The Arweave (AR) token has successfully outperformed major crypto tokens by displaying a significant uptrend since the year started. Moreover, this altcoin has secured a spot in the top 5 gainers list this year, indicating a bullish price action for the altcoin during the upcoming months.
Moreover, the Arweave price has recorded a jump of 22.27% within the past day, making it the top gainer among the top 100 cryptocurrencies by market cap. With the rising bullish sentiments in the crypto space, will AR token record a new yearly high this month?
After trading under a bearish influence since the week’s start, the AR token has displayed a strong bullish reversal in the chart, indicating an increase in the buying pressure within the crypto industry. Moreover, the EMA 50-day records a bullish convergence, suggesting a positive outlook for the altcoin this week.
Despite recording a neutral trend by adding less than 2% over the past 30 days, the Arweave (AR) price has displayed a strong bullish price action since the year started as its Year-to-Date (YTD) return stands at 257.55% at the time of writing.
The technical indicator, MACD, displays a constant green histogram, indicating a strong positive influence in the crypto space. Moreover, the averages show a bullish jump, suggesting the AR token will continue gaining value in the coming time.
If the market holds the price above the support level of $32.285, the bulls will regain momentum and prepare to test its resistance level of $39.225 this week. Moreover, if the bulls maintain the price at that level, it will set the stage for the AR price to attempt to test its upper high of $45.250 this month.
Conversely, if a trend reversal occurs, the bulls will lose momentum, and the Arweave token will fall to test its support level of $32.285. Furthermore, if the bears continue to dominate the market, it will plunge and fall to test its lower support level of $24.675.
Also Check Out : Will The Meme Coins PEPE, BONK and FLOKI Jump 2x in May?
Amid the ongoing tariff war, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, is…
The Bitcoin volatility has risen over the past few weeks as the price has been…
In a rare and clear move, the U.S. Securities and Exchange Commission (SEC) has introduced…
Ethereum (ETH), the world’s second-largest cryptocurrency by market value, is going through a rough patch.…
FTX’s bankruptcy case has just taken a big step. Nearly 400,000 customer claims—worth up to…
Solana has been gaining a huge amount of attention ever since it began to outpace…
