Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-07-11 10:01:15

AR Technical Analysis: Breakout Rally Struggles To Exceed $12.65

AR prices beat the resistance trendline with a 40% jump the previous week but take a turnaround from $12.65, teasing a drop under $10. Key technical points: AR prices have jumped by 2% in the last 24 hours. The price action shows the trendline breakout rally struggling to surpass the 50-day EMA. The 24-hour trading volume of Arweave is $24 Million, indicating a drop of 25%. Past Performance of AR The AR price action showcased a downward trend in May, leading to multiple lower low formations, eventually generating a resistance trendline. However, the double bottom pattern at $7.75 in July led to the bullish breakout of the resistance trendline. Nonetheless, the breakout rally struggles to sustain above the 50-day EMA and exceed the selling pressure at $12.65. Source- Tradingview AR Technical Analysis The AR price shows a diagonal bearish trend moving closely with the 50-day EMA teasing a potential crash below the $10 mark. However, traders must wait for a price action confirmation to avoid reversal traps. The MACD indicator shows the fast and slow lines crossing above the zero line, but the falling trend in the positive histograms teases a bearish crossover. Hence the technical indicator begs the traders to wait for a price action confirmation. The stochastic RSI indicator shows a retracement to the overbought boundary by the K and D lines representing a new bear cycle. In a nutshell, the AR technical analysis warns of a bearis...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.