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Pirate Chain Analysis: ARRR Coin Continues The Cup And Handle Formation

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  • ARRR coin forming a cup and handle pattern in the daily chart.
  • The ARRR/BTC pair was trading at 0.00008167 BTC with a gain of 2.08%
  • The 24hr trading volume in the ARRR coin is $1.61 Million
ARRR/USD on Tradingview

The ARRR price action forms the Cup and a handle pattern in the daily time frame. The bullish chart pattern could bring an excellent opportunity for ARRR traders with bullish sentiments, provided the price gives a bullish breakout above the $4 resistance level. Currently, the price shows the $3.94 level as the support of the handle structure of this pattern by forming a second Doji candlestick. The current price of the ARRR coin is $3.94, with an intraday gain of 2.23%

The RSI (BULLISH) value is at 52, indicating a rising underlying bullish sentiment in the coin. In addition, the RSI line shows regaining growth in its value as the price comes to fruition of the pattern.

ARRR Coin Crypto Chart In The 4hr Time Frame

ARRR/USD on Tradingview

The ARRR coin showed a ‘V’ shaped recovery in the 4hr time frame after the price took support from the 200-day EMA support. Currently, the price is at the doorstep of the $3.5 resistance, and a breakout from this level should confirm the price going for the completion of the pattern.

As per the crucial EMA’s, the ARRR coin is in a bullish trendline as the price is trading above all the crucial EMA’s in the daily time frame.

The MACD indicator shows a bullish crossover of the MACD and the signal line, projecting a buy signal for the ARRR trader. 

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Conclusion: From the technical perspective, the overall market sentiment of the ARRR coin is bullish, and both the price action and indicators show a great bullish outlook for this coin. Thus, the ARRR can grab an excellent long opportunity once the price provides a decisive breakout from the $4 resistance level.

Support– $3.1

Resistance– $3.5, $4

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ARRR

Pirate Chain Analysis: ARRR Coin Price Drops Below The Critical Level Of $3.85

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Source- ARRR/USD on Tradingview

The ARRR coin price experienced a remarkable rally, offering excellent traders for the trend traders of the Crypto market. However, after facing strong rejection from the $4.8 resistance, the price entered a retracement phase, which has recently dropped below the crucial support of $3.8. Thus, as the price drops, the sentiment of a minor pullback is slowly turning to a reversal.

The RSI (BEARISH) value is at 44, indicating the bearish sentiment in the coin. Furthermore, the RSI line shows a substantial drop in its value with respect to the coin’s price action, which indicates weakness in the bullish momentum.

ARRR Coin Crypto Chart In The 4hr Time Frame

Source-  ARRR/USD on Tradingview

The ARRR coin has managed to close its candle below $3.85 support in the 4hr time frame chart. However, the chart also shows some long lower price rejection candles below this support level, indicating the intense buying pressure faced by the coin’s price.

Concerning the EMA’s, the coin indicates a bearish trend in the 4hr time frame as the price is trading below the 20, 50, 100, and 200. Moreover, the ARRR coin bears have reclaimed the 200 EMA and show good sustainability below this line.

The MACD indicator indicates a bearish momentum in the coin as both the MACD and signal line are moving below the neutral zone. Moreover, the indicator also shows a bearish crossover of the MACD and the signal line, projecting a sell signal for the ARRR trader. 

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Conclusion: From the technical perspective, the trend for the ARRR coin remains bullish. However, The coin is currently facing a confusing situation due to the bearish outlook on price action and indicators. Thus, ARRR traders can wait for the price to give a proper retest of the breakdown of $3.8 before taking a short entry in this coin.

Support– $3.5

Resistance– $3.8, $4.2

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