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Pirate Chain Analysis: ARRR Coin Shows A Cup And Handle Pattern In The Daily Time Frame

Pirate Chain Analysis
  • ARRR coin forming a morning star candle pattern at the $3.1 support level
  • The ARRR/BTC pair was trading at 0.00008519 BTC with a gain of 3.37%
  • The 24hr trading volume in the ARRR coin is $1.03 Million
Tradingview

The ARRR shows the formation of Cup and handle pattern in the daily time frame. This pattern could bring an excellent opportunity for ARRR traders, provided the price gives a strong breakout from the $4 resistance level. Currently, the price shows the $3.1 level as the support of the handle structure of this pattern by forming a morning star candle pattern. The current price of the ARRR coin is $3.51, with an intraday gain of 8.17%

The RSI (BULLISH) value is at 62, indicating a strong bullish sentiment in the coin. In addition, the RSI line shows substantial growth in its value as the price is about to complete this pattern.

ARRR Coin Crypto Chart In The 4hr Time Frame

The ARRR coin show a ‘V’ shaped recovery in the 4hr time frame after the price took support from the $3.1 support. Currently, the price is at the doorstep of the $3.5 resistance, and a breakout from this level should provide more confirmation of the price going for the completion of the pattern.

As per the crucial EMA’s, the ARRR coin is in a bullish trendline as the price is trading above all the crucial EMA’s in the 4hr time frame.

The MACD indicator shows a bullish crossover of the MACD and the signal line, projecting a buy signal for the ARRR trader. Moreover, the histogram has started showing rising greens bars indicating the increasing bullish momentum. 

Conclusion: From the technical perspective, the overall market sentiment of the ARRR coin is bullish, and both the price action and indicators show a great bullish outlook for this coin. Thus, the ARRR can grab an excellent long opportunity once the price provides a decisive breakout from the $4 resistance level.

Support– $3.1

Resistance– $3.5, $4