Decoding Arweave (AR) Price Chart On Daily timeframe!

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After the mesmerizing gains of more than 500% gains, from $7.68 on Feb 7th to $47.11 by Mar 9th, the price ended up in a range that looked tilted slightly downwards. The AR price has witnessed price activity move in the wedge for nearly 140 days.

In the wedge, the price had shown 4 attempts to move past the wedge's upper boundary and the resistance zone of $46-$49, but it failed and fell to the lower border of the wedge, at $25-$20 support zone.

Recently, from July 5th onwards, the price showed sustenance and spiked 58% in the past 12 days, in correlation to BTC, while BTC displayed modest growth of 23% in the past 12 days.

At press time, the Arweave (AR) likely headed for the wedge's upper boundary from the lower boundary, where it traded at $31.39 with an intraday surge of 4.36%.

The EMA bands support the price; as it moved past them, MACD showed a histogram at 1.22 and RSI at 63.26. Thus, indicators are bullish.

Therefore, if the momentum continues, the price could extend its gains, while interruption could be present at $35.0 and $40.0, respectively. However, the slippage of gains would give back the steering in the bear's hands, which could drive towards supports at $25.0 and $20.0, respectively.