Arbitrum Price Forecast: April 24
The Arbitrum price forecast is that the market restart its bullishness by reverting to a strong support zone. Buyers are expected to push the price up there.
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 attained a height after it broke out of the over two-week consolidation. However, the price now needs to stabilize itself to push further. The coin has tried to settle above several key levels but was too soft, leading to a more stable support level at the $1.3310 zone. The market is expected to rally from here.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum is moving to get in a clear bullish direction. As buyers are trying to lift the market, selling influence is not absent from the market.
The coin had to go through a period of consolidation from the end of March until mid-April before it broke out. The resistance zone for the consolidation is from $1.2880 to $1.3310.
The price surged upward by more than 50%. In finding stability, the coin has reverted to the resistance zone. This has caused the EFI to plunge below the zero level, shifting control to the sellers.\
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
In reverting to the strong support zone, the market has traded below the MA period 50 (Moving Average) on the 4-hour timeframe. On the 1-hour timeframe, the MA period 50 remains above the candlesticks but not with so much of a wide margin.
The 1-hour timeframe also shows the EFI (Elders Force Index) powerline below the zero level but making continuous advances and testing the zero level from below. This highlights the support the market is receiving from the $1.3310 demand zone. This will eventually help the buyers recharge to rally back towards $1.8170.
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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