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Arbitrum Price Forecast: May 17
The Arbitrum price forecast is for the market to keep abounding upward after it pulls back to retest the $1.1550 support level.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.8170, $1.3310, $1.2880
Zones of Demand: $1.1550, $1.1100, $1.0620
Arbitrum is trying to use a double-bottom bullish reversal pattern to convert its market to a bullish one. The process has begun, and the structure is now fully formed. The price has also broken the neckline. There is now a retest of the price at the $1.1550 key level before the coin finally surges upward.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market is on the verge of recovering from a dump that occurred earlier in the month due to the exhaustion of the buyers. This allowed the price to drop to the $1.0620 demand zone.
The bulls have created a double-bottom bullish reversal pattern on that $1.0620 demand zone. The aim is to get the price back to its peak before the bulls started to tire out.
The neckline of the double bottom structure has been broken, but the price pulled back to retest the $1.1550 level. The Stochastic has retested the oversold border for a strong rise.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The Parabolic SAR (Stop and Reverse) dots on the 4-hour chart have yet to react to the price rise. However, on the 1-hour chart, the dots are alternating around the candlesticks and have switched below to confirm the price rise after retesting $1.1550.
The Stochastic Oscillator lines on the 1-hour timeframe have already risen to the overbought border indicating that there may yet be a second retest before the market finally shoots upward toward the $1.3310 resistance level.
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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