- The cryptocurrency is trading near its all-time low.
- It’s showing little strength near its support.
- About 85% wealth of investors has vanished since the token got listed.
Current market price – $4.172
Market capital of Arweave – $272 M
AR Token’s Journey Till Now
Arweave gave a 100% return within a week when it got listed. However, it soon lost its gains in the same week. As it spent some time in the crypto market, it corrected 85% only within 2 months. However, it halted its downfall and showed a wonderful rally of 1200% from the lower levels after July 2021. It reached a high of $91.42 in Nov 2021.
It has not shown any strength after reaching the $91 level. This crypto asset is continuously falling from that level and now trading near its all-time low.
Technical Analysis of Arweave Coin Price on Weekly Time Frame (1W)
On a weekly time frame, Arweave is trading in a falling wedge pattern. Its support stands near $3 and resistance stands at $11 on September 6, 2023.
The price has to clear the upper resistance level to move towards a $18 level.
Also, the price is trading below the 50 and 100 moving averages. So, it is not easy for this crypto asset to move higher.
The 50 and 100 EMAs stand at $8.97 and $17.44 levels respectively.
Technical Analysis on 1 Day Time Frame
The AR token is currently trading in a range it created on 10 June 2023, when it declined by 19.25% in a day. Since then, this coin has been trading only in that range. The EMAs are showing a very strong downward trend as the slope of the EMAs is very steep. So, it will be very difficult for this crypto asset to cross the $4.80 and $5.42 levels of 50 and 100 EMAs respectively.
The current demand zone is visible near $4.12- $4.17 and the strong resistance is visible near $6.12 and $6.45.
Technical Analysis of the Arweave Token on a 1-hour Time Frame
If we take a look at the chart in the 1-hour time frame, the token is trading in a rising wedge pattern. It means the price is trying to go to upper levels, where the support stands at $4.12 and the resistance stands at $4.26. Here, the buyers are showing some strength to pull the price up. Besides all three EMAs i.e. 50, 100, and 200 EMAs are now flat at $4.167, $4.164, and $4.190 respectively.
Past Performance
- 1 WEEK – – (5. 29) %
- 1 MONTH- – (20. 27) %
- 1 YEAR – – ( 58. 89%)
Conclusion
This cryptocurrency has shown some strength to go up in a shorter time frame. So, its price can move upward from here, where the major resistance the coin can face is discussed above.
Also, the price is forming the base near the lows and that is also a good sign. However, if we assess a broader time frame, this cryptocurrency has been pretty bearish with no signs of trend reversal. So, one can take trade with limited risk as it is highly risky.
Technical Levels
Resistance – $ 4.25
Support – $4.1 – $ 4.01
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.