Is Arweave Price Ready To Take A Big Leap Towards The $50 Level?
Is Arweave Price Ready To Take A Big Leap Towards The $50 Level?
Arweave price registered an impressive 42.40% rise a week indicating an improved sentiment among the Investors.
The social metrics are rising indicating the increasing participation of the users.
Arweave price made a strong comeback after rising from the recent demand of $21. In just two weeks AR price has surged nearly 56% indicating a robust performance. At the time of writing, AR was exchanging hands close to $33 recording a swift 0.71% drop in Intraday.
Earlier, Arweave suffered a strong rejection near $50 in June and fell sharply near $25 level losing nearly 50% a month. Furthermore, the recent session has observed a positive development in the social metrics resulting in a price recovery.
Arweave is a decentralized storage network designed for indefinite data storage. It describes itself as "a collectively owned hard drive that never forgets." The network mainly supports "the permaweb," a permanent, decentralized web featuring various community-driven applications and platforms.
On-Chain Data Reveals The Increasing Users On Social Media
Areweave price showcased a robust performance leaving behind several altcoins in terms of recovery. The bulls seem to retain the control and might try to reclaim its month back price of $50 level.
<iframe title="Santiment Chart: Social Dominance (AR), Social Volume (AR)" width="800" height="425" src="embed.santiment.net/chart?ps=arweave&pt=AR&df=2024-04-19T18:30:01.203Z&dt=2024-07-20T18:29:59.203Z&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
Furthermore, the recent price surge seemed to be backed by several factors including a significant development in the social metrics and transaction volume. The social metrics like social dominance and social volume curve were headed upwards suggesting a positive development.
The social metrics have surged to a three month high value indicating the increased number of users. The social metrics reflect the number of users engaging with Arweave over the social media platforms like X (Twitter), Telegram etc.
Furthermore, the transaction volume has surged by 49.05% a day to $96.72 Million indicating a heightened demand. However, the volume to market cap ratio at 4.65% suggests a low volatility.
Can Arweave Reclaim Its Presence Near the $50 level?
From a technical standpoint, Arweave price has surpassed the 20, 50 and 200 days key exponential moving average suggesting a positive outlook in the short term. Additionally, the long term trend outlook highlights a range formation between the $50 level on the higher side and $21 level on the lower side.
On the higher side, AR has left 41% to reclaim its presence near the $50 level. The bulls seem to be dominating the short term trend due to which it may continue to inch closer towards the $50 level.
However, the $36 level may act as a hurdle for price while heading towards the $50 mark. If the price suffers near the $36 level. it may slump towards the $30 level again.
Conclusion.
Arweave (AR) price surged nearly 56% in two weeks, rising from $21 to around $33. Despite a sharp drop from $50 to $25 in June, recent positive social metrics and increased transaction volume have driven recovery. Social metrics hit a three-month high, indicating more user engagement. Transaction volume rose by 49.05% to $96.72 million, suggesting strong demand.
From a technical outlook, Arweave has surpassed key moving averages, showing a positive short-term outlook. The price is expected to range between $21 and $50, with $36 as a potential hurdle. If it fails at $36, it may drop to $30.
Arweave price registered an impressive 42.40% rise a week indicating an improved sentiment among the Investors.
The social metrics are rising indicating the increasing participation of the users.
Arweave price made a strong comeback after rising from the recent demand of $21. In just two weeks AR price has surged nearly 56% indicating a robust performance. At the time of writing, AR was exchanging hands close to $33 recording a swift 0.71% drop in Intraday.
Earlier, Arweave suffered a strong rejection near $50 in June and fell sharply near $25 level losing nearly 50% a month. Furthermore, the recent session has observed a positive development in the social metrics resulting in a price recovery.
Arweave is a decentralized storage network designed for indefinite data storage. It describes itself as "a collectively owned hard drive that never forgets." The network mainly supports "the permaweb," a permanent, decentralized web featuring various community-driven applications and platforms.
On-Chain Data Reveals The Increasing Users On Social Media
Areweave price showcased a robust performance leaving behind several altcoins in terms of recovery. The bulls seem to retain the control and might try to reclaim its month back price of $50 level.
<iframe title="Santiment Chart: Social Dominance (AR), Social Volume (AR)" width="800" height="425" src="embed.santiment.net/chart?ps=arweave&pt=AR&df=2024-04-19T18:30:01.203Z&dt=2024-07-20T18:29:59.203Z&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
Furthermore, the recent price surge seemed to be backed by several factors including a significant development in the social metrics and transaction volume. The social metrics like social dominance and social volume curve were headed upwards suggesting a positive development.
The social metrics have surged to a three month high value indicating the increased number of users. The social metrics reflect the number of users engaging with Arweave over the social media platforms like X (Twitter), Telegram etc.
Furthermore, the transaction volume has surged by 49.05% a day to $96.72 Million indicating a heightened demand. However, the volume to market cap ratio at 4.65% suggests a low volatility.
Can Arweave Reclaim Its Presence Near the $50 level?
From a technical standpoint, Arweave price has surpassed the 20, 50 and 200 days key exponential moving average suggesting a positive outlook in the short term. Additionally, the long term trend outlook highlights a range formation between the $50 level on the higher side and $21 level on the lower side.
On the higher side, AR has left 41% to reclaim its presence near the $50 level. The bulls seem to be dominating the short term trend due to which it may continue to inch closer towards the $50 level.
However, the $36 level may act as a hurdle for price while heading towards the $50 mark. If the price suffers near the $36 level. it may slump towards the $30 level again.
Conclusion.
Arweave (AR) price surged nearly 56% in two weeks, rising from $21 to around $33. Despite a sharp drop from $50 to $25 in June, recent positive social metrics and increased transaction volume have driven recovery. Social metrics hit a three-month high, indicating more user engagement. Transaction volume rose by 49.05% to $96.72 million, suggesting strong demand.
From a technical outlook, Arweave has surpassed key moving averages, showing a positive short-term outlook. The price is expected to range between $21 and $50, with $36 as a potential hurdle. If it fails at $36, it may drop to $30.
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