Arbitrum Price Forecast: April 17
Arbitrum price forecast is for the market buyers to take a breather above the $1.5640 key level before reaching higher heights.
ARB/USD Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.7460, $1.9000
Zones of Demand: $1.5930, $1.4360
Arbitrum buyers are finally having their way in the market. Their initial plan to use a double bottom didn’t work out. This led to a period of consolidation before the buyers gained enough strength to drive the price directly upward, up to a 50% increase. The coin is hooked between $1.7460 as resistance and $1.5930 as support, where the buyers will strengthen again before pushing further.
Arbitrum Price Forecast: ARB/USD Outlook
Buyers were set to stamp their influence on the market as ARBUSD began its lifecycle. The initial plan was to use a bullish structure to set the market off, but this plan got truncated.
The coin was confined to ranging in a channel. The $1.2880 level limited the price while it rested firmly on the $1.1550 support level. The consolidation lasted about two weeks before a breakout.
The price has now risen more than 50% to reach a strong resistance level at $1.7460 before pulling back to $1.5640. As a result, we see the Parabolic SAR (Stop and Reverse) dots lined below the candles.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
Still, on the 4-hour chart, the RSI (Relative Strength Index) line, which is reacting around the middle line, has taken a jump into the overbought region. Nevertheless, the price has dropped below the overbought border. On the 1-hour chart, the line has gradually slipped back to the middle.
Also on the 1-hour chart, after the price could not rise to the $1.7460 resistance level, it retraced to the nearest support level at $1.5930. As a result, the Parabolic SAR dots are now alternating around the candles, showing a progressing consolidation. The market buyers will now take a breather here before they resume their intent to push the price to $1.9000.
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