- Arweave price is struggling below the $45 mark.
- AR token price is up 43% this month, indicating the strength of the bulls.
Arweave price has witnessed strong buying pressure and is up by 350% till now. From the beginning of March, the Arweave price has been facing resistance from the major resistance level of the $45 hurdle.
In the last week of March, the AR crypto showed price rejection from the $45 mark and lost around 60% in a few weeks. The price melted to the 200-day exponential moving average, took reversal, and again extended to the major resistance level.
Arweave price has formed an evening star candlestick pattern at the major resistance level. It has a circulating supply, and the total supply is 65,454,185 AR. The fully diluted market cap is $2.51 Billion, and the maximum supply is 66,000,000 AR.
At press time, the Arweave crypto price traded at $38.10, up by 0.90% in the last trading session. The market capitalization is $2.48 Billion, and according to the market cap, it ranks 47th in the cryptocurrency market. The trading volume is $120.68 Million, which decreased by 37% in the last 24 hours.
Arweave Price Has Formed an Evening Star Candlestick; Will It Decline Further?
Arweave price is near a 52-week high, and bulls have dominated since October 2023. Currently, the price is facing resistance from the major resistance level of $45. Suppose the price shows weakness after following the evening star pattern; the AR crypto price may melt to the 200-day exponential moving average.
On the other hand, if the Arweave crypto price triggers a breakout from the major resistance line and sustains over the $50 mark, it may gain bullish momentum. If the trading volume supports the bullish momentum, it may record a new all-time high.
MACD has generated a golden crossover between the MACD and the Signal line and has exceeded the Zero line. MACD has formed green histograms, which demonstrates the buying momentum.
Conclusion
Arweave crypto price is facing strong resistance at the $45 mark and has formed an evening star candlestick pattern. If the price weakens, it may decline to the 200-day exponential moving average. However, if the price triggers a breakout from the major resistance level and sustains above the $50 mark with strong trading volume, it may gain bullish momentum and record a new all-time high. MACD has generated a golden crossover and formed green histograms, indicating buying momentum.
Technical Levels
The immediate short-term support level for Arweave crypto at the time of writing was $27.00. At the same time, the $45 level is the next resistance level. A price rise can be expected if AR can surpass the upper resistance level. Likewise, a drop below the aforementioned support level can lead to a price pullback to the lower support levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.