Key Takeaways:
- Archway token price has formed a bullish technical pattern.
- However, bearish pressure against the ARCH price remained high.
- Archway’s partnerships might not be enough for a bullish cue.
NEW DELHI (CoinChapter.com) — ARCH, the native token of Cosmos’s smart contract platform Archway, is moving inside a bullish technical setup.
The ‘Falling Wedge‘ pattern forms when the price fluctuates inside a pair of falling trendlines that converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside.
The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines.
Per the rules of technical analysis, confirming the pattern could theoretically see ARCH price rally over 69% to reach $0.107. If the ARCH price reaches the projected target price, the Archway token will erase its losses since Aug. 2023.
Archway Forms New Partnerships
Archway announced a partnership with Side Protocol, which offers multichain asset exchange infrastructure to projects. Per Side Protocol’s announcement, the partnership would integrate Side Protocol’s mesh liquidity testnet with the smart contract platform.
Furthermore, Archway stated that the partnership would introduce the ‘Cosmwasm‘ inter-chain liquidity, which bridges Side Protocol’s testnet with Archway’s testnet. As a result, liquidity providers could provide liquidity without bridging assets across networks.
This strategic alliance will open doors for developers to innovate, creating groundbreaking solutions that push the boundaries of what’s achievable in the world of DeFi. We are thrilled to embark on this extraordinary journey with Archway.
Side Protocol said in its announcement
Moreover, the platform announced new missions on the Web 3.0 engagement platform BonusBlock, which added Leap Wallet-based missions to the Archway mainnet campaign. The campaigns award users with incentives for completing each mission.
For example, one of the missions asked users to use Cosmos-based Leap Wallet to stake their ARCH tokens.
ARCH Price Facing Immense Bearish Pressure
Meanwhile, ARCH price faced massive bearish pressure on Sept. 27, with the Archway token paring all its gains after spiking nearly 40% and reaching a daily high near $0.08. However, long wicks on both ends of the daily candles suggest that both bulls and bears are trying to control the token’s price action.
Furthermore, the price action on Sept. 28 shows signs of the struggle between bulls and bears to gain control of the token’s price action. ARCH price spiked nearly 13% to reach a daily high near $0.065 before retreating, suggesting bears are booking profits on relief rallies.
Therefore, the ARCH price would need more bullish cues to break out and confirm the falling wedge pattern.
Bulls must conquer the ARCH price’s 20-day EMA (red wave) resistance near $0.068 to infuse confidence in the rally. Moreover, breaking and consolidating above the immediate resistance level might help the ARCH price rally to target the resistance near $0.08.
Conversely, if the ARCH price fails to rally, the token might drop to the immediate support near $0.057. Moreover, breaching the immediate support level could force the ARCH price to test the support near $0.51 before recovering.
The RSI for ARCH remained neutral, clocking a score of 33.96 on the daily charts.
