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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
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
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.
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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
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