Arweave (AR) – Completed a bearish Gartley harmonic patternPosted on Thursday, March 10 2022 at 9:16 pm GMT+0000
Arweave (AR) dropped on Thursday, reacting on the 38.00 level, to complete a bearish Gartley harmonic pattern.
The bearish intersection between the 100- and 200-day simple moving averages is supporting the continuation of the latest downfall, and the oscillators are suggesting that the positive impetus is waning. The IMI has deflected off the 70 overbought threshold, conveying that the last upside correction could be coming to an end, while the ROC slumped back to meet the zero line. Of note, the latter has been moving against the market direction over the last couple of days, painting a bearish divergence – a warning that the bulls are running out of fuel.
As things stand, intensified selling pressures could take the price to the March 3rd low at 27.35, overlapping with the bearish target of the pattern. Any violation here could see an extension towards the crucial February 24th bottom at 22.20.
On the other hand, if buyers regroup and lead the price higher, they could face immediate suspension near Wednesday’s high at 38.70. If they manage to surpass this, the next challenging battle could take place around the zone encapsulating the 100-day simple moving average and the February 7th top at 42.05. Running higher, focus would turn to the 200-day simple moving average around 48.80.
All in all, Arweave is still exposed to further downside developments following the completion of the bearish pattern Gartley. Nevertheless, any move underneath the initial target will further worsen the coin’s outlook.