Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapBuy CryptoCryptocurrenciesPricingWalletNewsEarnBlogNFTWidgetsCoinStats MidasDeFi Portfolio Tracker24h ReportPress KitAPI Docs

Ark Price Analysis: ARK Surges 40% After Binance Staking Addition - $0.25 Next?

4y ago
bullish:

0

bearish:

0

Key Highlights:

  • Ark coin saw a 28.24% price hike over the past 24 hours of trading as the cryptocurrency reaches the $0.2 level.
  • Ark has now seen a whopping 81% price rise over the past month alone.
  • Against Bitcoin, ARK is performing well as it attempts to create a fresh high closing price for 2020.
ARK price: $0.20
Key ARK resistance levels: $0.206, $0.221, $0.24, $0.257, $0.268
Key ARK support levels: $0.20, $0.195, $0.18, $0.168, $0.148

*Price at the time of writing

Ark saw an epic 28.24% price increase over the past 24 hours of trading as the cryptocurrency reaches the $0.20 level. In fact, ARK has now seen around a 40% price increase over the past 2-days alone after it rebounded from support at $0.15 to reach $0.20.

The cryptocurrency has also been on a tear against Bitcoin itself as it increased from a low of 2200 SAT yesterday to reach as high as 3075 SAT today. It actually spiked higher toward 3350 SAT but has since dropped back to the 3075 SAT level.

The cryptocurrency surged yesterday after Binance announced that they would introduce Ark staking on their platform. This means that any user that is holding Ark in their exchange wallets is now having their cryptocurrency automatically staked for them by Binance. Staking is expected to begin today and the staking percentage allows users to earn up to 8% on their Ark stash per year. 

Users must hold a minimum of 5 ARK to qualify for the staking (like $1) and they will receive their first payout from the staking procedure on the 31st of May 2020 and this will continue on a monthly basis from there onward. 

Ark is now ranked in the 143rd position in the market cap rankings, with a total market cap value of around $24 million.

Buy/Sell Ark (ARK)

How to buy Ark (ARK) on Binance

Ark Price Analysis

ARK Daily Chart

What has been going on?

Taking a look at the daily chart above, we can see that Ark had dropped as low as $0.067 during the March market collapse caused by the Coronavirus pandemic. The cryptocurrency found support here provided by a downside 1.414 Fib Extension level which allowed the cryptocurrency to rebound.

After reversing at $0.0669, the cryptocurrency went on to surge higher but failed to break above the resistance at $0.168.

During the first week of April 2020, we can see that ARK was trading sideways within a range between $0.168 and $0.148 but went on to break this range in yesterday’s trading session after the Binance addition was announced.

The cryptocurrency went on to climb into resistance at the bearish .5 Fibonacci Retracement level at $0.195. This bearish Fib Retracement is measured from the February high to the March low.

In today’s trading session, we can see that ARK continued higher as it climbed above the $0.20 level and even spiked toward $0.24. It has since dropped as it struggles with resistance at the 200-day EMA at around $0.205.

Ark price short term prediction: Bullish

The break above $0.2 has now turned ARK bullish in the short term. If it can climb above $0.24 and close above the March 2020 high we could consider ARK bullish in the longer term.

To turn bearish, ARK would need to drop and fall beneath the support at $0.1488.

Toward the downside, the first level of support is located at $0.195. Beneath this, added support is found at $0.18 (100-day EMA), $0.168 (.382 Fib Retracement), $0.148 (.5 Fib Retracement), and $0.128 (.618 Fib Retracement),

Where is the resistance toward the upside?

On the other hand, if the bulls manage to break above the current resistance at the 200-day EMA, higher resistance is located at $0.221 (bearish .618 Fib Retracement). Above this, resistance lies at $0.24, $0.247 (bearish .786 Fib Retracement), $0.268, and $0.281 (1.272 Fib Extension level).
If the buyers continue higher, additional resistance is found at $0.30 (1.414 Fib Extension).

What are the technical indicators showing?

The RSI is well above the 50 level to indicate that the bulls have complete control of the market momentum. Furthermore, the Stochastic RSI recently produced a bullish crossover signal which is a strong sign that the bullish pressure is rising.

ARK/BTC Chart

What has been going on?

Against Bitcoin, we can see that Ark was trading at support at around 2200 SAT a couple of days ago. The Binance addition announcement caused ARK to surge much higher to reach the resistance at 3056, provided by a long term bearish .236 Fibonacci Retracement level). 

More specifically, ARK had spiked higher into resistance at 3350 SAT (1.272 Fib Extension) but has since dropped lower toward 3075 SAT.

ARK/BTC price short term prediction: Bullish

ARK is now bullish in the short term but a close above 3056 would turn ARK bullish over the longer period.

If the sellers push the market lower from here, support is located at 2800 SAT, 2700 SAT (200-day EMA), 2636 SAT, 2400 SAT, and 2200 SAT.

Where is the resistance toward the upside?

On the other hand, if the bulls can close above the current resistance at 3056 SAT (long term bearish .236 Fib Retracement), higher resistance is located at 3200 SAT and 3350 SAT (1.272 Fib Extension). 

Above this, resistance lies at 3530 SAT (1.414 Fib Extension), 3800 SAT (1.618 Fib Extension), and 4000 SAT (bearish .382 Fib Retracement).

If the bulls can continue above 4000 SAT, higher resistance is found at 4190 SAT (1.272 Fib Extension), 4486 SAT (1.414 Fib Extension), and 4738 SAT (long term bearish .5 Fib Retracement).

Previous ARK analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's our most recent article about the price of Ark:

4y ago
bullish:

0

bearish:

0

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.