What Does Price Action Displays For AR?

Aug 17

In Arweave, from July 5th onwards, a bullish spell was witnessed in resonance with the larger market after a significant decline was seen earlier. But that try of the bull was brief, lasting until July 21st, 2024, up to the $34.52 mark.


The significant interruption level at $34.52 stopped bullish acceleration by limiting the gains up to 70% only. Thereon, the encountered hurdle has pushed the price downwards to a certain low on August 5th.

The overall price activity occurred majorly in the declining channel. The lower border and the higher border have played significant roles in the journey. These dynamic borders have indicated investors and traders clarity on price action's movement, too.

On X, an analyst shared a similar theory and gave clarity toward more optimism ahead. As what its seen in his shared drawing, the analyst had indicated a channel. In that channel, he displayed accumulation near a key demand zone.
The analyst further believed that we might see propulsion ahead if, sooner or later, the price breaks out from this pattern's upper border (DYOR).

Therefore, per our theory coinciding with the analysis, it seems more likely to move soon from the lower border to the upper border in the short term. Meanwhile, the break of the pattern would lead to a certain new ATH.

So, in AR crypto, the resistance level lies around $29 and $34, followed by the supports at $19 and $15, respectively.

Indicators have shown grown optimism, too, as MACD has converged to a bull cross. The RSI has displayed a recovery back from oversold territory.