Cryptoknowmics
2022-01-24 10:30:49

AR Technical Analysis: Retest of $35 Brings Bearish Trend Back

The AR coin price shows a solid correction phase in action for the last month. Therefore, the fallout of $28 seems imminent. Arweave is an open-source storage network that aims to provide an unending platform for the preservation of files. AR describes its services as “a collectively owned hard drive that never forgets,” the network predominantly hosts “the permaweb.” It is a permanent, decentralized internet with a range of community-driven apps and platforms. Arweave utilizes an AR cryptocurrency native to the network that is used to compensate “miners” to indefinitely store the information of the network. Let us move ahead to read about Arweave technical analysis. Past Performance of AR The AR coin price shows a correction phase in action with a downfall of more than 50% in the past month. The downfall results in the fallout of the long-standing support zone at $35. The price shows a short-retracement that retests the fallout of $35. Therefore, the selling pressure can drive the price lower to $20. AR/USD Daily Chart AR Technical Analysis The AR coin price shows a downfall of 9% in the freshly forming daily candlestick. Therefore, the increased selling pressure hints at the fallout of the horizontal level at $28. Arweave prices break below the 200-day SMA as the 20 and 100-day SMA gives a bearish crossover. Moreover, the falling 20-day SMA is on the verge of cutting below the 200-day SMA. The RSI Indicator at 30% shows the ...

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