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Arweave Price Surges 20% After Coinbase Futures Listing Announcement – THETA and Hedera to Follow?

Last Updated May 3, 2024 7:26 AM
Valdrin Tahiri
Last Updated May 3, 2024 7:26 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Arweave is attempting to break out from a critical resistance trend line.
  • Hedera has reclaimed a long-term horizontal support area.
  • THETA trades inside a corrective pattern and above horizontal support.

On May 2, the Coinbase international exchange announced the listing of perpetual futures  for Arweave (AR), Hedera (HBAR) and Theta Network (THETA). While the AR price pumped shortly after the news, HBAR and THETA have remained stagnant.

Even though AR is leading the way, both HBAR and THETA have bullish formations based on their price action and indicator readings. This raises the question of whether they can follow AR’s lead and begin their upward trends.

AR Pumps – Approaches Resistance Trend Line

The AR price has increased since October 2023. The increase is likely part of a five-wave upward movement (black). Between March 9, when it reached its yearly high of $47.51, and April 13, when it fell to a low of $22, AR completed wave four of this increase.

Then, AR bounced, reclaiming the $28 horizontal area and validating it as support. Shortly after the announcement, AR created a large bullish candlestick (green icon) with a magnitude of 20%. The price has nearly reached the descending resistance trend line created as part of wave four.

AR Price Bullish Wave Count
AR/USDT Daily Chart | Credit: TradingView

If AR breaks out, the first potential target for the top of wave five is at $64. A horizontal resistance and the 1.61 external Fib retracement of the drop create this area.

Despite this bullish AR price prediction, a daily close below $28 will invalidate the count. This will mean the AR price is still correcting and may lead to new lows.

HBAR Price Reclaims Long-Term Horizontal Level

The weekly time frame chart shows that HBAR broke out from the $0.09 horizontal resistance area in February. At the time, the area had existed for over 620 days. After falling below the area in April, HBAR reclaimed it, confirming it as support (green circle).

Last week, the HBAR price increased rapidly, culminating with a high of $0.18. The upward trend happened as a result of misguided news regarding a partnership with BlackRock. The upward trend could not be sustained, leaving a long upper wick in its wake (red icon).

HBAR Price Weekly Movement
HBAR/USDT Weekly Chart | Credit: TradingView

Nevertheless, HBAR still trades above the $0.09 horizontal area. The trend remains bullish as long as the price does not close below it. The next resistance is 130% above the current price at $0.25.

The weekly RSI and MACD both support the upward movement. The RSI has bounced at 50 and the MACD is close to making a bullish cross (green icon).

THETA Creates Double Bottom Pattern

The THETA price has decreased inside a descending parallel channel since reaching a yearly high of$3.82 in March. The decrease led to a low of $1.71 on April 13. Despite the downward movement, THETA did not break down from its channel. Rather, it validated it support trend line and the $2 horizontal support area (green icon).

THETA Price Movement Inside Channel
THETA/USDT Daily Chart | Credit: TradingView

After the bounce, THETA returned to the support area and created a double bottom pattern. The double bottom is considered a bullish pattern and has been combined with bullish divergences in the RSI and MACD. Furthermore, the descending parallel channel often contains corrective movements. So, a breakout from it is the most likely future price outlook.

If that happens, THETA can increase toward its next resistance at $3.30.

HBAR & THETA Poised to Follow AR

To conclude, even though HBAR and THETA did not increase similarly to AR after the Coinbase futures listing, they have bullish formations that suggest upward movements may follow soon.

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