ARPA is trading in an uptrend, like many other Altcoins. The cryptocurrency ARPA just went up +80% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +130% in a week.
What is ARPA Chain?
ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (“MPC”). The goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyze data and extract data synergies while keeping each party’s data input private and secure. Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include credit anti-fraud, secure data wallet, precision marketing, joint AI model training, and key management systems.
ARPA Price Analysis
At the time of writing, ARPA is ranked the 290th cryptocurrency globally and the current price is A$0.2086. Let’s take a look at the chart below for price analysis:
After looking at the above 1-Day candle chart, we can clearly see that ARPA was trading inside the rising wedge pattern on the ARPA/USDT pair. The first resistance was on the A$0.1366 price level, which ARPA broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$0.2175. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, ARPA may continue to increase in the uptrend if traders keep buying with high volume.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”
What Do the Technical Indicators Say?
The ARPA TradingView indicators (on the 1 day) mainly indicate ARPA as a Strong Buy, except the Oscillators which indicate ARPA as a Buy.
So Why Did ARPA Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying ARPA for the coming Altcoins rally. Recent news was also announced regarding the ARPA Roadmap Update.
Where to Buy or Trade ARPA?
ARPA has the highest liquidity on Binance Exchange so that would help for trading ARPA/BTC or ARPA/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
