Today our focus is on Arweave (ARUSD). Buyers, for now, have pulled back most of yesterday’s losses and continue to push at a possible engulfing bar pattern. Last month, price was supported by news 17M was raised to help make Arweaves data storage blockchain more usable.
Up until today, thing’s haven’t been the best for Arweave, with the last four weeks of trade being lower. A shift has started this week, and we can see buyers trying to pull back from losses. Pattern focus, for now, remains on the daily. Today’s candle is close to forming an engulfing bar which sits just above a level of demand.
A fair bit of pressure remains on today’s bar. We really want to see a firm close that really needs to beat yesterday’s open or high, and we would prefer to see a close above yesterday’s high, confirming the bar pattern. A close at that point should also lift the CCI above the 0, moving back into a bullish area and set up a break of the current downtrend.
If those are achieved by the end of today’s NY session, we could be seeing a new up-leg developing. If price retraces today and closes below $27, that would cancel out the engulfing idea. If heavy selling resumes, a break of the demand area would suggest that the current downtrend has further to run. If we do see a new move higher get going, we have marked two levels of potential resistance, but we would think that key resistance could be the first real test if reached.
The post Crypto News: Arweave, rally watch as buyers clear $27 appeared first on Eightcap.