ARK Price Analysis - ARK Creates Fresh 6-Month Highs After Team Release V2.6 Upgrade, Can We Break Back Above $0.30 To Move Higher?

2M agocoincodex

Key Highlights:

  • Ark saw a 23% price surge over the previous 7 days of trading as the cryptocurrency reaches $0.26
  • Ark has now seen a total 30-day price increase which equals 92%
  • This latest price surge might have been influenced by the team releasing the latest update of their protocol

ARK price: $0.26
Key ARK resistance levels: $0.30, $0.32, $0.35, $0.36
Key ARK support levels: $0.234, $0.22, $0.20, $0.193

*Price at the time of writing

Ark has seen a wonderful week as the cryptocurrency managed to increase by a total of 23% to bring the price up to the $0.26 level. The team released Ark V2.6 a few days ago, which saw the ARK price to explode on that day to reach a high of around $0.36.

However, after placing the high, ARK rolled over and fell by a total of 25% to reach the present $0.264 trading level. Nevertheless, this latest price increase has now allowed ARK to buck the previous long-term bearish trend and break above the 200-day EMA. This should be enough to push the momentum into the bullish favor and we could expect to see further price increases in the coming weeks.

The latest update, Ark Core v2.6, is slated to be the largest update in the Core V2 life-cycle. It introduces new features for developers as well as bringing new transaction types to build the way for Ark Core V3. V2.6 will bring features such as;

  • Hash-Time Lock Contracts (HTLC) - allows a user to LOCK funds and allows the recipient to CLAIM funds. However, after a timeout, the HTLC will allow the sender to REFUND their funds and claim it back
  • Schnorr’s Signature Schema - introduces security proof, non-malleability, linearity, and reduces the overall size of signatures.
  • Multi-Signatures - Allows multiple keys to lock/unlock a specified wallet.
  • Multi-Payments - Allows for a single TX to send up to 500 different addresses within one transaction.
  • + Much more - you can find out everything related to this update here

As mentioned, the update brought a surge in the price of ARK as it increased by over 70% before quickly retreating. The good news is that the Ark team has a consistent roadmap in mind as they continue to release updates on the way toward Ark v3.

The latest price surge has now allowed Ark to climb into the 174th ranked position as it presently holds a $31.6 million market cap value.

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ARK Price Analysis

ARK Daily Chart

What has been going on?

Taking a look at the long-term daily chart above, we can clearly see the increased bearish pressure that ARK was undergoing over the last few months. The cryptocurrency continued to fall over the course of 2019 with little to no respite whatsoever. It even went on to create a fresh low during 2020 as it hit support at the $0.135 level.

Luckily, ARK rebounded at this level and started to slowly grind higher from here. The cryptocurrency reached resistance at the 100-day EMA at the end of January and continued to break above it as February started to trade.

When ARK released their V2.6 upgrade, we can see that the price exploded above resistance at the 200-day EMA at around $0.234 and continued to climb much further higher. It spiked into higher resistance at the bearish .382 Fibonacci Retracement level but quickly started to fall and closed the day beneath the $0.30 level.

Ark has since fallen as it trades at around $0.262.

ARK price short-term prediction: Bullish

ARK can actually be considered bullish in the short term after creating a fresh 6-month price high. However, the cryptocurrency really must break and close above the $0.30 level for this bullish run to continue. If Ark was to drop beneath the support at $0.20, the market could easily turn bearish.

Toward the downside, the first level of support lies at $0.234 which is provided by the short term .382 Fib Retracement and further bolstered by the 200-day EMA. Beneath this, additional support lies at $0.22, $0.20, and $0.193 (.618 Fib Retracement).

Where is the resistance toward the upside?

Alternatively, if the buyers can defend the support at the 200-day EMA and rebound, the first level of resistance is to be expected at the $0.30 level. Above this, higher resistance lies at $0.32, $0.35, and $0.36. The resistance at $0.36 is provided by a long-term bearish .382 Fib Retracement - measured from May 2019 high to the 2020 price low.

Above this, higher resistance is expected at $0.40, $0.43 (bearish .5 Fib Retracement), $0.45, and $0.47 (1.414 Fibonacci Extension level).

ARK/BTC price analysis


What has been going on?

Taking a look at the daily chart for ARK/BTC, we can also see that the cryptocurrency created a fresh low against Bitcoin in 2020 at 1,600 SAT. The cryptocurrency rebounded from this support and started to slowly grind higher. 

During February, ARK met resistance at the 100-day EMA at around 2,200 SAT and went on to break past this resistance on the day of the v2.6 release. During this sruge, ARK climbed above the 100-day EMA to reach higher resistance at the 200-day EMA. ARK did spike higher to break above 3,500 SAT, but it quickly rolled over to close the day beneath the 3,000 SAT level. 

This aforementioned level of resistance is further bolstered by the long term bearish .236 Fibonacci Retracement level - measured from June 2019 high to the 2020 lows. 

ARK/BTC price short term prediction: Bullish

Again, ARK/BTC can be considered as bullish after creating a fresh 6-month high against Bitcoin. However, it will need to break and close above the 200-day EMA for this bullish run to continue further. 

If the sellers continue to drive ARK lower, the first level of support is located at 2491 SAT (short term .382 Fib Retracement). Beneath this, additional support lies at 2,200 SAT, 1,900 SAT, and 1,600 SAT.

Where is the resistance toward the upside?

On the other hand, if the bulls break the resistance at 3,000 SAT, higher resistance lies at 3,500 SAT and 4,000 SAT (bearish .382 Fib Retracement). Above 4,000 SAT, resistance lies at 4,185 SAT (1.272 Fib Extension), 4,480 SAT (1.414 Fib Extension), and 4,740 SAT (bearish .5 Fib Retracement).

2M agocoincodex