Top analyst World of Charts updated his followers on X (formerly Twitter) about Arweave’s (AR) recent price action. He noted that the token has recently completed a breakout and retest, indicating potential bullish momentum.
However, the Arweave chart shared alongside the tweet highlights a descending wedge pattern, a commonly observed bullish reversal indicator, suggesting AR’s price could soon push toward $57.
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Arweave Chart Analysis: Breakout and Retest Confirmed
The Arweave’s (AR) chart shows a descending wedge pattern. This pattern typically appears during downtrends, indicating a potential upward reversal once the price breaks above the upper trendline.
In this case, the breakout is confirmed as AR successfully moved above the wedge, breaking the previous resistance. Afterward, the asset retested the breakout level, which is now acting as support. According to the tweet, this successful retest sets the stage for a further price increase, with $57 being the target.
The projected move to $57 represents a potential 156.29% gain from the breakout point. This target is derived from the height of the wedge pattern, which is applied to the breakout level. The technical setup has attracted attention, with many traders eyeing Arweave’s price next move.
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Show more +Arweave (AR) Price Target and Market Reaction
The AR price target of $57 is a key level to watch. If the token continues its bullish trajectory, traders may see gains that will significantly outperform the market. However, traders should also be mindful of broader market conditions, as these can impact AR’s price action.
While the AR chart suggests optimism, it’s essential for traders to remain cautious and consider external factors, such as overall market sentiment, that could influence price movements. Nevertheless, with the breakout confirmed, AR’s price remains on track for a potential push toward higher levels.
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