Arweave Price Analysis:  AR Bulls Need to Accumulate Price Above the Bullish Barrier, is $10 Mark Bears’ Hedge Zone?

• Arweave coin reaches into the resistance zone amid bounce-back. 
• The AR crypto is well remaining above the significant moving averages like 20 and 50. 
• The Market cap of AR coin is up 10% at $419 Million as per the last 24-hour’s data of CMC. 

The Arweave coin trades inside the resistance zone of $12 to $13.5 (Gray Box). As soon as, the AR price enters this horizontal range of accumulation, buyers struggle in the retracement phase in the intraday trading session. On 18 June, AR investors became witness to the latest 2022 low of $7.17 Mark.

The AR Coin displays higher-low and lower-highs formation for the past several days. For the past 4-weeks, the weekly price action shows solid bullish candles while the price is trading at the $12.5 mark at the time of writing. 

During bullish momentum, bulls ultimately reclaimed the psychological round level of $10, which turned into the immediate support level. Meanwhile, the Market cap of the AR coin is up 10% at $419 Million as per the last 24-hour’s data of CMC. Further, the Arweave coin belonging to the Bitcoin pair is higher by 9.8% at 0.0006339 Satoshis. 

After a long period, bulls propelled the AR crypto price above the 20-day moving average, as well as the 50-day, moving average. The 20 DMA became short-term support for buyers. Despite the fact, the 100 DMA still remains to be hit.

During higher momentum, the trading volume increased gradually, as a result, speculators saw a pump in the volume of 64% in the last 24 hours. Similarly, the On Balance Volume (OBV) was slightly up during the uptrend. 

RSI moved above semi-line 

The RSI indicator is observed above the semi-line (50 mark)  as well as RSI peak remains above the bullish trendline (blue). Similarly, the MACD reached higher than the neutral zone in the context of the daily price chart. 

Conclusion 

Although the RSI and MACD indicators are showing a bullish bias for the Arweave coin. Also, altcoin maintains the cost above 50 DMA, which is the vital defending zone for buyers, so if buyers push the AR price higher than this resistance zone then short-covering may occur till the $20 level. 

Support levels – $10 and $7.0

Resistance level – $13 and $20

Disclaimer 

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

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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