Arweave Price Analysis: Amid Crypto Wide Correction AR Eyes 30% Gain

Arweave (AR) coin displays a short-term downtrend in its technical chart. So far, the price is down to $36.24 support, and after obtaining sufficient support from this level, the coin indicates hints for the recovery phase. The coin seems ready to challenge the overhead resistance of $50, which holds the key for a potential 30% growth. 

Arweave/USD Daily Time Frame Chart

Source- AR/USD chart by Tradingview

Past Performance or Trend

The AR coin rally entered into a usual correction phase after making a New All-Time High of the $91 mark. However, this retracement extended more than what was expected and plugged the coin to the $36.24 mark, indicating a 60% loss. 

AR Coin Hints Bullish Reversal From 200 EMA Support

On December 15, the AR coin price bounced from the $36.5 mark with a morning star candle pattern. This little price jump managed to breach a descending resistance trendline, which carried the correction phase from the start. The coin provided a strong follow-up candle displaying a V-shaped recovery in its chart.

However, the coin price is currently retesting the overhead resistance of the $50 mark with the hope of a bullish breakout. Reclaiming this crucial resistance, the coin price could rally more than 30%, i.e., till the $66.5 mark.

On a contrary note, if the price fails to overcome the $50 EMA line, the correction phase would continue, and the price could drop back to the $36.2

AR/USD 4-hr Time Frame Chart

Source- AR/USD chart by Tradingview

Technical Indicators

The daily Relative Strength Index(45) displayed an impressive recovery similar to the coin’s price action. However, its line is still below the neutral zone, maintaining a bearish sentiment.

The AR coin price is still moving above the trend defining 200 EMA, sustaining a bullish trend in the price.

As per the traditional pivot levels of the 4-hr chart, the coin traders can expect the nearest resistance for the AR price at $48, followed by $54.5. As for the opposite end, the support levels are $43.7 and $37.4.