Arweave (AR) Nears Key Demand Zone, Might See Major Upside if It Breaks Out From Descending Channel

According to CoinMarketCap, the Arweave (AR) token has ranked 49th globally in terms of market Capitalization.

Arweave (CRYPTO: AR) encountered a bullish spell from July 5th onwards in resonance with the larger market after a significant price decline. However, that attempt of the bulls was brief, lasting until July 21st, 2024, up to the $34.52 mark.

The significant interruption level at $34.52 stopped bullish acceleration by limiting the gains up to 70% only. Thereon, the encountered hurdle pushed the price downwards to a low on August 5th.

The overall price activity occurred mostly in the declining channel. The lower and higher borders played significant roles in the journey. These dynamic borders also indicated investors’ and traders’ clear perception of the price action.

On X, an analyst shared a similar theory and clarified optimism ahead. As seen in his shared drawing, the analyst indicated a channel. In that channel, he displayed accumulation near a key demand zone.

? #AR Update ?

AR is forming a descending channel and nearing a key demand zone.

We might see a major upside if it breaks out from this pattern! ?

Keep an eye out for potential shifts! ??

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The analyst further believed that we might see propulsion ahead. This can happen if, sooner or later, the price breaks out from this pattern’s upper border (DYOR).

Therefore, as per the analysis, it seems more likely to move from the lower border to the upper one in the short term. Meanwhile, breaking the pattern would lead to a certain new ATH.

So, for AR crypto, the resistance level lies around $29 and $34, followed by the supports at $19 and $15, respectively.

Indicators have shown grown optimism, too, as MACD has converged to a bull cross. The RSI has displayed a recovery back from oversold territory.

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