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Arbitrum Price Forecast: August 21
The Arbitrum price forecast is for market buyers to push for a recovery above the $1.1550 support level after a major price dip.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.0620, $1.1100, $1.1550
Zones of Demand: $0.9280, $0.9700, $1.0310
The trajectory of the Arbitrum market has gone against the run of play. The price has already positioned itself to push higher through the level by using a bullish reversal formation. However, the coin has been affected, it seems, by the global price dip in many cryptocurrencies. This led to the price dropping to match its all-time low just a bit below $0.9280. The coin has immediately recoiled upwards, though, but still has a long way before climbing back above $1.1550, which the coin is hoping to recover.
Arbitrum Price Forecast: ARB/USD Outlook
The trajectory of the Arbitrum market has defied expectations. Despite positioning itself for an upward push using a bullish reversal formation, the coin faced the impact of the global dip in cryptocurrency prices.
Consequently, the price plummeted to match its all-time low, slightly below $0.9280. Although the coin swiftly rebounded, it still has a significant distance to cover before reclaiming the $1.1550 mark it aims to recover.
The price dip has caused the lower Bollinger Band on the daily chart to expand, with the anticipation that this extension will aid the market’s rebound.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
As the price recovers, the Stochastic Oscillator lines have rebounded from the oversold border. On the 4-hour chart, price candles have risen above the middle line of the Bollinger Band but halted before surpassing the upper Bollinger Band.
Consequently, the 4-hour Stochastic Oscillator lines have dropped from the overbought territory back towards the oversold region. This retracement is expected, and the market is projected to recover and continue its upward journey toward the $1.1550 mark.
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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