The Arweave Price action displays a bullish trend continuation on the daily chart but contradicts on the weekly chart.
A morning star pattern emerged, halting a sudden drop and resulting in an intraday growth of 4.50%.
There's a possibility of Arweave surpassed the neckline at $44, signaling a breakout rally.
Sideline traders are keenly observing for an entry opportunity as the inverted head and shoulder pattern suggests a potential breakout, extending the bull run towards the $50 mark.
AR is currently trading at $40.50, with a bullish engulfing candle forming.
AR is currently trading above the 20-day, 50-day, 100-day, and 200-day Moving Averages, indicating potential upside.
However, the weekly chart indicates a bearish trend, hinting at a potential double top reversal.
According to Coingabbar analysis, If the AR price struggles near $50, a reversal could lead to a plunge below $30.
KEY LEVELS :
RESISTANCE LEVEL : $45.000-$50.000
SUPPORT LEVEL : $37.000-$33.000
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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