- Arweave token has witnessed higher short liquidation in the last 24 hours.
- The AR token price has advanced by 490% in the last 1 year.
When writing, the circulating supply of the token was 99.47% of the maximum supply, which is 66.0M AR. It resulted in a circulating supply of 65.652M AR and a fully diluted market cap of $2.174B.
A surge of 6.2% in the token’s market cap was recorded, while there was no significant change in the traded volume. Despite lower volume activity, the overall price structure supported the bulls.
Arweave token had a strong market presence as it was the 46th largest cryptocurrency in the global crypto market. Its market cap dominance was 0.09%, with a market cap of $2.143B at press time.
The token’s liquidity was certainly low, as its volume/market cap ratio was 1.97%. AR token’s price was highly volatile at 13.95%. The supply inflation of the token was also very high at 96.00%, while the sentiment of the token was bullish.
Security Overview of the Arweave Ecosystem
Although no security audit of the Arwaeave token is available publicly, CertiK Skynet has analyzed a few of its security metrics.
The market score of the token was solid, resulting in 94.23, followed by the token’s strong market presence. The community of the token was also strong, with 99.7K followers on Twitter. The Twitter account of the Arweave was seven years old at the time of writing.
AR Token Technical Analysis
The AR token has experienced a significant price surge, advancing by 50% over the past 10 days. This remarkable increase reflected solid upward momentum in the token’s value, signaling renewed investor interest and confidence.
Previously, the AR token faced a substantial decline, dropping from a swing high of $49.5 and losing 60% of its value over a 45-day period. This downward trend led the price to a strong support zone.
The token started attracting buying interest again, indicating a potential reversal in its fortunes. A crucial change of character level was observed at $30.5, which was successfully breached.
AR Token Technical Indicators’ Analysis
The 20-day and 50-day EMAs exhibited a golden crossover, closely followed by the 200-day EMA on the daily chart. This bullish formation was further reinforced as the AR token’s price broke above moving averages and continued to sustain its position there.
AR/USD Chart by TradingView.com
The RSI also showed a notable increase in momentum, rising above the 50 level and breaking past the 14-day SMA. This upward movement indicated growing bullish sentiment and strength in the market.
Moreover, the MACD provided a robust bullish signal, with its metrics advancing into the bullish trajectory. The MACD’s bullish crossover reinforces the positive outlook, suggesting that the AR token was poised for further gains.
The AR token seemed poised for a bullish run, advancing 50% in 10 days with solid technical indicators like golden crossovers, rising RSI, and bullish MACD. Despite lower volume, its market cap surged 6.2%, and the token showed strong investor interest and potential to hit $50 soon.
The support levels for the AR token price at press time were $19.90 and $28.50, and resistance levels were at the $36.30 and $49.60 levels.
Disclaimer
This article is for informational purposes only and does not provide any 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. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.