Recent developments have seen significant price plunges in Arweave (AR) and Stacks (STX). Arweave, a decentralized storage platform, saw a sharp decline of 19.60%, breaking down from an ascending channel and encountering resistance at $34.
Similarly, Stacks, a blockchain platform facilitating smart contracts on the Bitcoin network, experienced a drop of 13.47%, breaching a descending channel and facing resistance at $2.3.
These downturns reflect broader market movements, with Bitcoin’s recent fall from the $60,000 level to $57,200, showcasing a 7.26% drop in the past 24 hours.
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Arweave Breaks Down from Ascending Channel, Faces Resistance at $34
Arweave (AR) has experienced a significant price plunge, with its value dropping by 19.60% in the past 24 hours. According to our analysis, AR broke down from an ascending channel and faced resistance at the $34 level, leading to its current price of $27.59.
The daily chart RSI (Relative Strength Index) for Arweave stands at 43, indicating neutral momentum. An RSI value below 30 is considered oversold, while a value above 70 is considered overbought. With AR’s RSI at 43, the cryptocurrency is neither overbought nor oversold, suggesting a balance between buying and selling pressure.
Furthermore, AR is trading below its 200-day moving average (MA) of $16.63. The 200-day MA is a widely used long-term trend indicator, and when a cryptocurrency’s price is below this level, it is generally considered a bearish sign. Arweave’s current position below the 200-day MA suggests that the long-term trend may be unfavorable for the cryptocurrency.
Over the past 24 hours, Arweave has traded between a low of $27.59 and a high of $34.81, showcasing the volatility in its price action.
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Show more +Stacks Breaks Down from Descending Channel, Faces Resistance at $2.3
Stacks (STX) has also experienced a significant price drop, with its value falling by 13.47% in the past 24 hours. Our analysis reveals that STX broke down from a descending channel and faced resistance at the $2.3 level, leading to its current price of $2.01.
The daily chart RSI for Stacks stands at 31, indicating an oversold condition. An RSI value below 30 suggests that the cryptocurrency may be undervalued and could potentially experience a price bounce or correction in the near future.
Moreover, STX is trading slightly above its 200-day moving average (MA) of $1.82. While this suggests that the long-term trend may be favorable for Stacks, the recent price drop and oversold RSI condition warrant caution.
In the past 24 hours, Stacks has traded between a low of $1.93 and a high of $2.33, highlighting the cryptocurrency’s price volatility.
Bitcoin’s Downturn: The Primary Reason for the Slump
The recent downturn in Bitcoin is the primary reason for the slump in both Arweave and Stacks. BTC broke down from the $60,000 level and is currently trading at $57,200, experiencing a 7.26% drop in the past 24 hours.
Bitcoin’s price movements often have a significant impact on the broader crypto market. When BTC experiences a downturn, it is not uncommon for altcoins, such as Arweave and Stacks, to follow suit.
Over the past 24 hours, Bitcoin has traded between a low of $56,555.29 and a high of $61,774.10, showcasing the volatility in the cryptocurrency market.
A combination of factors, including their respective breakdowns from ascending and descending channels, resistance levels, and the overall influence of Bitcoin’s downturn, have contributed to the recent price plunges of Arweave and Stacks.
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