Arbitrum Price Forecast: ARBUSD Rises with a Promising Bullish Formation
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Arbitrum Price Forecast: ARBUSD Rises with a Promising Bullish Formation

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Azeez Mustapha

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Arbitrum Price Forecast: July 17

The Arbitrum price forecast is for the market to push further to break the $1.3310 resistance level after a successful breakout using a bullish formation.

Arbitrum Long-Term Trend: Bullish (1-Day Chart)

Key Levels:
Zones of supply: $1.3310, $1.1550, $1.1100
Zones of Demand: $1.1550, $1.0620, $0.9700

Arbitrum Price Forecast: ARBUSD Rises with a Promising Bullish Formation

The Arbitrum buyers have successfully utilized the cup-and-handle bullish formation, driving the coin’s price higher. The market aims to recover from a recent decline and surpass the significant level of $1.3310. The cup-and-handle pattern is close to achieving this objective, with further potential for upward movement.

Arbitrum Price Forecast: ARB/USD Outlook

Arbitrum investors have accurately predicted the coin’s upward movement as it successfully utilizes the cup-and-handle bullish formation.

After experiencing a recent decline, the market has been searching for a recovery path to surpass the significant level of $1.3310.

The cup-and-handle pattern has nearly accomplished this objective, with further potential for upward movement.

ARB/USD Medium-Term Trend: Bullish (4-hour chart)

The Moving Average (MA) Cross has exhibited multiple upward crosses on both the daily and 4-hour timeframes, coinciding with the price breaking above the significant level of $1.1550. This alignment indicates positive momentum and reinforces bullish sentiment.

Arbitrum Price Forecast: ARBUSD Rises with a Promising Bullish Formation

The Relative Strength Index (RSI) on the daily chart has risen to the middle level and continued upward towards the overbought zone. Meanwhile, on the 4-hour chart, the RSI briefly entered the overbought region before retracing and currently fluctuating below the oversold border. These RSI readings reflect the coin’s ongoing attempt to breach the $1.3310 resistance and ascend towards the next target level of $1.5930.

 

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