Arbitrum Price Forecast: May 12
The Arbitrum price forecast is for market buyers to drive momentum using the double-bottom bullish pattern.
Arbitrum Long-Term Trend: Bullish (4-hour chart)
Key Levels:
Zones of supply: $1.5930, $1.8170
Zones of Demand: $1.3310, $1.4360
The Arbitrum buyers are fully revived and seek to reclaim market control. They are making use of a double-bottom bullish structure. At this point, only the last arm needs to form. This should lead to breaking the neckline and rising back to $1.3310.
Arbitrum Price Forecast: ARB/USD Outlook
The Arbitrum market had a major price drop early this week. This plunged the price to as low as $1.0310. The bulls have risen immediately from their slumber and are trying to regain influence in the market.
The market has started formulating a double-bottom bullish structure. The structure is at $1.0620 as support, and the neckline is at $1.1910. The price has tested support for the second time.
The last arm of the structure is needed for the price to spike up and continue its bullish adventure. The EFI Elders Force Index powerline is on the verge of climbing above the zero level.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The EMA period 14 (Exponential Moving Average) is currently acting as one of the barriers to the price rise, alongside the $1.1100 level. The price will likely trade above both barriers and drive towards the neckline at $1.1910 to break it.
There are plenty of positives in the 1-hour timeframe. The EMA period 14 has been bypassed and converted to support. The EFI power line has risen to a positive value. It will likely happen in the higher timeframe, as the ARBUSD buyers want to regain control by breaking the neckline and rising to $1.3310.
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