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Arbitrum Price Forecast: January 8
The Arbitrum price forecast is for the buyers to capitalize on the lower higher at $0.9700 to keep pushing the price upward.
Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $2.1200, $1.9000, $1.7400
Zones of Demand: $1.1550, $1.4360, $1.5930
The Arbitrum market made more than a 100% price increase between mid-December into early January surpassing its all-time high in the process and setting a new high of $2.1200. However, since setting this record, the bulls have been knocked out and the price has since receded by at least 25%. As we speak, there has been an accumulation of bearish candlesticks since the price was rejected on the 4th of January. Therefore bears remain in charge. Nevertheless, there is anticipation that the bulls will revive at the current level of $1.5930 or the next at $1.4360.
Arbitrum Price Forecast: ARB/USD Outlook
The ARBUSD market experienced a remarkable surge, surpassing its all-time high and reaching $2.1200, marking a more than 100% increase between mid-December and early January.
However, following this peak, bullish momentum waned, leading to a subsequent decline of at least 25%. Presently, a series of bearish candlesticks, initiated on January 4th, indicates the prevailing control of bears.
Nevertheless, there is optimistic anticipation for a potential revival of bulls, particularly around the current level of $1.5930 or the subsequent level of $1.4360.
ARB/USD Medium-Term Trend: Bullish (4-hour chart)
Analysis of the daily chart reveals that the Simple Moving Average period 25 (MA) is notably below the current market trading level. This positioning could potentially serve as a pivotal catalyst to halt the ongoing price drop and reignite bullish sentiment. Concurrently, the Elders Force Index (EFI) power line, while still above the zero level, exhibits a downward trajectory, approaching the zero level.
A closer look at the 4-hour timeframe indicates increased activity from the bears. The market has successfully traded above the zero level of the MA period 25. Also, the EFI power line has descended to the zero level and extended well below it, reflecting the sustained downward pressure on the price. Anticipation surrounds the possibility of robust bullish reactions, particularly at key levels around $1.5930 and $1.4360.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.
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