AR Technical Analysis: Bulls Ready To Outburst Falling Wedge
Key technical points:
Past Performance of AR
AR coin price continues the downtrend after testing the 50-day EMA with the bullish reversal from $32. However, the bearish EMA pushes down the trend in a falling wedge fashion accounting for a 25% last fortnight. Finally, the prices consolidate near the $26 mark, a bullish engulfing forming with a real-time growth of 6%.
Source-Tradingview
AR Technical Analysis
As buyers hold the $26 mark despite the falling crypto market, AR prices are ready for a bullish breakout. First, however, buyers must wait for a price action confirmation to avoid a bull trap.
The increasing gap between the bearishly aligned daily-EMAs displays a substantial underlying bearishness ready to keep the bullish growth under check. Hence, the falling EMAs will act as a dynamic resistance.
MACD Indicator: The MACD and signal lines continue to fall in the negative territory but show a bullish crossover attempt. Hence, a crossover will light a bullish entry signal.
RSI Indicator: The sideways trend in the nearly oversold zone gradually spikes higher to surpass the 14-day average and potentially test the halfway mark.
In a nutshell, the AR technical analysis displays a high likelihood of buyers breaking the falling wedge pattern.
Upcoming Trend
The upcoming trend will reach the $30 mark if buyers surpass the resistance trendline and manage to close above it. Furthermore, if buying pressure sustains, a rally to the 200-day EMA at $35 is plausible.
Resistance Levels: $30 and $35
Support Levels: $26 and $23