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ARWEAVE Price Analysis: AR Token Price Action Forms A Solid Consolidation Range

  • AR Token price has increased more than 30% in the past two weeks.
  • The price action forms a solid consolidation range in the daily chart.
  • The pair of AR/BTC is trading at 0.001127 BTC with an intraday gain of +11.15%.
Source- tradingview

AR coin price action indicates a reversal from the solid resistance zone near the $65 mark in the daily technical chart. Furthermore, the price action forms a long consolidation range.

The intraday volume is above the 20-days volume MA representing that the selling pressure is increasing. In Addition, the daily EMAs rise higher in a bullish alignment, projecting a bullish rally.

The AR Token price trades at $60.49, increasing +10.45% in market capitalization over the past day, suggesting that the price is in a bull run.

AR’s intraday trading volume has risen by 300% due to the increasing buying pressure.

AR Token In The 4-hour Chart

Source – tradingview

AR token price shows higher price rejection as it fails to rise above the $65 mark. However, investors may find the retracement to the support trendline as a lucrative entry spot with minimum risk and maximum reward.

As per price action, the support levels for the token are residing at $55 and $40 marks. In the case of a bullish reversal from any support level, bulls may find resistance at $65 or $80.

The EMAs in the 4-hour technical chart climb higher in a bullish formation with a positive slope that may support the prices in a bearish attack. 

The RSI indicator anticipates a flood in underlying bearishness as the slope of RSI spikes down.

The ADX indicator proposes a fall in trend momentum.

Conclusion – The AR token price resonates within a solid consolidation range in the daily chart. The recent reversal from the resistance might soon drive the price back to the $40 mark. However, the breakout on either side will bring a massive move.

Support – $55 and $40

Resistance – $65 and $80

Categories: News
Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.