- The AR coin bears reclaim the 20-day EMA
- The AR/BTC pair was trading at 0.001004 BTC with a loss of 2.39 %
- The 24hr trading volume in AR coin is $54.7 Million
The AR coin shows the formation of a double top pattern in the daily time frame. The crucial support(neckline) for this pattern was at $48, and today the price showed a deceive breakout from this level. However, the volume activity has not yet to pick up compared to the price action, and thus the trader should allow the candle to close below the broken support before entering the coin market.
As per the EMA’s, the AR coin is still in a bullish trend, as the price is trading above the trend defining 100 EMA. However, the coin sellers did manage to reclaim the 20 EMA, which is a pretty decent start for any upcoming bearish attack.
The RSI (BULLISH) value is at 46, indicating a bearish emotion in the coin. Moreover, the RSI shows a steady downfall in its value, suggesting the bears are slowly taking over.
AR Coin Crypto Chart In The 4hr Time Frame.
In this lower time frame, the AR coin has managed to close its candle below the $48 support, encouraging Crypto sellers to go short in this coin. Furthermore, the price could soon provide a retest to the broken support, which will validate this breakdown and provide a better risk to rewards for its traders.
The MACD indicator (BULLISH) still shows a bullish momentum as both the MACD and signal lines are moving higher to the neutral zone(0.00). Moreover, the indicator has also provided a bearish crossover, projecting a sell signal for AR traders.
Conclusion: From the technical view, the overall trend of the AR coin is still bullish. However, as mentioned above, the coin’s price action suggests a strong bearish opportunity with the breakdown of the double top pattern. Thus, the Crypto traders can consider shorting this coin if the price sustains below the $48 mark.
Support– $60
Resistance– $42.5, $35.8