As the bullish momentum in the market exhausts in the middle of the week, many altcoins are returning to the nearest support levels. Amidst this spring of correction, the AR price is failing to surpass a multi-contact reversal zone.
With Bitcoin reverting to the $62,300 support, will altcoins crash this weekend? Will the Arweave token price survive the correction wave to reach $100 this year? Find out more in our AR price prediction, which suggests a prolonged uptrend.
Arweave Token Price Performance
Last night, the AR price dropped 4.96%, forming a bearish engulfing candle due to extreme supply at $44. The price drop led to an evening star formation at crucial resistance, teasing a continuation of the downfall. Nevertheless, the altcoin price has remained positive in the last seven days, with an overall return of 27%.
With an evening star at $44, the AR price warns of a downfall to the next support zone of $30. However, the consolidating price action between $44 and $20 suggests an inverted head-and-shoulder pattern.
Currently, the AR price trades at $38 with an intraday growth of 0.60%. In case of an early reversal from $35, the altcoin price could skyrocket this month for a bigger move.
Technical indicators:
MACD: The MACD and signal lines are rising higher in the positive territory, but a gap shortening warns of a crossover.
RSI: The daily RSI line shows an upward journey approaching the overbought zone, reflecting growth in underlying demand.
Will The AR Price Cross $44?
With the overnight drop, there are only slim chances of AR price crossing the $44 resistance zone this week. However, with the promise of an inverted head and shoulder pattern, the altcoin could bounce back this month for another breakout attempt.
As per the trend-based Fibonacci levels, the Arweave token price could reach the 1.618 Fibonacci level at $87.