Arweave (AR) Shows Bullish Patterns—With a Twist; Bitcoin Cash (BCH) Eyes Continued Price Upswing: Watch These Key Levels
Arweave (AR) and Bitcoin Cash (BCH) are presenting unique trading patterns, indicating potential market shifts. While AR displays a mix of bullish and bearish signals, BCH stabilizes, offering a possible buying opportunity.
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Arweave (AR): Bullish and Bearish Patterns
Arweave (AR), according to Coinpedia’s analysis, currently displays a mix of bullish and bearish signals. On the daily chart, an inverted head and shoulders pattern suggests a potential upward trend. This pattern, combined with a morning star formation and bullish engulfing candle at $40.72, indicates strong buying pressure and a possible rally.
Despite this, the weekly chart warns of a double top formation, a bearish signal that could lead to pullbacks. Breaking the $44 neckline is crucial for AR to sustain its bullish trajectory, potentially reaching $100 in 2024. Additionally, surpassing the $50 psychological pivot is vital for confirming the bullish trend and testing higher resistance levels.
However, the bearish weekly chart introduces caution, with a potential downside towards $30 if momentum falters. This high-stakes environment requires careful risk management due to contrasting patterns and high volatility.
According to CoinGecko, the current price of Arweave (AR) is $43.74, representing a 6.75% uptick in the last 24 hours and a 10.62% increase in the past 7 days. This price is just below the $44 level, which if surpassed, could see the token surge even further.
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Show more +BCH’s Bullish Potential
Coinpedia’s analysis of Bitcoin Cash revealed that BCH was experiencing a period of sideways consolidation around $400, indicating market indecision. However, technical signals suggested a possible bullish resurgence.
BCH’s price had reversed from the 50% Fibonacci level to test the 23.60% level, highlighting key technical thresholds. Despite bearish pressures, an intraday recovery of 0.77% showed a slowdown in bearish momentum, setting the stage for a rebound.
The expected golden crossover between the 50 and 200 weekly EMAs could boost bullish sentiment. Additionally, the RSI pulling back from the overbought territory while staying above the mid-line suggests easing selling pressure.
The proximity to the $400 level, coupled with the 23.60% Fibonacci level, forms a strong support confluence, enhancing the chances of a bullish trajectory. However, a breach below $400 could lead to a retest of lower support around $250, adding a note of caution.
Bitcoin Cash, at press time, trades at $457.41, showing a 6.27% and a 1.93% rise over the past day and week, respectively. This means that that token has already rebounded.
Arweave (AR) presents a mix of bullish and bearish signals, with upside potential if key resistance levels are breached. Conversely, Bitcoin Cash (BCH) market trends show potential for a bullish momentum.
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