Technical Analysis $AR June 3, 2024

Arweave (AR) rebounded from the 50-day SMA ($37.58) with strength, suggesting strong buying at lower levels.

Bulls are likely to face stiff resistance in the $47.51 to $50 zone, but the rising 20-day EMA ($41.84) and RSI in the positive zone suggest the path of least resistance is in the right direction. go up. A break above $50 would complete the inverse head and shoulders pattern, opening the door to a new uptrend. The target of this setup is $72.

Conversely, if the price falls from the upper zone, it will signal that the sellers are not giving in. The AR/USDT pair could slide down to the moving averages, which are likely to act as strong support. Sellers will have to drag the price below $36 to gain control.