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Arbitrum Price Forecast: January 29
The Arbitrum price forecast is for the market to keep making efforts to rise to higher price levels after it executes a U-turn at $1.5930.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $2.1200, $2.4000
Zones of Demand: $1.8170, $1.5930
The Arbitrum market is on the ascendency after it made a U-turn at the $1.5930 demand level. The price is now trying to navigate the $1.8170 major level. A long wick is visible, showing that the market has already pierced the level before falling back below it. Bullish strength at this period is still very young and energetic and is expected to get through the $1.8170 resistance on its way to another stop at $2.1200.
Arbitrum Price Forecast: ARB/USD Outlook
ARBUSD is experiencing an upward surge as it executes a U-turn at the $1.5930 demand level.
The current focus is on navigating the significant $1.8170 level, marked by a discernible long wick indicative of a temporary breakthrough before retracement.
Despite its early stage, the bullish momentum appears robust and energetic, with expectations of surpassing the $1.8170 resistance to a potential target of $2.1200.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Buyers have demonstrated their determination by piercing through the Moving Average period 20 (MA) before retracing beneath it. The coin continues to benefit from substantial volatility, evident in the previous rally that reached $2.4000, as indicated by the Average True Range (ATR) indicator. Despite a recent dip, the anticipation is for the price to push through further.
On the 4-hour chart, candlesticks have traded and aligned above the MA period 20, signaling a short-term upward trajectory. The ATR indicator on this timeframe indicates reduced volatility, yet the coin is expected to progress towards the $2.1200 level. This positive momentum suggests a promising outlook for ARBUSD in the immediate future.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.
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