Arweave Price Analysis: AR Investors Barely Attempt to Hold above $30 After the Dump 

• The price of the Arweave coin is rising after having formed a low in the past six months and suggests a V-shaped recovery.
• The AR investors are trying to hold the current price above the half-line of the Bollinger Bands indicators over the daily price chart. 
• The AR/BTC pair price is trading in the green zone by 7.4% at 0.0007646 satoshis.

After reaching an all-time high of $90.94, the Arweave coin price is under pressure. During the correction period, the AR coin’s price fell by approximately 62%. AR Crypto’s price action over the last few days reflects higher-lows and consolidates near price higher (as shown in the graph) before a sharp selloff. Simultaneously, shareholders have recently tried to drive the cryptocurrency price higher, with price action indicating a V-shaped recovery.

Since last week, the Arweave coin price has been showing bullish signals, and the coin has recovered roughly 46% of its value up to the weekly high. At the time of writing, the price of AR token is up 2.63% to $31.68. The AR/BTC pair price is 7.4 percent higher than the bulls at 0.0007646 satoshis, and the AR price, when combined with the Ethereum pair, is 0.1162 ETH.

The AR coin price recovered sharply from the lower verge of the Bollinger bands indicator on the daily price chart. At the time of writing, bulls are struggling to keep the crypto price above the half-line (50-mark). However, trading volume for Arweave coin increased by 29 percent in the last 24 hours. In the meantime, the daily volume bar is lower than the average line. In addition, the volume-to-market-capitalization ratio is 0.05868.

Arweave Investors are Preparing for the Bullish Momentum

Source: AR/USDT by tradingview
The Arweave coin price demonstrates the fast rebound from the previous low, which might work as critical support, and the $40-mark is the ideal level for the bulls’ short-term resistance. As per Fib retracement, the currency’s current price is barely above the 0.236-level; bulls should wait for the daily price candle to close above it.

The daily RSI is approaching the half-line (50-Mark) over the daily price chart, reflecting the sideways momentum. Meanwhile, the Stoch RSI is into the overbought territory (K is at 79-mark and D is at 87-mark).

Conclusion
For the bullish momentum, bulls have to push the price higher above 0.236-level of Fib retracement. Then $40 only remains the vital bullish hurdle of the short-covering.

Resistance level- $40 and $50

Support level- $23 and 20

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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