AR Technical Analysis: Will Buyers Skyrocket Market Price To $18?
Table of contents
Key technical points:
Past Performance of AR
AR prices showcase a long-term downtrend under the influence of a long-coming resistance trendline for the past two months. The downfall started after facing opposition near the $40 mark above the crucial EMAs, resulting in a dip to $13, where a consolidation range prevented further depreciation. Unfortunately, the consolidation fails to reverse the bearish trend but shows a sideways trend surpassing the resistance trendline.
Source- Tradingview
AR Technical Analysis
The AR prices showcase a long streak of Doji candles near the $13 support level, increasing the chances of a bullish reversal. Hence, traders can expect a reversal rally retesting the overhead resistance at $18. The important daily EMAs (50, 100, 100, and 200-days) are moving downward, suggesting an extended correction phase. Additionally, the MACD and signal lines display a trend in an upward direction. Further, the increase in the buying pressure can be evident in the increasing trend of histograms of bullishness.
In addition, it is worth noting that the RSI indicator also shows a sideways blip in the uptrend following the rejection close to the halfway point. In a nutshell, the AR technical analysis projects a high possibility of a bullish reversal reaching the $18 mark.
Upcoming Trend
AR buyers can observe the market value sustaining above the $13 mark and increasing to reach the overhead resistance at $18, accounting for a 40% price jump.
Resistance Levels: $15 and $18
Support Levels: $13 and $9