Arweave's price surged by 20% in the past day compared to Bitcoin.
Despite a bearish trend earlier in the week, AR token exhibited a strong bullish reversal, signaling increased buying pressure.
A long bullish candle formed on the daily chart yesterday, indicating significant buying pressure.
The 50-day Exponential Moving Average (EMA) shows a bullish convergence, indicating a positive outlook for the altcoin this week.
MACD shows a consistent green histogram, signaling a strong positive movement.
The Relative Strength Index has just edged above the neutral 50-point mark.
If the market sustains above $33.50, bulls may push for $38.00 and then $48.00 resistance levels.
According to Coingabbar analysis, Conversely, a trend reversal would lead to loss of bullish momentum, potentially causing Arweave to test its support level at $28.00, followed by $22.00.
KEY LEVELS :
RESISTANCE LEVEL : $38.00-$48.00
SUPPORT LEVEL : $28.00-$22.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
