Arweave (AR) Primed For a Breakout, Anticipates a Rise Ahead

Arweave (AR) token's daily chart signified recovery from its demand zone and gained bullish momentum in the last few sessions.

Web3 company Arweave (AR) token price has stuck around the cluster of $30 and anticipates a bounce for the past sessions.

Apparent in the daily chart, the token price has conformably taken support on the 100-day EMA mark and is on the verge of a significant bounce.

Over the last three months, the Arweave price remained in a closed range and exhibited volatile moves within the range.

Despite the multiple efforts of bulls, the upside hurdle of $48 acted as a barrier, but bulls could not reach the round mark of $50.

Similarly, the downside zone of $20 acted as a demand zone, and accumulation from there was spotted.

Until the aforementioned levels were not breached, the token engaged in the consolidation phase.

Since July’s beginning, the token has been in the accumulation phase and has soared over 50% from the demand zone of $20. It has climbed above the key moving averages and guided the positive sentiment among the investors.

Arweave’s price action recently gained bullish momentum and climbed the key EMAs. It articulated that the token is anticipating a next bullish leg toward the $50 mark in the short term.

Aptos At Press Time

At press time, the Aptos traded at $30.91 with an intraday drop of 4.16%, reflecting flat moves on the chart. Its trading volume rose over 7.71% to $38.52 Million in the last 24 hours.

The pair of AR/BTC was at 0.000454 BTC, and the market cap was $2.02 Billion. Analysts are bullish and suggest that the Arweave price may soon revisit the $50 mark.

Arweave Primed For a Breakout

The Arweave (AR) token’s daily chart signified recovery from its demand zone and gained bullish momentum in the last few sessions.

Still, a clear uptrend was not yet validated. The buyers have been looking to stretch the recovery beyond the $40 mark to reach the $50 mark soon.

However, the token comfortably sat beyond the key moving averages, but the lack of volume buying was still a point of concern.

A breakout above the $40 mark should allow Arweave even to touch the $50 mark. This seemed to be the case, as the token stuck around the $30 mark and was eager for a rise.

The RSI curve had a reading of 55. It noted a buying pressure and signified that the uptrend was imminent and could stretch the upmove ahead.

Social Dominance and Weighted Sentiment Data Noted a Drop

The weighted sentiment data replicated flat moves following the intraday price drop of over 4%. It stayed below the midline region, noted at the -0.312 mark.

Social Dominance Data | Source: Santiment

The social dominance data noted a severe push on the social front and dropped below the midline region. It revealed a decline in the media buzz and online discussions.

Development Activity Stayed Flat

Notably, the development activity data noted flattish movements close to the 3.95 mark. It articulated that the growth was imminent.

Development Activity Data | Source: Santiment

Meanwhile, the futures Open interest data noted a drop of over 1.98 to $70.09 Million. This signified a long, unwinding activity in the past 24 hours.

If the token fails to cross the cluster of $30, it may take support around the $28 mark, followed by the $25 mark. On the other hand, the upside was capped at $40, followed by $42 in the short term.

The Arweave token price was poised to extend the bullish wave and anticipated a rise ahead. Still, the token was stuck around the primary hurdle of $30 and paused near the 100-day EMA mark.

Bears attempted to secure the upside of $40 for a massive range breakout ahead, as evidenced by multiple doji candlesticks and uncertainty.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading

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