Arbitrum Price Forecast: May 5
The Arbitrum price forecast is for the price to take off after reacting vigorously to the $1.3310 support level.
Arbitrum Long-Term Trend: Bullish (4-hour Chart)
Key Levels:
Zones of supply: $1.5930, $1.8170
Zones of Demand: $1.3310, $1.4360
Arbitrum has formed a setup to enable it to rally upward. However, currently, the price is fluctuating around the $1.3310 support level. This doesn’t affect the potential rallying of the market because the indicators remain positive for the bulls even amidst the fluctuations. A breakout is anticipated very soon, driving the price to around $1.8170.
Arbitrum Price Forecast: ARB/USD Outlook
Over the past few days, Arbitrum has been able to set itself up for a bullish return through the use of a triangle structure. The support level still lies at $1.3310.
The price has been tapering through the structure. However, after getting closer to the tip of the triangle, the coin has dropped to the support and is reacting vigorously there as the market gets set to rally.
The price is expected to take off after this intensity of reaction at the support level. The MA Cross lines have made an upward cross exactly along the support level, and the price will likely rise off the level.
ARB/USD Medium-Term Trend: Bullish (1-hour chart)
The EFI (Elders Force Index) power line on the 4-hour has gradually shifted above the zero level despite the fluctuating price movement around the $1.3310 significant level. This signals an impending rally as buyers gain more control over the market.
There are several crosses of the MA above and below, in the 1-hour timeframe due to the price fluctuation. The next cross, however, will be an upward cross, kickstarting the price rally. The 1-hour EFI is also marginally above the zero level. Once the rally starts, the coin will shoot upward toward the $1.8170 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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