Arbitrum Price Prediction: ARB/USD Recovery Will Hit $1.20 Resistance Level
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Arbitrum Price Prediction – May 19
The Arbitrum price prediction shows that ARB will recover to the upside as the coin gets ready for a cross above the channel.
ARB/USD Medium-term Trend: Ranging (4H Chart)
Key Levels:
Resistance levels: $1.35, $1.40, $1.45
Support levels: $1.00, $0.95, $0.90
ARB/USD is ranging at the moment as the market price moves to reclaim the resistance level of $1.17 above the 9-day and 21-day moving averages. On the contrary, the market can become cheaper for new and existing buyers to enter the market but should the bulls fail to push the price upward, the Arbitrum price may continue sideways before gaining the upside.
Arbitrum Price Prediction: ARB/USD Would Move Higher
According to the daily chart, the Arbitrum price will break above the upper boundary of the channel if the bulls defend the $1.15 support level. However, any further bullish movement above the upper boundary of the channel can push the price to the potential resistance levels of $1.35, $1.40, and $1.45 respectively.
Meanwhile, the upward movement can be delayed if the bears bring the market price toward the lower boundary of the channel and could touch the low of $1.00, $0.95, and $0.90 support levels. Moreover, the technical indicator Relative Strength Index (14) is moving to cross above the 50-level, preparing the market for upward movement.
ARB/USD Medium-term Trend: Ranging (2H Chart)
According to the 2-chart, the Arbitrum price is still consolidating within the 9-day and 21-day moving averages. The coin is still cheap as the major support level could be located at $1.15. However, if the buyers push the price to the upside, higher resistance could be located at $1.23 and above.
Nevertheless, the technical indicator Relative Strength Index (14) will move to cross above the 50-level, indicating that bullish signals are coming to play. Meanwhile, should the bulls fail to push the current market value above the 21-day moving average, the bears can revisit the market, and the nearest support level could be found at $1.10 and below so that the existing buyers can buy the dips and the new buyers are expected to come into the market.
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