ARK Core Version 2.0 has been running smoothly on their mainnet since the start of the month.
The team has recently released updates on their upcoming development schedule.
Support moving forward: $0.35, $0.33, $0.30, $0.28, $0.2694.
Resistance moving forward: $0.3918, $0.4355, $0.4615, $0.4769, $0.50, $0.5457, $0.6145, $0.7124.
Latest ARK News
At the start of December, ARK announced that they had successfully upgraded their Ark Core to version 2.0 to their mainnet.
The upgrade was described as bringing a whole “new era” to the ARK ecosystem that would allow developers to build new modular features and also make the network much more stable and efficient.
ARK Core 2.0 comes with a completely rewritten back-end. Users were required to download the also rewritten Wallet v2.0 which effectively makes ARK the only cryptocurrency which uses the DPoS algorithm and a dynamic fees system.
ARK 2.0 also increased the transaction cap from 50 transactions per block to 150 transactions per block, thereby increasing the throughput of the network.
With ARK 2.0 already functioning and stable, the team has also announced their upcoming plans as development continues.
V2.2.0 will see infrastructure improvements to make way for v2.3.0 which will integrate ARK Improvement Proposal 11 (AIP 11), an upgrade to the transaction protocol which will allow for 4 new transaction types and AIP 18 which will improve the multi-sig protocol on the ARK network.
In the near future, the ARK team is expected to release ARK Pay which is an open-source library that will allow a merchant plug-in. The plug-in will help merchants easily accept ARK as a means of payment.
Let us continue to take a look at the ARK/USD market over the short term and highlight any potential areas of support and resistance moving forward.
ARK Price Analysis
ARK has seen a positive price increase totaling 10.39% over the previous 24-hour trading session, bringing the current price to around $0.37, at the time of writing.
The ARK market has now seen a further 18% price rise over the past 7 trading days at it continues to dissolve the now 21% price drop experienced over the past 30 trading days.
ARK is presently ranked in 85th position an- retains a $38 million market cap valuation. The 21 month old project is now trading at a price that is 96% lower than the all-time high value.
Analyzing price action fro ARK/USD from the short-term chart above, we can clearly see the impact of the November 2018 market collapse which saw the market fall from a high above $0.80 to a low around $0.35 toward the end of the aforementioned month.
As December proceeded to trade, ARK/USD fell even further into support provided by the long-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.269.
After reaching the 18-month low placed on December 10, the market had rebounded to where it is presently trading around the $0.3694 handle.
Trend: Bullish Above $0.50
The overall long-term outlook for ARK, like the rest of the cryptocurrency industry, has been bearish for the majority of the year so a strong recovery will be required for the market to be considered bullish.
Price action is now trading in a neutral trading condition until ARK/USD can break above the December 2018 high around $0.50. After a break above $0.50, we can deem the market to be bullish once again.
Where Will ARK/USD Encounter Resistance Toward the Upside?
As this short-term bullish wave develops, the market will initially meet resistance at the bearish .236 Fibonacci Retracement level (drawn in orange) priced at $0.3918.
This Fibonacci Retracement is measured from the bearish swing which started at the beginning of November and continued until the rebound on December 10.
Further resistance above $0.40 can then be located at the short-term 1.414 and 1.618 Fibonacci Extension levels (drawn in blue) priced at $0.4355 and $0.4615, followed closely by the bearish .382 Fibonacci Retracement level (drawn in orange) priced at $0.4769.
If the buyers can continue to break above the $0.50 resistance level, we can expect further higher resistance at the bearish .5 and .618 Fibonacci Retracement levels (drawn in orange), priced at $0.5457 and $0.6145 respectively.
Where is the Support for ARK/USD Toward the Downside?
If the sellers begin to push ARK/USD lower once again, we can expect immediate support below to be located at the following short-term Fibonacci Retracement levels not resented on the chart: $0.35 (.236 Fibonacci Retracement), $0.33 (.382 Fibonacci Retracement) and $0.30 (.618 Fibonacci Retracement).
If the bears continue to pressure price action further below $0.30, we can then expect further support beneath at the previous long-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.2694
The ARK development team has continued to progress at a good rate. With new developments to look forward to, we can expect investors to become excited about the project once again.
For a timeline of ARK’s new development schedule, you can check out their roadmap.