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.
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