sentiment in the current market scenario.
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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