AR Technical Analysis: Will It Breakout Above $65 Mark?

AR token price rises higher with increasing buying pressure. The crypto asset may soon rise above the crucial resistance level of the $65 mark.

Arweave is a network that aims to build a sustainable ecosystem. It introduced “profit-sharing tokens” in June 2020. This allows developers to receive dividends if network transaction fees are generated from an application. It also hosts incubators that support the development of Perma web apps. The “Boost” program offers free storage, access to the Arweave staff and investors from the industry.

Past Performance of Arweave

On September 22nd, AR coin price finds demand near the crucial support level of $34, evident by the lower price rejection tails. A growth of more than 45% is seen in AR crypto, resulting in the breakout of the $50 mark. AR token price may soon rise above the $65 mark after the breakout retest.

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AR Technical Analysis

AR crypto is currently at $51.62 as of the writing of this article. However, it has seen a drop of 0.47% within 24 hours. This suggests that the AR coin price could be heading in a bearish direction as a retest of the bullish breakout. 

The sudden increase in buying pressure from the $34 level may soon drive the price higher above the $65 mark. As a result, investors can observe a growth of 20% to 40% in the upcoming days. 

The token price is rising higher than the 50-day EMA after finding demand near the 200-day EMA. Furthermore, the EMAs maintain the bullish alignment that will provide support during retracements.

MACD and signal lines on the daily chart may soon provide a bullish crossover as the MACD line rises higher. Furthermore, the intensity of the bearish histogram weakens, indicating a bullish reversal.

The slope of the RSI indicator is currently below the daily charts’ central lines. RSI support decreased to 44% after facing rejection from the central lines. The slope continues to slide in an attempt to get into oversold territory.

Day-Ahead & Tomorrow

AR token price rises after finding tremendous growth in buying pressure near the $34 mark. Investors can observe growth to $65 or even above if the bullish pressure sustains.

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