Ardor ARDR is trading in an uptrend, like many other Altcoins. The cryptocurrency ARDR just went up +96% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +122% in a week.
What is ARDR?
Ardor ARDR is a multichain blockchain platform with a parent-child chain architecture. The security of the whole network is provided by the parent Ardor chain while the interoperable child chains have all the functionality. The team believes that this design and access to hybrid user permissioning capabilities are the key to the flexibility necessary for a variety of use cases and opens the door towards the mainstream adoption of blockchain technology.
ARDR Price Analysis
At the time of writing, ARDR is ranked 125th cryptocurrency globally and the current price is A$0.4323. This represents a +122% increase since July 25, 2021 (seven days ago), as shown in the chart below.
After looking at the above 4-Hour candle chart, we can clearly see that ARDR was trading inside the rising wedge pattern on the ARDR/USD pair. The first resistance was on the A$0.2835 price levels which ARDR broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$0.5784. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, ARDR 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?
TradingView indicators (on the one-day window) mainly suggest ARDR as a Strong Buy, except the Oscillators which indicate ARDR as a Buy.
So Why Did ARDR Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying ARDR for the next Altcoins rally. Recent news was also announced regarding Ardor’s BridgeChamp Releases Updated Project Roadmap.
Where to Buy or Trade ARDR?
ARDR has high liquidity on the Binance exchange, which could help for trading ARDR/BTC or ARDR/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.