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- ARWEAVE coin price fell 30% since April and continues to move in a downtrend.
- ARWEAVE coin price is close to 0.382 Fibonacci level near $22 level.
- AR/USD is currently hovering near $23 and close to 50 EMA daily.
AR coin price has been in a downtrend for almost a month now. The price fell more than 35%, but support from the 0.5 Fibonacci level near the $18 level pushed the price back between 0.236 and 0.382 level. Currently, the price is still in the downtrend and might head lower as well, but the support from 50 EMA (yellow) has managed to sustain the price high for now. The RSI and ADX both are heading lower, with the price indicating a low momentum downtrend leading RSI to oversold levels in the daily timeframe. The market capitalization of the AR coin is $788,471,917 (+2.88%) and the 24 hour volume of the coin is $17,151,562 (-20.74%)
DOWNTREND OR PULLBACK
Arweave coin is currently moving downwards below the strong resistance trendline. The price is between major levels, i.e., $22 and $27. AR coin price might head as low as $16 if the mentioned support levels in the chart are broken, whereas an up move could be expected up to $32. Currently, the coin price is hovering near $23 and bears to seem in control of the situation. However, the situation can also be comprehended as a pullback.
The 50 EMA (yellow) is above the 200 EMA (white), but both the EMAs do seem to get closer, and a bearish crossover could be expected in the 4-hour timeframe. A bearish crossover at such a position could drive the price lower.
The RSI and ADX seem to develop a downward slope after a spike indicating slow momentum of price leading towards the oversold zone.
Conclusion
The resistance trendline is driving the price lower substantially. However, the support levels could disrupt the downtrend and lead the price to consolidation before another trend starts.
Support – $19, $22
Resistance – $27, $30
