AR Technical Analysis: Will Buyers Skyrocket Market Price To $18?

AR price action shows a sideways trend close to the $13 support level within increasing lower price rejection candles teasing a potential bullish reversal. Key technical points: The AR price action shows a long-coming resistance trendline. The price action shows a high likelihood of a bullish reversal from $13. The 24-hour trading volume of Arweave is $32 Million, indicating a hike of 12%. Past Performance of AR AR prices showcase a long-term downtrend under the influence of a long-coming resistance trendline for the past two months. The downfall started after facing opposition near the $40 mark above the crucial EMAs, resulting in a dip to $13, where a consolidation range prevented further depreciation. Unfortunately, the consolidation fails to reverse the bearish trend but shows a sideways trend surpassing the resistance trendline. Source- Tradingview AR Technical Analysis The AR prices showcase a long streak of Doji candles near the $13 support level, increasing the chances of a bullish reversal. Hence, traders can expect a reversal rally retesting the overhead resistance at $18. The important daily EMAs (50, 100, 100, and 200-days) are moving downward, suggesting an extended correction phase. Additionally, the MACD and signal lines display a trend in an upward direction. Further, the increase in the buying pressure can be evident in the increasing trend of histograms of bullishness. In addition, it is worth noting that the...