Bulls are Taking Control Over ARRR Price

Founded on August 29, 2018, the Pirate Chain (ARRR) is an independent asset chain combined with the technology offered by the Komodo platform. The ARRR coin is a private send cryptocurrency and the first ‘z transaction-only’ chain whereas many other privacy coins have optional privacy features. Pirates are notarized onto both Comodo and Bitcoin blockchains and protected from 51% attacks by utilizing Komodo dPoW.

Past Actions of the Pirate Chain

On March 10, 2023, the ARRR coin price closed below the $0.3057 support level. Subsequently, the price surged more than 49% and fell below the $0.2837 support level after two months. That caused a bearish perspective on the coin price.

From that support level, the coin price fell over 25% on the $0.2031 support level. The ARRR coin started to retest the breakdown level but failed and fell further to the $0.1746 support level.

Initially, buyers got activated at that level and successfully retested the major breakdown level of $0.2837. Consequently, the ARRR coin price again fell more than 45% to the current support level of $0.1437.

And now, the ARRR coin price is consolidating between the $0.1813 upper and $0.1437 lower levels. It tried to break above that level but failed by attempting two times in a two-month timeframe. At present, the price is trading at $0.1660.

Technical Analysis of the ARRR Coin

The ARRR coin price has been performing in a downtrend since May 2022, after the bearish crossover between the 50-day EMA and the 200-day EMA. Since then, both the EMAs became minor and major trend leaders. At present, the coin price is facing consistent resistance from the 50-day EMA at the $0.1689 level.

At press time, the ARRR coin price is trading at $0.1659 after facing multiple rejections from the $0.1437 support level. The price tried to break above the $0.1813 resistance level but failed to do so. Now, it is taking another step to fulfill its past expectations. In the last few trading sessions, it formed some small bearish and big bullish candles at $0.1437 which basically reflects the buyers’ interest in that level.

From another perspective, the relative strength index (RSI) is comprehensively showing bullish divergence from the first touch of the current support level. At current, the RSI is sloping at 50.22 showing a neutral sign on the price momentum.

Conclusion

All in all, the ARRR coin price has been in a bearish trend since May 2022. Comprehensively, it is facing resistance from the 50-day EMA and the 200-day EMA has become a major trend leader. At present, the ARRR coin price is taking another step to fulfill its past expectations to break above the $0.1813 resistance level. In the last few trading sessions, it formed some small bearish and big bullish candles at $0.1437 which basically reflects the buyers’ interest in that level.

Technical Levels

Resistance levels: $0.1813 and $0.2103
Support levels: $0.1437

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.