For this specific analysis of Arweave, we are using the symbol ARUSDT on the OKX exchange.
The idea is on the 1D time frame as today AR broke above the 1D MA200 (orange trendline), for the first time ever! Just it’s bigoutbreak but it is not the only one. Today the price also broke the lower highs trend line that started at the high on Jan 04 and kept the token in the Bear cycle. We can say that today was the first step in establishing the new bull cycle.
Supports 1D MA50 (blue trendline), 1WRising steadily since June 19 bottom and we’re 4 hours past it Crossing (crossing 4H red MA50 above 4H yellow MA200). It’s normal to see a pullback now, firstly because of profit taking and secondly because the price has been hit Formed on July 18 and July 31. Rejection may trigger a retest of the 1D MA50 as support. close above More importantly, the ascending (gray) channel that appears to have developed may target the next resistance, the high of 42.00 Apr 04.
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