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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 15, 2024 09:03 UTC
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Contrasting AR Price Patterns Warns Sharper Moves Ahead!
The AR price trend projects a potential inverted head and shoulder in the 1D chart.
The weekly chart contradicts with a double top threat.
A bull run beyond the $44 neckline will boost the AR price to $100 in 2024.
With the altcoins awaiting a boost in a bullish trend, the underlying shift in sentiments results in interesting price patterns. The AR price action shows a bullish trend continuation in the daily chart, but the weekly chart contradicts it.
Will the short-term reversal and the growing demand overcome the fate of the weekly chart? Can AR prices give a breakout rally to reach $100 this year? Find out more in our AR price prediction, which suggests a prolonged uptrend.
Arweave Price Performance
With a morning star pattern to halt the sudden drop, the AR price shows an intraday growth of 3.94%. This increases the possibility of Arweave surpassing the neckline at $44 for a breakout rally. Hence, the sideline traders are eagerly waiting for a boost in this altcoin for a breakout entry opportunity.
The inverted head and shoulder breakout rally will prolong the bull run in the altcoin prices to reclaim the psychological mark of $50. Currently, the AR price trades at $40.72 with a bullish engulfing candle under formation.
However, the weekly chart depicts a bearish price trend at play, warning a double top reversal. As the AR price struggles near $50, a reversal could plunge the altcoin under $30.
Technical indicators:
RSI: The daily RSI line shows an upward journey approaching the overbought zone, reflecting growth in underlying demand.
EMA: The crucial 50D and 200D EMA maintain a positive track record to provide dynamic support for the altcoin.
Will The AR Price Cross $50?
As the altcoin forms a bullish candle, the bull run possibility in the Arweave price trend is increasing. Hence, the AR price could skyrocket beyond the $44 resistance zone this week to reach $50. Optimistically, an uptrend continuation could test $65.
However, for a prolonged uptrend, the altcoin must sustain above $50 this week. Otherwise, the crypto price could drop down to $30.
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