• The market goes stagnant as it witnesses no major movements.
• The price reaches $10, marking initial stages of the trendline. 
• Users await for breakout or breakdown.

The market experiences no major movements as the buyers and sellers go absolutely cold amid the turmoil. The coin is hit by the domino effect of the debacle of FTX. It isn’t easy to maintain the same levels of trust and loyalty amongst the users. Silent responses to the amends or promotions discourage the masses as it seems ineffective in the current crisis. 

The char-t-ale

The price forms the initial stages of an uptrend. The price reclaims the 20-day SMA and will soon reach the 50-day SMA. The coin also witnesses heavy buyers and sellers participating in the market, keeping the market at balance. Soon it may witness a steady upward slope as it may recover from the fiasco and try to manage its market conditions. 

The price trend indicates an upward-sloping pattern. The MACD indicator moves closer to converge. It may tangle after converging with the signal line below the MACD line. The market is neutral, with buyers slightly more active than sellers. The RSI indicator moves in the neutral bounds and may move to the 50-60 range, with buyers slightly active. 

The 4 hour POV

The uptrend is maintained and is awaiting either breakout or breakdown. The MACD indicator moves akin to the signal line and records a thread of purchases happening. It may diverge in order to mark the uptrend. The RSI indicator escalates closer to 60-mark. It may reach the range of 60-70 soon and may even reach the bounds of 70-mark.

Conclusion

The price conditions for AR are in a dilemma, with the trend line forming and needing to provide proper signals. It may be successful in forming an uptrend or fail to pursue the ongoing trend. Either way, the users are eager for what the future holds. In either condition, the forces will find ways to benefit and balance the market. 

Technical level

Support levels: $8.23 and $7.16

Resistance levels: $11.20 and $15.56

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew Smith

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.