Arbitrum Price Forecast: August 7
The Arbitrum price forecast is for the market to leverage the support from $1.1550 to rally back towards the $1.3310 resistance level to break it.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $1.8170, $1.3310, $1.2880
Zones of Demand: $1.1550, $1.1100, $1.0620
ARBUSD aims to reclaim previous high levels after a dip to its lowest point on June 15th. Employing a cup-and-handle bullish pattern, the goal is to lift the market above $1.1550 towards $1.3310. While $1.3310 proved elusive, a retracement to $1.1550 positions for another attempt at resistance.
Arbitrum Price Forecast: ARB/USD Outlook
ARBUSD is diligently striving to regain its previous high price levels following its descent to its lowest price on June 15th. It did this by employing a cup-and-handle bullish reversal pattern.
The initial objective is to propel the market above the $1.1550 mark and towards the $1.3310 threshold. The price fell short of surpassing $1.3310 and has retraced to leverage the $1.1550 support
In conjunction, the Parabolic SAR (Stop and Reverse) dots align above the daily candlesticks, signifying the price decline from the $1.3310 resistance level.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Concurrently, the Stochastic lines indicate an oversold condition, this also hints at a forthcoming reversal. On the 4-hour chart, the Parabolic SAR dots predominantly maintain their position above the candles, akin to the daily chart.
Still, in the short time frame, the Stochastic lines have surged out of oversold territory, aligning with the market’s resurgence within this shorter timeframe. Arbitrum will be looking to rise to violate the $1.3310 resistance level and move towards its objective of higher prices.
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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