ARK makes the second attempt to overcome resistance.

On July 12, Ark (ARK) emerged from a descending line of resistance that had been in effect since March 30.

While it was unable to regain the horizontal resistance area of ​​$ 1.27, it is in the process of making its second attempt to do so.

ARK Bursts

ARK has declined along with a descending resistance line since March 30. This led to a low of $ 0.565 on June 22.

Subsequently, the token started an upward movement and managed to break out of the line on July 12. It created a low on July 20 and has so far reached a high of $ 1.30.

However, it was later rejected and has so far failed to break out of the $ 1.27 resistance area.

Although the technical indicators are bullish, they show some signs of weakness. MACD is losing momentum and RSI

As long as the token does not break above $ 1.27, the trend cannot be considered bullish. If a breakout occurs, the next resistance would be at $ 2.60.

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Short term movement

short-term six-hour chart shows that ARK is trading inside an ascending parallel channel. se channels usually contain corrective movements.

token was rejected by the channel resistance line and created several long upper wicks. In addition, there are potential bearish divergences in both the RSI and the MACD, although they are not yet confirmed.

resistance line also coincides with the horizontal resistance area of ​​$ 1.27 described above. refore, it is a crucial level that will likely determine the direction of the trend.

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As it stands, a rejection and a return to the resistance line appears to be the most likely possibility.

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ARCA / BTC

Cryptocurrency trader @CryptoNTez describes an ARK / BTC chart showing a flashing buy signal.

Source:

ARK / BTC chart looks more bullish than its USD counterpart. token just broke out of a descending resistance line and made its first attempt to break above 3140 satoshi, which was however unsuccessful.

However, there is strong support at 2700 satoshi and a bounce at this level would create a higher low.

While the MACD shows weakness, the RSI has just broken out of 50 and the Stochastic Oscillator has made a bullish crossover.

If a breakout occurs, the next resistance zone would be at 3550 satoshi.

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For the latest bitcoin (BTC) analysis from BeInCrypto, click here.

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