Arweave (AR) Breaks Bullish, but Price Must Close Above This Key Level to Sustain Rally; PENDLE Eyes Make-or-Break Support
Arweave (AR) and Pendle (PENDLE) are showcasing notable bullish trends amid recent market volatility. Arweave has transitioned from a macro downtrend to a new macro uptrend, while Pendle has broken out from a descending channel, indicating a potential bullish reversal.
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Arweave’s (AR) Price Analysis
Arweave (AR) has been a consistent feature in Rekt Capital’s newsletter, showcasing a notable transition from a macro downtrend to a macro uptrend. Initially covered near its macro downtrend, AR subsequently broke this trend and entered a new macro uptrend.
AR lately has successfully retested the blue macro downtrend as support. This enabled a transition into a light blue bull flag, from which the price broke out to reach highs. For AR to position itself for a reclaim of the $43-$59 macro range, it must close above the $43 level.
Holding this level as support has historically facilitated range-bound behavior between $43 and $59. The top of the light blue monthly bull flag could play a crucial role in AR’s attempt to secure this range, potentially serving as a volatile post-breakout retest if AR experiences a dip in the coming weeks.
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Show more +PENDLE Price Analysis
Crypto analyst Élodie has been monitoring Pendle (PENDLE), noting its price movements and key levels. Pendle experienced a breakout from a descending channel in mid-May, indicating an upward movement. This breakout was characterized by a strong bullish candlestick, suggesting robust buying interest.
Trend Analysis and Key Levels
Pendle’s price reached a price around $7.00 following the breakout. Currently, the price has pulled back to around $6.26, with the $6.00 level acting as a crucial support post-breakout.
Immediate resistance is at $7.00, where the price faced selling pressure. If Pendle sustains above $6.00 and breaks above $7.00, it could indicate a continued bullish trend. Conversely, falling below $6.00 could suggest a potential bearish continuation, with key support around $4.00 possibly being tested again.
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Market Implications and Future Trends
Both Arweave and Pendle are navigating critical levels that could determine their future trends. For Arweave, maintaining support above $43 is essential for reclaiming the macro range between $43 and $59. For Pendle, sustaining above $6.00 and breaking through $7.00 is vital for confirming a continued bullish trend.
If Arweave closes above $43, it positions itself for further gains within the $43-$59 range. Similarly, if Pendle breaks above $7.00, it could signal a continued bullish reversal from its previous downtrend.
A dip below $43 for Arweave could lead to volatility and potential re-testing of lower levels. For Pendle, falling below $6.00 could re-enter the descending channel’s range, suggesting a bearish continuation with possible testing of the $4.00 support level.
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