Bitcoin

AR Price Forecast Points to $100 Mark by 2024, Analysts Say

The editor from cryptochronicle.xyz reports that a bullish pattern in AR price is hinting at a $100 price target in 2024. As the market’s bullish momentum wanes mid-week, altcoins are retracing back to support levels. Despite this correction phase, the AR price is struggling to break through a multi-touch reversal zone. With Bitcoin holding at $62,300, the question arises: will altcoins see a crash this weekend? Can the Arweave token price withstand the correction and reach $100 this year? Check out our AR price prediction for insights into a sustained uptrend.

The AR price experienced a 4.96% drop last night, forming a bearish engulfing candle at $44 due to significant supply pressure. This led to an evening star formation at a critical resistance level, signaling a potential continuation of the downward trend. However, despite this drop, the altcoin has posted a positive return of 27% over the last seven days.

On Tradingview, the AR price shows signs of a potential downside to the $30 support zone following the evening star formation at $44. Yet, the consolidation between $44 and $20 hints at an inverted head-and-shoulder pattern. Currently trading at $38 with a 0.60% intraday growth, a reversal from $35 could lead to a significant price surge this month.

Technical indicators such as the MACD and RSI suggest a positive outlook for the AR price. While crossing the $44 resistance zone this week seems unlikely after the recent drop, the potential for a bounce back fueled by an inverted head and shoulder pattern remains. According to trend-based Fibonacci levels, the Arweave token price could target the 1.618 Fibonacci level at $87.

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