According to coinmarketcap
“Arweave (AR) is a decentralized storage network that seeks to offer a platform for the indefinite storage of data. Describing itself as “a collectively owned hard drive that never forgets,” the network primarily hosts “the permaweb” — a permanent, decentralized web with a number of community-driven applications and platforms.”
At the time of writing, Arweave (AR) is being traded at the price of $56.78. The price has dropped by almost 7.07% in the past 24 hours. The daily trading volume has also dropped by 19.57% today. It is listed on coinmarketcap on the 76th spot and has a market dominance of about 0.07%.
Arweave has created its all-time high, this month and had achieved a price of $91.08. Overall this month is printing a bearish candle and has currently dropped by 1.70% this month. The total supply of Arweave is 63M while the circulating supply is around 33M.
Technical Analysis – Arweave (AR)
Arweave (AR) is currently at a very important zone that should be observed very carefully. The price on the daily time frame moved upwards and broke the structure towards the upside. This led to the creation of an order block on the daily time frame. The price went high but wasn’t able to sustain it and came down into the same zone where it was before.
Now the price is currently testing the trendline, which it has respected many times before. If this breaks we can expect the price to come down to the orderblock which initiated this move. But at the same time, we would be ranging in the lower chart which would open the other zone for us. This would take the price down to the bottom OB which could potentially serve as a bottom.
If the price wants to stay bullish, we would like the price to stay above the trendline and bounce from here. Otherwise, we can expect a lot more bloodshed in the market.
Price Prediction
Arweave is a strong project. Providing a platform for storage purposes is highly useful and as such, they would be highly bullish in the future. According to the wallet investor, the price of Arweave (AR) is expected to reach a value of $138.04 in a year. For five year plan, the price is expected to reach a value of $411.159.
