AR Technical Analysis: Will The Uptrend Sustain Within SMAs?

The AR technical analysis shows that the market price exceeds the 50-day SMA and attempts to reach 100-day SMA, projecting a potential price jump of 35% to the $17 mark. Key Technical Points: AR prices have increased by 12% in the last 24 hours. The price action shows a bullish engulfing candle exceeding the 50-day SMA. The 24-hour trading volume of Arweave is $41.36 Million, indicating a rise of 46%. Past Performance of AR The AR price action shows the double bottom breakout surpassing the resistance trendline to challenge the 50-day SMA. After a long week of consolidation, the prices boomed with an overnight increase in demand. The 17% price jump exceeds the 50-day SMA and the $12.50 resistance level as the market recovers. Moreover, the increased trading volume reflects a bullish commitment. Source – Tradingview AR Technical Analysis The AR prices show a 2% drop in the daily candle, which teases a potential difference to the 50-day SMA. Hence traders can expect a short replacement before continuing an uptrend to the 100-day SMA. The MACD indicator supports the idea of a prolonged uptrend as it showcases a bullish trend in motion. Moreover, the resurfacing positive histograms add points to the uptrend continuation theory. The RSI indicator shows a diagonal uptrend reflecting a gradual increase in the underlying bullishness. Moreover, the positive trend in the 14-day SMA increases the likelihood of an uptrend continuation abo...