Arweave and Coti Price Analysis: AR Fakes a Breakout While COTI Turns Major Support into Resistance
- 王林Original
- 2024-06-20 18:59:21381browse
In a technical analysis by Rekt Capital, Arweave (AR) is shown to have faked a breakout from its light blue bull flag and failed to retest the $43 (black) level
Technical analysis by Rekt Capital shows that Arweave (AR) has faked a breakout from its light blue bull flag and failed to retest the $43 (black) level as support to confirm the breakout.
After faking the breakout, AR has retraced back into the blue macro-downtrend and overextended to the downside, trading significantly below the downtrend. However, Rekt Capital notes that until the monthly close is in, nothing is confirmed.
The recent downside volatility has been extreme, and as the saying goes, such fear often precedes opportunity. Therefore, it is important for AR to hold the blue macro-downtrend.
Historically, AR has experienced volatile retests of this macro-downtrend, with downside wicks below the downtrend.
Since AR is now trading below the macro-downtrend, this could be another volatile retest. For this to be true, AR would need to close above the macro-downtrend later this month.
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COTI (COTI/USDT) Turns Major Support into Resistance
Back in mid-2021, COTI found support at the orange level and downside-deviated considerably into the light blue order block, reaching as low as the black level at $0.08.
However, in 2024, COTI has turned that major orange support into resistance this month, rejecting into the light blue order block and teasing a potential drop into the black level as well.
The light blue box, which acted as support in mid-2021 and resistance in 2022 through 2023, is now a crucial level for COTI to reclaim as support once again.
COTI is not far off from reclaiming this light blue box as support, and considering the entire Altcoin market retracing heavily, not much is needed from Altcoins like COTI to end the month with a volatile downside wick to secure major support.
However, for COTI to secure the light blue box as support, it needs a Monthly Close above this level.
In the meantime, downside volatility to the black level is possible if Bitcoin (BTC) retraces a bit more.
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News source：https://www.kdj.com/cryptocurrencies-news/articles/arweave-coti-price-analysis-ar-fakes-breakout-coti-major-support-resistance.html
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