Analyst Predicts Arweave (AR) Breakout: $50 An Easy Target?

According to CoinMarketCap, the Arweave (AR). The Arweave token has ranked 49th globally in terms of market Capitalization. Its spot volume inflow had decreased by 15.05%, reaching $41.301 Million, and the market cap rose 2% on intraday, valued at $1.391 Billion.

It showed a decline in the demand for the token from the second quarter of 2024, majorly among the investors. This decline came after the peak registered of $49.515.

Meanwhile, more stats include that it had 99.47% circulation out of a maximum supply of 66.0 Million AR. Also, precisely 65.62 Million ARs were floating (at press time). From its present price, its FDV stood at $1.399 Billion.

The concerning point would be the less liquid ratio in the asset, which was at 3%. So, investors and traders must be cautious about Arweave (AR) (DYOR).

What were Arweave’s (AR) Lowest and Highest Prices?

As per the TradingView platform, ATL’s price at the beginning of its chart journey was $0.4871 on May 1st, 2020. From this low, the current price has traded 4100% higher.

Likewise, on the daily chart, the all-time high (ATH) of $90.90 was recorded on Nov 1st, 2021. The current market price (CMP) has traded nearly 75% down.

Arweave (AR) Derivatives Insights

Arweave’s (AR) open interest increased by 5% in the previous session, at $53.54 Million. When writing, Arweave’s (AR) derivatives volume inflow decreased by 11.86%, and the volume was $89.60 Million.

However, the asset has low liquidity and uncertainty as long and short liquidations don’t have any significant difference. The Longs were higher at $41.44K, and the shorts were not as low as they were at $3012K.

What does Price Action Display for AR?

In Arweave, from July 5th onwards, a bullish spell was witnessed in resonance with the larger market after a significant decline. However, that attempt of the bulls was brief, lasting until July 21st, 2024, up to the $34.52 mark.

The significant interruption level at $34.52 stopped bullish acceleration by limiting the gains up to 70% only. Thereon, the encountered hurdle has pushed the price downwards to a low on August 5th.

The overall price activity occurred mostly in the declining channel. The lower and higher borders played significant roles in the journey. These dynamic borders also indicated investors’ and traders’ clear perception of the price action.

On X, an analyst shared a similar theory and clarified optimism ahead. As seen in his shared drawing, the analyst indicated a channel. In that channel, he displayed accumulation near a key demand zone.

🚨 #AR Update 🚨

AR is forming a descending channel and nearing a key demand zone. We might see a major upside if it breaks out from this pattern! 📈

Keep an eye out for potential shifts! 👀💹

Contact me for Premium: https://t.co/fHN54bsYbH pic.twitter.com/QKSNzJfpdw

— CCC.io (@CryptoCoinCoach) August 17, 2024

The analyst further believed that we might see propulsion ahead. This can happen if, sooner or later, the price breaks out from this pattern’s upper border (DYOR).

Therefore, as per the analysis, it seems more likely to move from the lower border to the upper one in the short term. Meanwhile, breaking the pattern would lead to a certain new ATH.

So, for AR crypto, the resistance level lies around $29 and $34, followed by the supports at $19 and $15, respectively.

Indicators have shown grown optimism, too, as MACD has converged to a bull cross. The RSI has displayed a recovery back from oversold territory.

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