Arbitrum Price Forecast: July 24
The Arbitrum price forecast is for the market to retest the $1.1550 support level to trigger a rally beyond the $1.3310 resistance level.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.8170, $1.3310, $1.2880
Zones of Demand: $1.1550, $1.1100, $1.0620
Arbitrum is aiming to reach its previous high at $1.8170 after experiencing a price dip from April to June. Buyers are active again, utilizing a cup-and-handle bullish pattern to push the price above $1.3310. The market is now attempting to break beyond this level and is retesting the $1.1550 support to trigger a rally.
Arbitrum Price Forecast: ARB/USD Outlook
ARBUSD experienced a notable decline between April and June, resulting in a drop from $1.8170. Nevertheless, the market has shown signs of recovery, as the buyers have become active again.
A noteworthy bullish reversal pattern, known as the “cup-and-handle” formation, has emerged, indicating potential upward momentum. This pattern suggests the market could break through the resistance level at $1.3310.
Currently, the market is retesting the support level at $1.1550, which, if successful, may lead to a rally. The Parabolic SAR has just displayed a single dot above the candles, signalling a possible retracement from the current levels.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
The Moving Average Convergence Divergence (MACD) on the daily chart indicates that the market remains in a bullish range, as the MACD lines are still above the zero level. However, it’s worth noting that a downward cross of the lines has occurred, which could suggest a potential shift in momentum.
On the 4-hour chart, the Parabolic SAR dots have formed a long upward sequence, signalling that the price is nearing the $1.1550 support level. Moreover, the MACD has dropped below zero, accompanied by fully formed bearish histogram bars. ARBUSD would be looking to rebound from the $1.1550 support level, which could pave the way for a breakout beyond $1.3310.
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