Arbitrum Price Forecast: May 8
The Arbitrum price forecast is for the market to restart its bullish foray back at a lower support level of $1.0620.
Arbitrum Long-Term Trend: Bullish (4-hour chart)
Key Levels:
Zones of supply: $1.8170, $1.2880, $1.1550
Zones of Demand: $1.1100, $1.0620, $1.0310
Arbitrum is set to restart its bullish journey after it dropped to lower support at $1.0620. The drop is a result of the overexertion of the bulls in pushing the price up to $1.8170. After reaching the resistance, the bulls could not sustain their momentum to push the price further. This led to a drop to a lower price where more investment can now buy into the market to strengthen it for a comeback.
Arbitrum Price Forecast: ARB/USD Outlook
Upon the start of its cycle, Arbitrum settled above the $1.1550 resistance level, where it ranged for a short period before gaining strength to push high. The result is that the coin rose to $1.8170.
Nevertheless, it seemed as if the bulls had overexerted themselves. This is because they were unable to break the major resistance at 1.8170. Furthermore, the coin kept dipping till it reached $1.0310.
The buyers will have the opportunity to restart their bullish adventure from the lower price level, and this has started. The EFI (Elders Force Index) line shows a sharp upturn, showing the bulls are working their way upward.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
On the 4-hour chart, the Parabolic SAR (Stop and Reverse) has a long line of dots above the candlesticks. This is expected because of the dip in the price to the new support level. However, the price has begun a recovery, having bounced off the $0.310 level and risen to $1.1100.
Once the Parabolic SAR dots switch below the candlesticks, this confirms the restoration of the buy-traders’ market control. The EFI power line is surging upward towards the zero line. This also shows progress in the activities of the bulls, and once the price breaches the $1.1100 level, it will drive toward $1.1910.
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