Arweave has surged by 10.50%, reaching its 52-week high trajectory, indicating a bullish trend on the charts.
Since January 2022, AR's price has approached the $48 barrier and is poised to surpass the psychological resistance level of $50.
Following the formation of a morning star pattern, three consecutive green candles emerged, indicating a rise of approximately 25%.
The rally ensued after surpassing the neckline at $44 of the Inverted Head and Shoulders pattern.
A rounding bottom formation is visible, suggesting a potential sharp upward move soon.
However, the weekly chart indicates a double top formation, a bearish signal that could result in pullbacks.
According to Coingabbar analysis, If Bulls breach the $50 resistance successfully, AR could potentially reach $60-$70 in the short term.
However, if the AR price faces resistance near $50, a reversal might trigger a plunge below $30.
KEY LEVELS :
RESISTANCE LEVEL : $60.000-$75.000
SUPPORT LEVEL : $37.000-$22.000
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.
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