- Arweave Coin’s buyers are celebrating the continued upside rally of AR Coin.
- Relative Strength Index follows the upwards trendline.
- AR/BTC pair price is trading negative by 4.46% at 0.001258 BTC.
Arweave Coin price follows the solid bullish trend after taking support near $35.27 in a daily time frame. When AR Coin had achieved its all-time high, then many investors (including enormous whales) booked their profit, and it continued to start falling and took a rest at the support.
The live price of Arweave is trading in a red zone at $58.95, which is negative by 5.52%. And the last 24-hours trading volume is 23.3% at $38 million. AR Coin shows a slight weakness for two days, which creates quite confusion.
We can see clearly in the chart the price action of AR Coin is following the Rising Wedge formation after testing the support zone; that price action indicates the strong bullish potential in the coin, which makes it kind of noticeable.
Relative Strength Index (RSI) indicates the lower low formation since 21 September, whereas AR Coin was not breaching its previous low, which showed a quiet weakness. Then the Relative Strength Index took support on its support level of 30 and then RSI indicating Ascending Triangle.
Arweave is preparing itself for a new all-time high
AR Coin is now trading above 50 Moving Average (MA) in a daily time frame, which ensures stability in the coin; on the other hand, 20 Moving Average (MA) is making a curved shape that makes the well-built bottom for the bullish trend.
Moving Average Convergence Divergence has been generated the soft bullish crossover in mid-December. The buying opportunity came from there. And many investors got acceptable Return on Investment (ROI), around 83% in half of the month.
For the short term, AR Coin can struggle with a $67.2 resistance level from here, a little bit of selling pressure can come, then the next resistance level is its all-time high that is $91.08. And the nearest support level is $52.39; after that support zone, the next crucial support will be $36.15.
Conclusion
Now AR Coin is in a solid bullish trend until it breaks this ascending bullish range to the downside, then it can test its recent low where it was consolidating; otherwise, it is making a higher low which is vital sign of the bullish trend.
Support level- $35.08
Resistance level- $91.08
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.