Arweave （AR） has seen a significant price surge recently. This article explores its growth potential and whether it can break through the $40 barrier.
Points
- Arweave （AR） price surged 9% in 24 hours and 65% in 24 days.
- AR’s market cap and trading volume have also seen substantial growth.
- Analysts are optimistic about AR’s potential to reach $40.
- The token’s liquidity status and market position are analyzed.
- AR’s unique tokenomics and architecture support its growth trajectory.
Arweave （AR） price surged 9% in 24 hours, likely influenced by Bitcoin’s advancement, and it grew nearly 65% in 24 days. BTC has surpassed the $69,500 mark amid a positive crypto market. With BTC surpassing $69,500, the entire crypto market cap has surged to $2.48 trillion, a 3.09% intraday rise.
AR/USD & BTC/USD 1.D. | Source: TradingView
AR’s growth corresponded to a 7% market cap surge intraday. It ranked 4th in the global crypto list. Meanwhile, in the past 24 hours, the token’s market cap also surged by 7% to $2.155 billion. Similarly, its 24-hour volume on the spot has also experienced growth by 4.62% on all tradable platforms, which amounted to $45.301 million. Despite the surge, its liquidity status is weak as of writing, where the volume-to-market cap ratio of 24 hours stands at 2.11%.
Tokenomics shows that 65.65 million ARs （99.47%） are circulating in people’s hands from a total supply of 66 million ARs.
Analyst Perspective for AR Price Growth
AR is expected to grow, suggests chatter on X （formerly Twitter）.
$AR Gearing Up https://t.co/a2XYLahxfL pic.twitter.com/0fyu1qPltu
https://twitter.com/VellaCryptoX/status/1817755692159189375
As per the analyst @VeLLa Crypto, AR is gearing up for a potential price increase, with a target of $42.50. The recent price movements and positive market sentiment contribute to this optimistic outlook.
What Does Arweave （AR） Derivatives Data Analysis Highlight?
As per the derivatives data, the volume has reached $78.43 million, and Open Interest showed more open contracts for the current trend. The OI surged by 9.88%, amounting to $77.78 million.
AR Total Liquidations Chart | Source: Coinglass
What is the Lowest AR’s Price & the Highest?
According to TradingView, Arweave built an all-time low （ATL） price of $0.4870 on May 1st, 2020. From this low, the current price has traded 6000% higher. On the daily chart, the all-time high （ATH） of $91.11 was recorded on November 1st, 2021. Comparatively, the current market price （CMP） has traded nearly 60% down from the ATH.
Reading the Arweave Chart
Arweave （AR） price has been in a wedge for nearly 152 days. The price had attempted four times to move past the channel’s upper boundary and the resistance zone of $46.10-$49.10. However, it failed and dropped to the lower border of the channel, at the $25.10-$20.10 support zone.
Recently, a bullish spell was induced in resonance with the broader market, and from July 5th onwards, AR advanced once again toward the channel’s upper border. Indicators-wise, the EMA bands support the price, MACD was at 0.2528, and the RSI was at 60.11.
Therefore, if the momentum continues, the price could advance higher, while hurdles could be present at $35.10 and $39.10, respectively. However, the slippage of gains would change the tides, and the price could drive towards supports at $25.10 and $20.10, respectively.
Analysis
- Market Momentum: The recent surge in AR’s price and trading volume reflects positive market sentiment and strong investor interest.
- Technical Indicators: The current technical analysis suggests potential growth, with key resistance and support levels identified.
- Long-Term Potential: Arweave’s unique tokenomics and robust architecture support its long-term growth trajectory, making it a promising investment.