Arbitrum Price Forecast: May 1
The Arbitrum price forecast is for the market to re-energize itself for a rally after falling back to the strong support level at $1.3310.
Arbitrum Long-Term Trend: Bullish (4-hour chart)
Key Levels:
Zones of supply: $1.4360, $1.5930, 1.8170
Zones of Demand: $1.1910, $1.2880, $1.3310
Arbitrum buyers are trying to gain stability and have again dropped into the critical demand level for support. This level provided succor when the price plummeted strongly from the $1.8170 resistance level. Bullish reactions have already been at the support level, and shortly, we expect to see the coin firing back upwards.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum finally got up and running after it broke out of a short-term consolidation on April 13th. Since then, the price has risen through multiple key levels to reach a record high of $1.8170.
Nevertheless, the bulls are not set yet because when the coin hits the $1.8170 resistance level, the price plummets immediately, only finding succor at the $1.3310 strong support level.
The market had already started to rise but has since dropped back into support. As a result, the MACD (Moving Average Convergence Divergence) line has stopped short of going beyond zero.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
With the fallback to the $1.3310 support level, the price has traded below the MA period 30 on the daily chart. This is also the situation in the 1-hour time frame. Nevertheless, the market will recover again off the $1.3310 critical level, especially as the coin forms a double-bottom bullish formation.
The MACD on the 1-hour time frame has also plunged deep below the zero level. However, a golden upward cross of its lines, a bullish reaction at the $1.3310 critical zone. The market has begun the process of rising, and not too long from now, the price is expected to shoot upward again toward $1.5930.
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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