- Arweave token price had lost its value by 77% from its all-time high price of $90.94.
- The AR token price had outperformed 88% of the top 100 crypto assets in the last 1 year.
Arweave (AR) price has been under pressure due to the strong profit booking over the last few months. This profit booking has pushed the AR price down to a significant support level, leaving investors anxious about its next move.
AR Price Market Overview and Performance
At press time, Arweave Crypto was the 53rd-largest cryptocurrency in the global crypto market. It also had a market cap valuing $1.324B, leading to a market cap dominance of 0.06%. It showed the token’s strong market presence.
The tokens traded volume also advanced by 12% in the last 24 hours, showing a rise in token demand. Additionally, this resulted in a traded value of $60.484M. This was 4.5% of Arweave crypto. It showed medium liquidity in the token price.
AR price was highly volatile, which might result in uncertain spikes in the token price. The token’s price sentiment was bearish, as per Coincodex, showing pessimism among the token’s investors. The fear and greed index was also at 31, which showed fear among token investors.
The Total Value Locked for the Arweave token was worth $80.45B, showing the token’s strong project fundamentals. The token’s stablecoins market cap was worth $170.306B, followed by a total funding amount of $102.791B.
Arweave Crypto’s global security ranking was #1606, followed by a security score of 72.96. It belonged to the BBB tier.
Liquidation Data Showed Dilemma In Arweave Token
A rise in traders’ interest in the Arweave token was recorded, resulting in a surge of 45% in the token’s volume. A traded value of $138.54M followed this.
Arweave price witnessed a surge of 7.7% in its open interest, resulting in a traded value of $55.86M. This showed a rise in derivatives’ open positions.
Moreover, higher longs worth $53.96K were liquidated in the last 24 hours. Following this, the token has witnessed higher long liquidations in recent days.
At the same time, shorts worth $43.42K were liquidated in the token, showing sellers’ dominance in the AR price.
Arweave Token Price Traded At A Strong Support, Will It Rebound?
The Arweave crypto recently witnessed a significant price surge, displaying strong upward momentum. However, in the past few days, the token has declined. This raised concern among investors about the sustainability of its recent gains.
Before this surge, the AR price experienced a sharp downturn. It dropped from a swing high of $49.50 and lost 60% of its value over 45 days. This extended downtrend eventually led the token to a critical support zone, where the price stabilized following the steep decline.
The current pullback suggested that the market may enter a correction and consolidation phase. This adjustment period could be necessary for the token to establish a more sustainable price level. This has to be done before the upward trend potentially resumes.
Let’s Take A Look At The Arweave Token Technicals
The Arweave crypto recently encountered a death cross as the 50-day and 200-day EMAs crossed, signaling bearish momentum.
The token took resistance at the 200-day EMA and continued its decline to lower levels. It was accompanied by the chart showing the formation of bearish candles, further confirming the downward trend.
AR/USD Chart by TradingView
The MACD and the signal line were trading in a negative trajectory, accompanied by uncertain histograms on the daily chart. This indicated heightened volatility and uncertainty in the AR price movement.
Additionally, the RSI has dropped below the 50 level, falling below the 14-day SMA. It reflected the growing bearish momentum in the token’s price action.
Looking ahead, Arweave may find support at $12.00 and $16.00, while resistance levels are at $34.00 and $50.00. These levels will be crucial in determining the token’s next direction.
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.
