Arweave makes an impressive 94% comeback after losing more than half of its value!
Arweave (AR) has been selling off after reaching its all-time high at $34 on April 1st. The token sold off more than 50%, reaching lows of $16. However, after touching the $17 support, it quickly got up on its feet and rose 94% in just four days!
Arweave’s Trend
At first glance, AR’s trend looks unpredictable and choppy. The coin can range for a long time and then suddenly have a strong and aggressive uptrend.
While this trend may be challenging for new traders, it is actually one of the easiest patterns to trade for experienced traders as AR respects its support and resistance levels precisely. The token bounces up or down in accordance with its support or resistance level, and it does so almost immediately. The same is true for when a breakout occurs. It is usually swift and violent.
As a result, trend-following indicators tend to perform poorly on Arweave, even on the lower timeframes. However, momentum oscillators such as the RSI, Williams %R, or the Stochastics may work well, as the buy signals from these oscillators may coincide with support areas.
Arweave (AR) has been selling off after reaching its all-time high at $34 on April 1st. The token sold off more than 50%, reaching lows of $16. However, after touching the $17 support, it quickly got up on its feet and rose 94% in just four days!
Arweave’s Trend
At first glance, AR’s trend looks unpredictable and choppy. The coin can range for a long time and then suddenly have a strong and aggressive uptrend.
While this trend may be challenging for new traders, it is actually one of the easiest patterns to trade for experienced traders as AR respects its support and resistance levels precisely. The token bounces up or down in accordance with its support or resistance level, and it does so almost immediately. The same is true for when a breakout occurs. It is usually swift and violent.
As a result, trend-following indicators tend to perform poorly on Arweave, even on the lower timeframes. However, momentum oscillators such as the RSI, Williams %R, or the Stochastics may work well, as the buy signals from these oscillators may coincide with support areas.