Arbitrum Price Forecast: May 15
The Arbitrum price forecast is for the price to embark on a strong bullish trend after it violates the neckline of its double-bottom pattern.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.2880, $1.3310, $1.4360
Zones of Demand: $1.1910, $1.1550, $1.0620
Arbitrum buyers had a period of weakness, which the bears fully exploited. However, the buyers are fully awake now and have wrestled the market to their favor using a double-bottom bullish structure. The price has broken the neckline and is currently surging toward the $1.3310 resistance level.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum buyers rank experienced exhaustion over the past 3 weeks, and this is due to their incredible bullish run to push the market up to $1.8170 from a lowly level of $1.1550.
The exhaustion ensured that the bears plundered the price even beyond the $1.1550 low level from which the price had risen before. The buyers revived and began to tussle to regain control of the market.
The buyers are making a breakthrough using a double-bottom bullish structure. Just before violating the neckline, the price had already traded above the EMA period 25 (Exponential Moving Average).
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The Stochastic Oscillator lines are already showing a strong bullish market trend. Immediately after the coin breaks the neckline of the double bottom formation, the lines have risen high into the overbought region on the 4-hour timeframe and even the 1-hour timeframe.
Also on the 1-hour timeframe, the market has traded above the EMA period 25 and converted it into support for the continuous rise of the price. The market is displaying consecutive bullish candles to show the revival of the bulls. The immediate target of the coin will be testing the $1.3310 resistance level.
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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