- ARKUSD shows a bullish momentum with strong positive indicators in the short, medium, and long term.
- Despite a 13.01% drop in the last 24 hours, ARK’s technical analyses predict promising upside potential.
- ARKUSD could be the crypto market’s sleeper hit, with an absence of price chart resistance and positive volume balance.
As ARK shows strong positive momentum across various timeframes, could this lesser-known cryptocurrency be gearing up for a significant uptrend? This detailed analysis breaks down ARK’s potential.
Short-term Analysis: All Systems Go
ARKUSD shows a bullish trend in the short term, with technical indicators flashing green across the board. A lack of resistance levels and a high Relative Strength Index (RSI) of above 70 suggests that the currency has strong positive momentum. However, the high RSI could also indicate that the currency is overbought, which may lead to a short-term pullback. Investors should tread cautiously but expect a positive outlook overall in the short term.
Medium-term Prospects: Steady as She Goes
In the medium term, ARK has successfully shattered the ceiling of a bearish trend, signaling a slower rate of decline or even a potential reversal. Volume balance remains positive, implying that the currency gains on days with increasing prices outnumber the losses on days with declining prices. This overall optimistic scenario is buttressed by an RSI above 70, confirming strong positive momentum, although again cautioning that ARK might be overbought.
Long-term Forecast: On the Cusp of a Breakthrough?
Long-term analysis mirrors the short and medium-term scenarios, with ARK showing robust positive indicators. The currency has met the objective at 0.64 after breaking out of a double-bottom formation. While ARK is testing resistance at points 0.70, a break above this level would confirm a strong buy signal. The currency appears to be well-supported by a positive volume balance, as well as a rising trend in the RSI curve, further corroborating the bullish long-term outlook.
Live Market Data: A Mixed Bag
Despite the positive indicators, ARKUSD is currently priced at $0.549018, with a 24-hour trading volume of $247,368,969. The cryptocurrency has fallen 13.01% in the last 24 hours but maintains a market capitalization of $96,486,582. Ranked #241 on CoinMarketCap, ARK has a circulating supply of 175,743,792 coins, making it a dark horse in the volatile crypto market.
Conclusion
ARKUSD portrays a compelling case for both short-term traders and long-term investors. Its technical charts are overwhelmingly bullish, despite a recent 13.01% price decline. While high RSI levels caution that the asset may be overbought, the absence of resistance in the price charts and a positive volume balance make a compelling argument for its upside potential. For those willing to ride out the market’s volatility, ARKUSD could offer substantial returns.
