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ThecoinrepublicUncategorizedArpa Price Prediction: ARA Price Rises 118%...
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Arpa Price Prediction: ARA Price Rises 118% in 4 Days

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Arpa chain is a computation network that enables privacy-preserving smart contracts, data storage, and scalable off-chain transactions. Arpa is the Ethereum coin that powers the Arpa chain.

The token serves existential functions, such as all the multi-party computation members being reimbursed with ARPA tokens for their contribution of computing power. It is also used in data and model usage fees. Token holders with more than a certain amount can vote on suggestions using the tokens.

Recently, the ARPA price broke out from the resistance level of $0.056 on May 22. Since the beginning of 2023, ARPA price has been highly bullish, rising from the low of $0.02597 to the current annual high of $0.1218. The move caused a gain of 367% overall. 

Arpa Price Prediction: ARA Price Rises 118% in 4 Days
Source: ARPA/USDT by Trading View.

Price formed support at the $0.04860 level and began to rise, which led to a breaking of the significant resistance level of $0.056. The candle of 22 May did a break and closed above the $0.056 level, which confirmed the bullish momentum had struck the market. 

The next candle breached the upper wick of the previous and headed, creating the annual high. 

Reason For Bullish Rally in Arpa Price

Arpa Network announced a significant milestone – the release of its TestNet on May 22. The development came after the hard work and dedication of the ARPA team, making an essential step for the project. 

The price has gained approximately 118% since the announcement. The current candle has started to retrace either to form a support to rise further higher or correct the impulse move. 

Buyers should, for the price to again form support before looking for bids, while the sellers should be aware that the Arpa’s price is in strong bullish momentum. 

Will Arpa Price Rise Further? 

Arpa Price Prediction: ARA Price Rises 118% in 4 Days
Source: ARPA/USDT by Trading View.

The cryptocurrency price trades above all major EMAs, indicating a bullish momentum in the price. However, the RSI is at 79.88, residing in the overbought zone, indicating a chance of pullback and trend reversal. 

Firstly, price needs to form a support, after which there will be a confirmation of the direction in which the price might head. If the bears can break the support, then traders can expect further fall in the price and continuation of correction. 

The price is still above the Upper Bollinger Band, suggesting a chance of a pullback. The long/short is 0.99 with 49.95% longs and 50.05% shorts, indicating almost the same pressure from buyers as well as sellers in the last 24 hours. 

Conclusion

The market structure and price action for Arpa is highly bullish, and traders should wait for the price to form a support. The technical indicators suggest a pullback, and Arpa’s price might develop support at $0.10 as it can be considered a strong psychological level.

Technical levels

Major support: $0.1 and $0.09 

Major resistance: $0.1150 and $0.160 

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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