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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...

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