A bearish pullback in the AR price trend during the market recovery reveals an underlying weakness in Arweave. The downfall in the altcoin fails to surpass the $50 psychological milestone as the bearish takeover cracks under $40.
Will the downtrend continue in the Arweave token price for a break under the 50D EMA? Will the altcoin price manage to regain bullish momentum to reclaim $50? Find out more in our AR price prediction.
AR Price Performance
The daily price chart highlights the failed bullish attempt to surpass $50 with the $42 zone breakout. With a brawl at $48, the higher price rejections reveal a strong overhead supply, resulting in a bearish turnaround.
Tradingview
With massive bearish candles cracking under crucial resistance turned support zone $42, the dynamic support of 50D EMA is under test. As the average line leads to consolidation, the rising supply warns of a downfall in the altcoin prices.
Currently, the AR price trades at $37.36 with an intraday fall of 4.31%, cracking under the average line. Further, the bearish engulfing candle with the higher price rejection warns of an extended downfall.
Technical indicators:
RSI: As the AR price consolidates at the 50D EMA, the daily RSI line shows a sideline trend near the halfway line.
Will Arweave Token Price Hit $50?
With the bearish candle cracking under the 50D EMA, the chances of a bullish recovery in the AR price trend are slim. Further, as per the trend-based Fibonacci level, the breakdown under the 50% level at $42 might halt at the 38.20% Fib level at $33.
Optimistically, a bullish turnaround from the 50D EMA or the $33 support, the altcoin price could surpass $42 for another challenge to the $50 milestone.
Also Check Out : 1inch Network Surges 15% This Week! Will 1INCH Price Hit $0.5 This Week?
