Failed Breakout in AR Price Tests 50D EMA: Is A Fall Imminent?

The post Failed Breakout in AR Price Tests 50D EMA: Is A Fall Imminent? appeared first on Coinpedia Fintech News

A bearish pullback in the AR price trend during the market recovery reveals an underlying weakness in Arweave. The downfall in the altcoin fails to surpass the $50 psychological milestone as the bearish takeover cracks under $40.

Will the downtrend continue in the Arweave token price for a break under the 50D EMA? Will the altcoin price manage to regain bullish momentum to reclaim $50? Find out more in our AR price prediction. 

AR Price Performance

The daily price chart highlights the failed bullish attempt to surpass $50 with the $42 zone breakout. With a brawl at $48, the higher price rejections reveal a strong overhead supply, resulting in a bearish turnaround. 

Tradingview

With massive bearish candles cracking under crucial resistance turned support zone $42, the dynamic support of 50D EMA is under test. As the average line leads to consolidation, the rising supply warns of a downfall in the altcoin prices. 

Currently, the AR price trades at $37.36 with an intraday fall of 4.31%, cracking under the average line. Further, the bearish engulfing candle with the higher price rejection warns of an extended downfall. 

Technical indicators:

RSI: As the AR price consolidates at the 50D EMA, the daily RSI line shows a sideline trend near the halfway line. 

Will Arweave Token Price Hit $50?

With the bearish candle cracking under the 50D EMA, the chances of a bullish recovery in the AR price trend are slim. Further, as per the trend-based Fibonacci level, the breakdown under the 50% level at $42 might halt at the 38.20% Fib level at $33.

Optimistically, a bullish turnaround from the 50D EMA or the $33 support, the altcoin price could surpass $42 for another challenge to the $50 milestone. 

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