Arweave (AR) Rallies By Over 60%; Levels To Watch For Price Continuation

  • AR’s price shows much strength after breaking out from its long downtrend movement.  
  • Volume was high in AR trades, as the price eyed a rally towards $27. 
  • AR’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA) but faces resistance at 200 EMA.

As the Arweave price rose from $8 a week to $90 a month ago, it showed remarkable price action. There has been some relief for all crypto assets. Bitcoin (BTC), showing incredible traction and rallying, is dragging the market. As the AR price continues its great price movement, Arweave has (AR) enjoyed the relief bounce. Data from Binance

Weekly Chart: Arweave (AR), Price Analysis

Many altcoins have continued to show over 2000% growth over the last week, breaking free of range bound movement. This is a sign that many people believe there may be more hope in the cryptocurrency space. 

For some altcoins like AR rallying which has over 60% in just 24 hours shows the volume and price action of buy orders.

AR’s price has fallen from its peak of $90 months back. There is little or no chance of it rebounding. AR took advantage of this relief bounce and there were more in the crypto market.

AR’s price traded at $8 on its weekly chart. The price quickly rebounded and reached $15, as it looked more bullish.

Weekly resistance for the price of AR – $16.

Weekly support for the price of AR – $8.

Prices Analysis of AR on the Daily (1D), Chart

Source : ARUSDT on| Source: ARUSDT On

AR’s daily price is still strong, as bulls work to maintain the price at or above its $10 support level. They also provide strong support that helps to keep sellers away.

AR trades currently at $15.15. This is just below its daily support after it successfully rallied and broke out of the descending triangle. 

AR’s price continues to be strong but it needs to reclaim 200 EMA. This resistance is currently pushing the price down to $27. AR may rally further if it breaks the region’s 200 EMA mark.  

Daily resistance for the AR price – $16.

Daily support for the AR price – $10.

Invezz Featured Image, Charts from Tradingview

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