The AR price action shows a consolidation range within the 50 and 100-day SMA as the price reverses from the $15 mark. Will the downfall reach the $10 mark? Key Technical Points: The AR prices jumped by 9.95% in the last 24 hours. The bullish reversal from the 50-day SMA fails to exceed the $15 mark. The 24-hour trading volume of Arweave is $55 million, indicating a drop of 128%. Past Performance of AR As teased in our previous article, the AR prices break about the 50-day SMA to challenge the overhead resistance of the 100-day SMA close to $17.50. However, the buyers failed to exceed the opposing SMA resulting in a price fall to the $12 mark. Currently, the prices consolidate within the SMAs after the bullish reversal last night, accounting for a price jump of 17%. Source – Tradingview AR Technical Analysis The recent bullish attempt to exceed the 100-day SMA fails as the prices take a bearish turnaround from the $15 mark. Hence, the likelihood of an uptrend continuation decreases with the increase in selling pressure. As said, the prices continuing to consolidate within the SMA will provide a breakout opportunity shortly, which may result in a highly volatile spike in either direction. The bullish reversal in the RSI slope faces opposition from the 14-day SMA, undermining the overnight increase in underlying bullishness. Furthermore, the MACD and signal lines maintain a bearish alignment as buyers struggle to bring another c...
