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Arweave (AR) Rallies By Over 60%; Levels To Watch For Price Continuation

  • AR’s price shows much strength after breaking out from its long downtrend movement.  
  • AR trade with good volume, breaking out from a downtrend as price eyes a rally to a region of $27. 
  • AR’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA) but faces resistance at 200 EMA.

Arweave (AR) price showed some great price action as the price rallied from its weekly low of $8 as the price fell from a high of $90 in recent months. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Arweave (AR) has enjoyed this relief bounce happening in the crypto space as the price of AR continues to show great price movement on all timeframes. (Data from Binance)

Arweave (AR) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked more promising for some altcoins, like AR rallying with over 60% in less than 24 hours, showing the price action and volume for buy orders.

After dropping from its high of $90 some months back, the price of AR has maintained a downtrend price movement with little to no hope of a bounce. The week shows more bounces across the crypto space, with AR taking advantage of the relief bounce.

The price of AR saw its trade at a low of $8 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $15 as the price looked bullish to rally some more.

Weekly resistance for the price of AR – $16.

Weekly support for the price of AR – $8.

Price Analysis Of AR On The Daily (1D) Chart

Daily AR Price Chart | Source: ARUSDT On Tradingview.com

In the daily timeframe, the price of AR continues to be strong as bulls try to hold the price above its key support zone at $10, forming strong support to hold off the price from sellers.

AR currently trades at $15.15, just above its key support on the daily timeframe after successfully rallying and breaking out of its descending triangle with good volume. 

The price of AR continues to look strong, but the price needs to reclaim the region of 200 EMA, currently acting as strong resistance for the price to rally to a high of $27. If the price of AR breaks and closes above this region, we could see AR rallying a bit more.  

Daily resistance for the AR price – $16.

Daily support for the AR price – $10.

Featured Image From Invezz, Charts From Tradingview

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Preference For Ripple XRP Surges Among BSC Whales

There has been a long ongoing lawsuit between Ripple (XRP) and the United States Securities and Exchange Commission (SEC). Throughout the case, Ripple’s native token, XRP, has not seen any progressive growth. This stagnation in its price move has lingered even before the emergence of the extreme crypto winter.

But things seem to be taking a dramatic twist for XRP recently. With the ruling of the case, the price of XRP is positively waking. Also, the crypto coin is gradually becoming the leading choice for most BSC whales.

Related Reading | Bitcoin Funding Rate Turns Highly Positive, Long Squeeze In The Making?

XRP has shown more stability amid the collapse in the broader crypto space. It’s among the rare tokens that have not demonstrated a massive swing in value. Within 30 days, the XRP price has displayed a 1% marginal increase. This impressive trend is quite the opposite of the king of crypto Bitcoin. The price of BTC has dipped by almost 10% within the same period.

WhaleStats showed that XRP has suddenly risen as one of the most used smart contract tokens. It noted that this trend has persisted over the last 24 hours among the 1,000 and 500 BSC whales. Also, the record from the firm displayed that the top 2,000 huge investors on BSC hold large XRP tokens worth about $15.09 million.

Following the announcement of the long-running lawsuit between Ripple and SEC, the hike in the whale activities for XRP heightened.

XRP trends upwards on the daily chart | Source: TradingView.com

Through Judge Netburn’s pronouncement, the court has denied SEC’s assertions over Himan’s ETH speech. Also, the commission received the court’s mandate to produce all relevant internal documents.

The court order stated that the commission is expected to submit the two proposed redactions to enable in-camera review by the court. Ripple’s attorney noted that the SEC could appeal the court’s decision to Judge Torres. Also, the SEC could demand up to one or two weeks as an extension for filing the objection.

Ripple XRP Gets More Listing of Pairs

In a new development, the Bitrue crypto exchange is offering its support to Ripple XRP tokens. According to the exchange’s statement, it would list up to 10 XRP pairs on its platform for customers. In addition, the exchange stated that its pair would be on crypto SAND, MANA, AAVE, BTTC, ALGO, AR, APE, CHZ, HBAR, and DENT.

Related Reading | Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k

Data from reporting source highlighted that XRP is currently trading at $0.35 at the time of writing. With a trading volume of about %1.11 billion. Ripple XRP still maintains its market cap, which is more than $15.22 billion.

Featured image from Pexels, charts from TradingView.com

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Market Update: Bitcoin And Ethereum Struggles To Recover, AR And NMR Soars Significantly

Despite the market condition, top currencies, Bitcoin and Ethereum, struggle to regain their values. On the other hand, some altcoins, AR, and NMR are showing a significant gain charm over 14-days.

Since the Fed Reserve decided to raise interest rates and the May inflation report, Bitcoin has been floating in a small zone between $19,000 and $20,000. Thus, it is difficult for it to recover any significant upward pace.

Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact

Bitcoin, the most valuable cryptocurrency, has dropped more than 70% in value since peaking at $67,000 in November 2021.

However, according to CoinGecko data, BTC is now trading at $19,500 and has experienced losses of 7.8% and 5.4% during the last 7 and 14 days, respectively.

Senior market analyst at the foreign exchange trading firm Oanda, Edward Moya, claims that Bitcoin is under pressure and finding it difficult to hold onto the $20,000 level.

BTC is currently trading above the $19,500 level on the hourly chart | Source: BTC/USD price char from Tradingview.com

Ethereum had a successful year in 2021, reaching an all-time high price of $4850 in November. But since last month, the price of Ethereum, which had a great November like bitcoin, has been floating between $1,100 and $1,000.

Meanwhile, it made an effort and struggled to recoup its value, but the price of Ethereum couldn’t rise beyond $1,100. CoinGecko data shows ETH is currently trading at $1,073.58, and in the past 7 and 14 days, ETH has lost 10.6% and 0.6% of its value, respectively.

Significant Growth in AR and NMR

Arweave (AR), one of the top 100 crypto assets by performance and market capitalization, is booming, while two of the most popular currencies are faltering. Per the statistics from CoinGecko, AR has reached $11 and increased by 10% in one day, 15% in seven days, and 32% in fourteen.

A decentralized storage network, Arweave aims to provide a platform for the long-term archival of data. The Arweave network pays “miners” to keep the network’s data permanently stored using its native coin, named AR.

Similarly, Numeraire (NMR) is also leading in week gainers. It displays a noteworthy increase of 122% over a week. NMR is currently trading at $19.37, per the statistics of Coinmarketcap.

Additionally, during the previous 14 days, Numeraire has outperformed the rest of the cryptocurrency market and made massive gains, increasing by about 16% over the past day. As a result, trade volumes have exploded, according to CoinGecko.

Related Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze

Since its peak in May last year, NMR has dropped by 79%. It is, however, showing an uptrend at the moment, which may help it rise over these prior lows.

Moreover, some other coins are showing positive vibes, including TerraUSD with a gain of 17% during the last 24 hours, RUNE showing a 13% gain in the previous 24 hours, Celsius with 15% in the same period, and CEEK with 15%.

Featured image from Pixabay, and chart from Tradingview