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
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.
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.
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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