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Arbitrum Price Forecast: March 11
The Arbitrum price forecast is for the market’s volatility to eventually lead to a breakout from consolidation, especially to the upside.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Resistance Levels: $2.1200, $2.4000
Support Levels: $1.8170, $1.5930
Arbitrum exerts pressure on the consolidation resistance level to force its way through. The market has been more or less stuck at the resistance level since it got rejected at $2.4000. The chart shows instances of false breakouts on the upside and downside. In spite of this, there is more tendency to violate the resistance level as the price keeps making higher lows, therefore ramming the pressure against the level.
Arbitrum Price Forecast: ARB/USD Outlook
Arbitrum has continued to apply steady pressure to the resistance level in its consolidation phase.
The previous rejection at $2.4000 led the market into consolidation. ARBUSD has demonstrated resilience in this state, with fluctuations creating false breakouts in both upward and downward directions.
Also, the formation of higher lows indicates a persistent effort to breach the resistance, making a breakthrough increasingly probable.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
On the daily chart, the MA period 50 (Moving Average) acts as a supportive diagonal beneath the candlesticks, aiding the consistent formation of higher lows and maintaining pressure on the resistance. The EFI (Elders Force Index) indicator fluctuates around the equilibrium level, displaying a subtle inclination towards the upside.
Examining the 4-hour timeframe, the MA period 50 continues its supportive role, occasionally seeing candles dip below before recovering. The EFI trades laterally along the zero level. The market is expected to persist in challenging the consolidation resistance, aiming for a decisive breakthrough. Positive crypto signals suggest potential upward momentum as the market strives to retest the former resistance at $2.4000.
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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