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•AR/USD is currently priced at $13.04 and has decreased by 11.66% over the past day
•The trading volumes have decreased by 21.73% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Will Arweave bulls come into action now?
The Arweave price today is $13.04 USD with a 24-hour trading volume of $37,836,388 USD. Arweave Coin is down 11.66% in the last 24 hours. The trading volumes have decreased over the past day as the altcoin is struggling to attract buyers at the current price levels. The Volume to Market Cap Ratio stands at 0.08687 for the altcoin.
Arweave Coin is trading significantly below its all-time high of $90.94 which it reached on Nov 05, 2021, as the bears have quashed the bullish efforts since the turn of the year. Arweave is currently stuck in a downtrend as it trades below the 20,50 SMA on the four-hour chart. The bulls will now be looking to defend the support level placed at $12.50. A continuation of the downtrend as the result of the continued hold of the bears in the market would culminate in the Arweave price falling below the support level placed at $12. On the flip side, the resistance for Arweave resides at $14 in the event of the bulls staging a comeback.
Long Term View for Arweave Coin
The rise in bearish activity for Arweave has pushed the RSI line below the 14-day average line. The RSI indicator is currently hovering at 37.40 and the threat of bears looms large for the altcoin. The green histograms have lost some of the bullish momentum with a fall in size witnessed on the daily MACD chart. Moreover, the MACD and signal lines are transacting in the negative zone as well, which lends credence to the bearish argument for Arweave.
Conclusion
The impending rise in selling pressure has brought the upside to a halt for now after Arweave Coin experienced a few hassle-free days. Hence, a downtrend can be expected in the asset in the near term.
Support: $12.50-$12
Resistance: $13.50-$14
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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