- Arweave price analysis is bullish today.
- Support for AR is present at $48.
- A crucial resistance of $53.4 is under test.
The Arweave price analysis is bullish for today as an increase in price has been detected today as well. The AR/USD rallied high from $51.8 to $54 at the start of the trading session, but as $53.4 is a crucial resistance level set by bears on 18th November and then again on 3rd December, so the price reverted back towards the $53 range. Overall, AR is bullish after finding the support floor at the $36 level following a downtrend for the last month. The coin has performed marvelously over the last five days as the most recent trend line is upwards, which is very rare in the prevailing bearish market these days.
AR/USD 1-day price chart: AR continues upside above $50
The 1-day Arweave price analysis shows the bulls are continuing their upwards march. The coin traded in a range of $49.9 to $54.7 today. At the time of writing, AR/USD is trading hands at $53.3 as it tests the resistance present at the same level. At this level, AR may start correcting as this is a crucial resistance level that bulls have to pass through.
AR also reports an increase of 9.2 percent in value over the last 24 hours, and it also reports an increase in price value by more than 29 percent over the past week as the bullish performance was outstanding. However, the trading volume has decreased by 32 percent, but on the other hand, the market cap has increased by 11.7 percent.
The moving average (MA) value is settled at $44 below the price level. The volatility is high for AR as it has raced aggressively high. The upper Bollinger bands value is present at $60, above the price level, representing resistance for AR, while the lower Bollinger band has reached down to $34. The Relative Strength Index (RSI) graph shows the upward slope has become almost horizontal as the price is at a resistance level. RSI trades at index 54, hinting at fierce competition between both sides of the market.
Arweave price analysis: Recent developments and further technical indications
The 4-hour price chart for Arweave price analysis shows the price down was downwards at the start of the day, but bulls rejected further downside below 51 and raced the price higher towards $53.6. But as selling pressure is high and trading volume is low, bears have again brought the price down to $53.2 level just recently.
The volatility is high, but the Bollinger Bands on the 4-hour chart are still maintaining their upwards breakout with both ends traveling upwards, which is a positive indication for the crypto pair. The upper Bollinger band is now at the $54.4 mark representing resistance, and the lower Bollinger band is present at the $42.7 mark. The RSI curve is showing a downward curve as it is trading just below the overbought region at index 67, hinting at the selling pressure at the current price level.
Arweave price analysis conclusion
The Arweave price analysis reveals the coin has been successful in maintaining its bullish momentum for a period of six days in bears dominated market conditions which is an achievement in its self. The current selling pressure was necessary as the price has entered a resistance zone now and will continue to correct a few hours more. We expect AR/USD to break through the $53 range late at the end of today’s trading session.
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