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Arweave Makes an Impressive Comeback Arweave makes an impressive 94% comeback after losing more than half of its value! Arweave (AR) has been selling off after reaching its all-time high at $34 on April 1st. The token sold off more than 50%, reaching lows of $16. However, after touching the $17 support, it quickly got up on its feet and rose 94% in just four days! Arweave’s Trend At first glance, AR’s trend looks unpredictable and choppy. The coin can range for a long time and then suddenly have a strong and aggressive uptrend. While this trend may be challenging for new traders, it is actually one of the easiest patterns to trade for experienced traders as AR respects its support and resistance levels precisely. The token bounces up or down in accordance with its support or resistance level, and it does so almost immediately. The same is true for when a breakout occurs. It is usually swift and violent. As a result, trend-following indicators tend to perform poorly on Arweave, even on the lower timeframes. However, momentum oscillators such as the RSI, Williams %R, or the Stochastics may work well, as the buy signals from these oscillators may coincide with support areas.
Long
by cryptohopper
How Profitable Is UMA's Recovery?After reaching the important support level between $18-$20, UMA started rebounding. Let’s see how much potential profit UMA could bring us if we bought in now! Backstory: UMA’s previous strong growth was mainly due to an announcement regarding the arrival of the uSTONKS synthetic token. uSTONKS tracks an index consisting of ten stocks that are most commented on r/wallstreetbets. Wallstreetbets is a Reddit that gained popularity after pumping certain stocks (such as GME and AMC), making hedge funds lose billions of dollars in a short squeeze. Recovery and Potential Profit When the hype regarding uSTONKS started to die down, UMA’s price began descending. The price eventually reached $17, or 60% lower than the all-time high. Since then, the token has consolidated for a while, and now it looks like it is trying to start a new uptrend. If UMA were to recover to its all-time high, it would mean a 110% increase in price, which would essentially more than double your funds if you were to invest now. A minor resistance on its way to a full recovery is the $24 price point. Breaking above $24 significantly would probably mean that UMA is attempting to reach its all-time high again. Uncorrelated: One excellent aspect about UMA is that it is not as influenced by Bitcoin as the rest of the market. For example, when Bitcoin was trending strongly in October and November 2020, UMA wasn’t moving much. The token made its most substantial moves when it had positive news. Disclaimer: We do not give trading recommendations; we only break down potential trades. Always do your own research before entering any position.
Long
by cryptohopper
3
DOT the Perfect Token for Support and Resistance LoversPolkadot (DOT) has been increasing tremendously; the coin is currently up by 500% in less than three months. What is even better is that DOT’s pattern is actually predictable and one of the easiest for support and resistance traders. Polkadot Pattern The token has so far proved to follow Darvas’ box theory better than most other assets (including stocks). This means that the price moves within ranges defined by boxes with an upper limit (resistance) and a lower limit (support). In this case, Polkadot has been continually moving higher, and so the upper limits, once breached, became the new lower limits and a suitable entry point. Indicators Due to the fast pace at which the price has been advancing, trend-following indicators on the bigger timeframes have not performed very well. If you would like to use trend-following indicators, the 30 minutes timeframe or even lower may be more suitable for DOT. If you would like to stick to the bigger timeframes, then Williams %R (displayed above) has been working well. Williams %R is an oscillator that identifies oversold and overbought zones. Williams %R is one of the fastest oscillators, meaning that it identifies overbought and oversold zones the quickest. If you look at the chart, it has identified oversold zones in some of the best places corresponding with the lower limits (support areas).
KRAKEN:DOTUSDLong
by cryptohopper
3