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- 1 ARK currently trades at $0.499218 with a loss of -21.21% during the intraday trading session.
- 2 ARK trades above the 20, 50, 100, and 200-day exponential moving averages.
- 3 The year-to-date return of ARK is 111%.
ARK price has been forming a bullish candle and showing a remarkable surge for the last nine days, surged more than 170%. The cryptocurrency’s price surged from the low of $0.26. After the support formation at $0.26, ARK price commenced a bullish rally and shattered the major resistance level of $0.35.
However, the current candle has declined strongly today by 21.21% indicating that the price is slowly entering into a corrective state. ARK price strived to shatter the annual high of $0.83560 but the move was halted as soon as the price reached $0.708600.
The current candle is strongly bearish, showing that bears have started to enter the market. ARK price needs to form a strong support and regain bullish momentum to continue rising. Bitcoin, the market leader, has also declined significantly today, which has turned all the altcoins bearish.
If bulls enter the market and successfully form support at $0.50, the cryptocurrency’s price might regain bullish momentum and potentially shatter the resistance level of $0.63500. $0.50 is a robust psychological level and might hold the price.
On the other hand, if bearish momentum persists, ARK price might decline to the support level of $0.26, the same level from where the bullish rally began.
The combined market capitalization of the crypto market has declined by 1.47% at the time of writing, reaching $1,070,924,102,710. The 24-hour trading volume of the whole crypto market has increased by 7.91%.
What Caused a Massive Spike in ARK ?
The primary reason behind the massive rally came after several cryptocurrency exchanges listed ARK. This new listing allows traders to go long or short on ARK with leverage using USDT pairs.
Other exchanges like BingX and OrangeX have also added ARK trading pairs, further boosting liquidity. After the new listing, ARK quickly became a top trending currency on CoinMarketCap. On 19 September, ARK was the biggest gainer among the top 200 cryptocurrencies.
Will ARK Price Melt To $0.26?
The cryptocurrency price trades above 20, 50, 100, and 200-day exponential moving averages, indicating that there is still a strong confluence of bulls over the price. Chaikin money flow score has been trading below the 0 mark since 11 July and currently trades at -0.04, indicating slight weakness in the market.
The relative strength index has left the overbought zone and is at 63.95, indicating the start of the pullback and corrective phase. The long-short ratio is 0.922, with 47.98% longs and 52.02% shorts, suggesting a higher position of sellers in the last 24 hours.
Conclusion
ARK’s market structure and price action show that the trend is shifting to bearish, and the cryptocurrency price has entered into a corrective state.
Technical Levels
Major Support: $0.26 and $0.23
Major resistance: $0.63500 and $0.7000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
