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Cryptoknowmics 2022-04-27 10:14:47

AR Technical Analysis: Bulls Ready To Outburst Falling Wedge

Continuing the downfall in a short-range, AR buyers plan a falling wedge breakout going against the broader market trend. Key technical points: The AR price action forms a falling wedge pattern. The price trades under all the crucial EMAs. The 24-hour trading volume of ArWeave is $66 Million, reflecting a rise of 66%. Past Performance of AR AR coin price continues the downtrend after testing the 50-day EMA with the bullish reversal from $32. However, the bearish EMA pushes down the trend in a falling wedge fashion accounting for a 25% last fortnight. Finally, the prices consolidate near the $26 mark, a bullish engulfing forming with a real-time growth of 6%. Source-Tradingview AR Technical Analysis As buyers hold the $26 mark despite the falling crypto market, AR prices are ready for a bullish breakout. First, however, buyers must wait for a price action confirmation to avoid a bull trap. The increasing gap between the bearishly aligned daily-EMAs displays a substantial underlying bearishness ready to keep the bullish growth under check. Hence, the falling EMAs will act as a dynamic resistance. MACD Indicator: The MACD and signal lines continue to fall in the negative territory but show a bullish crossover attempt. Hence, a crossover will light a bullish entry signal. RSI Indicator: The sideways trend in the nearly oversold zone gradually spikes higher to surpass the 14-day average and potentially test the halfway mark. In a n...

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