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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 30, 2024 08:28 UTC
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Failed Breakout in AR Price Tests 50D EMA: Is A Fall Imminent?
The AR price trend shows a failed inverted head and shoulder pattern.
The increasing supply puts the 50D EMA at risk.
A breakdown under the 50D EMA could drop the AR price to $25.
A bearish pullback in the AR price trend during the market recovery reveals an underlying weakness in Arweave. The downfall in the altcoin fails to surpass the $50 psychological milestone as the bearish takeover cracks under $40.
Will the downtrend continue in the Arweave token price for a break under the 50D EMA? Will the altcoin price manage to regain bullish momentum to reclaim $50? Find out more in our AR price prediction.
AR Price Performance
The daily price chart highlights the failed bullish attempt to surpass $50 with the $42 zone breakout. With a brawl at $48, the higher price rejections reveal a strong overhead supply, resulting in a bearish turnaround.
With massive bearish candles cracking under crucial resistance turned support zone $42, the dynamic support of 50D EMA is under test. As the average line leads to consolidation, the rising supply warns of a downfall in the altcoin prices.
Currently, the AR price trades at $37.36 with an intraday fall of 4.31%, cracking under the average line. Further, the bearish engulfing candle with the higher price rejection warns of an extended downfall.
Technical indicators:
RSI: As the AR price consolidates at the 50D EMA, the daily RSI line shows a sideline trend near the halfway line.
Will Arweave Token Price Hit $50?
With the bearish candle cracking under the 50D EMA, the chances of a bullish recovery in the AR price trend are slim. Further, as per the trend-based Fibonacci level, the breakdown under the 50% level at $42 might halt at the 38.20% Fib level at $33.
Optimistically, a bullish turnaround from the 50D EMA or the $33 support, the altcoin price could surpass $42 for another challenge to the $50 milestone.
Also Check Out : 1inch Network Surges 15% This Week! Will 1INCH Price Hit $0.5 This Week?
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