- Arweave price looks in a bullish trend as buyers maintain cost above support trendline.
- Buyers struggle at the 20-day moving average over the daily price chart.
- Amid price recovery, buyers successfully hold AR prices above the $10 mark.
In terms of a 4-hour chart, the Arweave coin is increasing after a sharp sell-off. Hourly price action draws the higher lows above bullish trendline (above the chart). Although price does not stay higher from support line but it keeps more higher probability. Anytime, Bitcoin’s price drop drives the breakdown of this key support trendline.
Against the USDT pair, AR crypto price is looking red in intraday trading session. Thus it is down by 0.48% at the time while price is trading at $10.37 mark. Notably, bulls again demonstrated their existence as they pushed the crypto price over the ideological round level of $10. Now bulls must hold this level to prevent themselves from supporting the trendline’s breakdown.
Although trading volume is decreasing down day by day, shows bears have started ignoring the selling in Arweave coin. Overnight, volume reported at $36.1 Million. Besides, the market capitalization increased by 6.5% at $346.2 Million in the last 24 hours. Buyers often get price rejection at the $11 mark.
Despite the correction in price, the price action of Arweave coin shows selling at higher levels in the long run. The bears have placed sell orders at each swing high. Similarly, now the bears do not want to lose their dominance over the 20-day EMA and they continue to keep the price lower. A bullish breakout above this level could bring Arweave into crypto.
The daily RSI is at the halfway mark (50). In the meantime, the bulls could push the cryptocurrency valuation higher. Another reason favoring the bulls is that the ADX turned lower on the daily time frame, suggesting weak bearish strength.
Conclusion
Arweave crypto price is facing resistance from the 20-day moving average on the daily price chart. Undoubtedly, the bullish trend of AR Coin is dominated by buyers. But they should hold the conceptual round level of $10.
Support level – $10 and $8
Resistance level – $12 and $16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/20/arweave-price-prediction-ar-crypto-price-sustain-above-10-mark-bulls-must-hold-this-level/