AR Technical Analysis: Price May Fall Below the Fibonacci Pivot Point of $26.54


Arweave is a global sustainable hardware built on two innovative technologies – the blockweave which is a derivative of the blockchain and proof-of-access which is a customized proof-of-work algorithm. It is a perpetual and new data storage platform. AR is the prime governance token of this ecosystem. AR technical analysis is as follows:

Past Performance

On April 19, 2021, AR opened at $24.17. As of April 25, 2021, AR closed at $24.85. Thus, the AR price hasn’t risen much in the past week. In the last 24 hours, AR has traded between $24.29-$30.47.

AR Price Analysis

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Day-End and Tomorrow

Currently, AR is trading at $28.87. The price has increased from the day’s opening price of $24.85. Thus, the market seems to be downtick.

The MACD and signal lines have just turned negative. Moreover,  a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, we can expect the AR price to drop further.

The RSI indicator faced rejection at 47% and is currently at 12% – deep into the ‘oversold’ territory. This deep trough created by the RSI indicator implies that selling pressures are extremely high. Thus, like the MACD indicator, the RSI indicator is also pointing towards a further price decrease.

However, the A/D indicator is painting a different picture. The A/D line has sharply risen implying that whale accumulation activity is much higher than whale distribution activity. There is bullish divergence here. Since the other two oscillators have given strong bearish signals, we have to wait and watch the price movement to decipher if the overall market momentum is positive or not.

AR Technical Analysis

As per technical analysis, the price is soon expected to break out of the first Fibonacci pivot resistance level of $28.90. Depending on the overall buying and selling volumes in the market, the price may rise further or fall below the Fibonacci pivot point of $26.54.

The price has tested and broken out of the 38.2% FIB retracement level of $28.11. The price may soon test and break out of the 23.6% FIB retracement level of $29.01. If by day end, the price falls below the 76.4% FIB retracement level of $25.75, then the bears are strong. In that case, the price downswing may continue tomorrow as well.

 
 



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