The cryptocurrency market has witnessed a significant price surge for two promising projects, Starknet (STRK) and Arweave (AR). According to data from CoinMarketCap at the time of writing, Starknet’s price has surged by 12.16% in the last 24 hours, currently trading at $1.27. Additionally, Arweave has experienced an 11.90% price increase, with its current value standing at $35.31.
Traders and analysts are closely monitoring the price movements of these cryptocurrencies, and the recent upticks have garnered attention from the crypto community. Ava_Cryptoo, a top trader on the TradingView platform, has provided insightful analysis of STRK’s trajectory.
What you'll learn 👉
Starknet (STRK) Bullish Breakout
Ava_Cryptoo’s analysis focuses on Starknet’s (STRK) price chart, where a falling wedge breakout pattern has been observed in the 12-hour timeframe. A falling wedge is a bullish chart pattern formed by converging downward slanting support and resistance lines. The breakout has been confirmed, indicating a potential reversal from the prior downtrend.
Moreover, the analysis highlights that a retesting process is currently underway. After a breakout, it is common for the price to retest the former resistance line, which may now act as support. Successful retests reinforce the likelihood of a continued upward trend.
Consequently, Ava_Cryptoo anticipates a significant bullish wave of approximately 20% in the coming days for Starknet (STRK). This expectation is based on the observed breakout and the potential for further upward momentum.
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Show more +Arweave (AR) Positive Signs
Analyzing Arweave’s (AR) daily price chart reveals several encouraging signals for a sustained uptrend. Most notably, the asset’s price is currently trading above the 200-day Exponential Moving Average (EMA). Besides, this positioning is a significant bullish indicator, suggesting a robust long-term upward trend.
Source: TradingView
Additionally, the Fibonacci retracement levels provide insight into potential support zones where increased buying activity might occur, driving the price upwards. Should AR surpass the resistance at the 1.618 Fibonacci level, aligning with the $37.681 price point, it could signify a shift towards a more bullish trajectory.
Moreover, the Relative Strength Index (RSI) is in the neutral zone, far from the overbought territory. This suggests that there is room for the price to rise without immediate pressure of being overextended, offering a comfortable position for bulls to drive the price up.
The price recovery and positive AR price movement indicate that buying pressure is present, exciting bulls about the prospects of a continued uptrend. However, the market sentiment remains undecided, providing an opportunity for bulls to take charge and push the trend upwards.
Overall, the analyses suggests that both Starknet (STRK) and Arweave (AR) are exhibiting promising signs of sustained upward momentum. Traders and investors are closely monitoring these cryptocurrencies for potential entry points and further bullish signals.
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