TL;DR Breakdown
- Arweave price analysis is bullish today.
- Support for AR is present at $62.
- Resistance is found at $73.
The Arweave price analysis is predicting a bullish trend for today. The cryptocurrency has tremendously improved in value since yesterday, as bulls have successfully diverted the bearish trend. The price underwent continuous devaluation during the past week, but from yesterday, the AR/USD pair started getting positive market sentiment, and a bullish momentum started as buyers started entering the market. The uptrend is quite aggressive as the crypto pair’s value has been rising for the second day consecutively.
The AR/USD has successfully broken above the resistance of $61 today, and now bulls are marching towards the next resistance of $70, followed by another crucial resistance at $73.
AR/USD 1-day price chart: AR spikes to $66
The 1-day price chart for Arweave price analysis shows that the bulls regained their momentum yesterday as they took over the price function after going through immense loss and raised the price to $66.15 at the time of writing. The AR/USD pair traded between the range of $59.3 to $67.6 today. The AR/USD has gained around 6.3 percent value during the last 24 hours but is still at a loss of more than 12 percent if calculated over the past week. However, the trading volume shows a deficit of 55 percent resulting in the market dominance of only 0.08 percent.
The volatility is decreasing slowly for the cryptocurrency as the Bollinger bands ends are converging, with the upper band at the $87 mark and the lower band at the $51 mark. The mean average line of the Bollinger bands is present above the price level at the $69.4 mark due to the downtrend of the past week and also represents resistance for the cryptocurrency.
The relative strength index (RSI) is at the center of the neutral zone at index 51, which is an acceptable score, and the indicator’s upwards slope is a hopeful sign, as there is quite room for the buyers to carry out their activity and take the price further up.
Arweave price analysis: Recent developments and further technical indications
The 4-hour Arweave price analysis shows the price movement is upwards today, but the price oscillation was slow during the day, but recently the price spiked as AR/USD rallied from $59 to $66 in a swift move, recovering the losses that bears incurred during the preceding four hours and shooting up high towards $66 range.
The volatility has started to increase on the 4-hour chart as the AR/USD started to swing high, breaking above the upper limit of the Bollinger bands, which at $65.1 now represents support for the crypto pair. The price has also traveled above the moving average value. The relative strength index (RSI) has also moved up to index 60 due to the higher buying activity.
The bullish momentum that started yesterday is quite aggressive as despite the bearish trend for the past week, the technical indicators has now turned bullish all the way with 12 indicators giving buy signals, and only three indicators give sell signals, and around nine technical indicators stand neutral out of a total of 26 technical indicators.
Arweave price analysis conclusion
The Arweave price analysis suggests the cryptocurrency has successfully dodged the bearish trend that was prevailing for the past few days and has shown a good recovery in just two days. As the RSI also suggests the buyers’ response is very positive, we expect the crypto pair to continue the upwards trend today, and the AR/USD may break above $69 in the coming hours.
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