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The bullish reversal in AKRO prices struggles to surpass the overhead resistance at $0.0060 to restart a bullish phase to drive the prices to $0.0080.
Key technical points:
The AKRO market price has increased 24.92% over the past 24 hours.The price jump sustains above the midline of Bollinger bands.The 24-hour trading volume of Arkopolis is $75.41 Million, indicating a hike of 95%.
Past Performance of AKRO
The technical chart of the AKRO/USD currency reveals a pause in the long-coming downtrend near $0.0030, resulting in a lateral shift in the price trend. Buyers, however, take advantage of the weakening selling pressure and push the trend upward to $0.0050. However, because of the higher price rejection, it is difficult for bulls to keep the market value over the psychological level.
Source- Tradingview
AKRO Technical Analysis
AKRO prices showcase a lower price rejection in the daily candle, indicating a buying pressure ready to surpass the overhead resistance at $0.0060. Furthermore, the increase in trading volume supports the idea of a price jump. After a parabolic reversal in the bottom band at $0.0030, the Bollinger bands begin to rise in a rising channel. Furthermore, the price remains above the midline and finds support, suggesting that an upside extension is possible.
In terms of technical indicators, the MACD and signal lines have avoided a bearish crossover with overnight growth and are approaching the zero line. The resurfacing bullish histograms represent a rise in underlying bullish pressure. And the RSI indicator shows continuous bullish attempts to overcome and sustain above the mid-level, but the uptrend faces opposition from the 14-day average line. Hence, the technical indicators showcase a bullish uprise challenging formidable bearish powers. In a nutshell, the AKRO technical analysis shows an increase in buying pressure that may shortly result in a bull run.
Upcoming Trend
If buyers break above the $0.0059 resistance, a bull run to $0.0079, accounting for a 35% growth, seems inevitable. However, the breakdown of $0.0050 will nullify the bullish hypothesis and result in a price fall to $0.0032.
Resistance Levels: $0.0060 and $0.0080
Support Levels: $0.0050 and $0.0032
