A Bullish Story Unfolds in AR Price, 50% Upside Potential
The post A Bullish Story Unfolds in AR Price, 50% Upside Potential appeared first on Coinpedia Fintech News
As the altcoins market takes a bullish 180, the Arweave token writes a comeback story to challenge the $50 psychological barrier. The AR Token price has increased by 61% in the last 19 days and is heading for the $44 barrier.
With Bitcoin crossing above $63,000, altcoins like Arweave manage to siphon additional momentum from the broader market. Will the bullish revival help the altcoin cross above $50 for a new 52-week high? Find out more in our AR price prediction, which suggests a bull run in 2024.
Arweave Price Performance
With a 13% overnight jump, the AR price forms a bullish engulfing candle in the 1D chart. The altcoin price has increased by 42% in just four days from the bottom of $29 to $41 last night. However, the intraday fall of 2.66% drops the current market price to $39.55.
The bounce back in AR price is heading higher to challenge the $44 supply zone and prolong the sideways trend. With a new bull cycle in the consolidation range, the breakout chances have increased for the altcoin.
Further, the morning star pattern formed at the $29 base support bolsters the possibility of an uptrend.
Technical indicators:
MACD: The bullish trend in the MACD and signal lines reflect the underlying rise in demand. Further, the increased demand leads to rising bullish histograms in the MACD indicator. This supports the bullish breakout possibility, which could surpass $50.
Will The AR Price Cross $44?
With multiple rejections at the $44 supply zone, the bearish dominance is crystal clear. However, the ongoing reversal aligns with the broader market recovery in the post-halving stage. This increases the possibility of a breakout and might potentially surpass the $50 psychological mark.
As per the trend-based Fibonacci levels, the AR price could reach the 1.618 Fibonacci level at $87.
