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- Arweave Price rejected 50 day ema and hits a fresh yearly low at $6.16
- MACD had generated a negative crossover whereas RSI at 31 which may trigger a relief rally in coming days.
AR/USDT is trading with the mild bullish cues and bulls are struggling to defend the recent lows at $6.16. Currently, AR/USDT is trading at $6.51 with the intraday gains of 1.56% and 24 hour volume to market ratio stood at 0.0287
Will the trend reverse in the favor of bulls ?
On a daily time frame, AR prices are in a strong downtrend and sellers have succeeded to take control over the yearly lows at $7.17. In the past couple of months, AR prices have traded in the range between $8.00 to $12.00 with a bearish bias and have shown manipulative spikes to its bullish traders. Recently in November, bulls attempted to break out of the higher range with strong momentum but it resulted as a trap and prices collapsed back to their previous consolidation zone.
In the past few days, prices had broken down from its yearly lows support zone which triggered the negative sentiment and prices continued its downward momentum. The 200 day ema (green) sloping down indicates trend to remain weak on positional basis and the 50 day ema (yellow) at $8.42 will act as an immediate hurdle in coming days followed by next will be at $10.00. On a lower side, $5.00 will act as a next support for bulls.The MACD had generated a negative crossover indicating bearishness may continue for some more time whereas RSI at 31 denotes oversold level and may trigger a relief rally in coming days.
Temporary rally possible ?
On a lower time frame, AR prices are slipping down while forming lower low swings indicates bears are active on higher levels. Recently, The supertrend indicator had generated a buy signal but prices have not gained any positive momentum so, it better to not expect a relief rally soon but if bulls succeed to trade above $7.17 we may see a short term trend reversal.
Summary
Arweave prices are in a downtrend and likely to face resistance in the recent breakdown level at $7.17. As per technical analysis, prices are weak and do not show any strong signs of trend reversal. So it’s better to avoid buying Arweave at lower levels.
Technical levels
Resistance levels : $7.17 and $8.30
Support levels : $5.50 and $5.00
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 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.
