With the altcoins awaiting a boost in a bullish trend, the underlying shift in sentiments results in interesting price patterns. The AR price action shows a bullish trend continuation in the daily chart, but the weekly chart contradicts it.
Will the short-term reversal and the growing demand overcome the fate of the weekly chart? Can AR prices give a breakout rally to reach $100 this year? Find out more in our AR price prediction, which suggests a prolonged uptrend.
Arweave Price Performance
With a morning star pattern to halt the sudden drop, the AR price shows an intraday growth of 3.94%. This increases the possibility of Arweave surpassing the neckline at $44 for a breakout rally. Hence, the sideline traders are eagerly waiting for a boost in this altcoin for a breakout entry opportunity.
Tradingview
The inverted head and shoulder breakout rally will prolong the bull run in the altcoin prices to reclaim the psychological mark of $50. Currently, the AR price trades at $40.72 with a bullish engulfing candle under formation.
However, the weekly chart depicts a bearish price trend at play, warning a double top reversal. As the AR price struggles near $50, a reversal could plunge the altcoin under $30.
Technical indicators:
RSI: The daily RSI line shows an upward journey approaching the overbought zone, reflecting growth in underlying demand.
EMA: The crucial 50D and 200D EMA maintain a positive track record to provide dynamic support for the altcoin.
Will The AR Price Cross $50?
As the altcoin forms a bullish candle, the bull run possibility in the Arweave price trend is increasing. Hence, the AR price could skyrocket beyond the $44 resistance zone this week to reach $50. Optimistically, an uptrend continuation could test $65.
However, for a prolonged uptrend, the altcoin must sustain above $50 this week. Otherwise, the crypto price could drop down to $30.
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