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.
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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
