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- The Arweave coin is looking range-bound for the past two days after reversing for the vital support level of $10.
- The vital EMAs such as 20,50,100 and 200 are well above the current price of AR crypto in terms of the daily price chart.
- The AR coin along with the Bitcoin pair is observing bullish by 3.5% at 0.0005013 Satoshis.
Arweave currency was unable to withstand selling pressure, recording its yearly low at the level of the conceptual round of $10. Nevertheless, after reaching an all-time high of $90.94, the AR currency has continuously underperformed. During the collapse period, the AR token’s price plummeted by about 90%, reaching a 2022 low of $9.8 on May 12.
April was the worst month for AR investors as AR Crypto showed lower-lows and lower-highs, and formed a descending parallel channel (white) on the daily price chart. Arweave coin has been looking range bound for the past two days after reversing the crucial support level of $10.
At the time of writing, AR coin is trading at $14.9 mark and has slightly improved in intraday trading session. According to CMC, it is going to see $500 million with 5.06% gain in the last 24 hours. Furthermore, the AR coin with the bitcoin pair is seeing a gain of 3.5% at 0.0005013 satoshis.
Important EMAs like 20, 50, 100 and 200 are well above the current price of AR crypto in terms of the daily price chart. However, the trading volume declined by 11.3% in the last 24 hours.
RSI again headed toward the extreme oversold territory
In terms of the daily price chart, the RSI for AR coin is again moving towards the highly oversold area. Despite the range-bound market, the ADX indicator continues to gain momentum showing a solid bearish trend.
Conclusion
The $10 conceptual round level appears to be an important hedge zone for Arweave investors. More bleeding can occur if they lose this important area.
Resistance level- $20 and $40
Support level- $10 and 8.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
