Arweave Price Analysis: Can the AR Coin Reach $7 in 2023?

• Arweave recorded its yearly high of $14.
• It is currently trading at $4.26 with an intraday rise of 0.8%.
• The token is down by 95.32% from its all-time high.

The price of AR token has recorded losses of 48.32% in the last 6 months and 25.28% in the last 3 months. The token marked its yearly high in the mid-Feb. The price has almost dropped by 70% since then.

The token marked its all-time high on 5th Nov 2021 when the token was priced at $90.94. It is currently trading with a drop in the trading volume by 26.13% in the last 24 hours.

The present market cap of the token is $278.86M. It has a circulating supply of 65.45M AR which is 99.17% of its total supply. The 24-hour trading volume of the token is $2.84M.

Sentiment Analysis

The total market volume of the token has declined by 53.52% in the last 1 week. The total social engagements dropped by 4.62% and the total bullish sentiments surged by 64.04%. The overall sentiments indicate a bearish movement in the price but also the bullish sentiments have increased. If the volume does not increase, the bullish sentiments will be considered negligible in this case. The volume has to be increasing in order to make the price trend bullish.

Technical Analysis (Daily- 1D) 

As we can see in the chart, the price took support from the $4.8 range and tried to move bullish. However, it got rejected from the $6.2 range. The token price came down and broke below the support level of $4.8.

After that, the price took support from the $3.8 range and tried and then got rejected from the 50-day EMA. From there, the price came down and this time took support from the $4 range and it is now trying to move upwards again.

The price is currently trading at 20-day EMA and it is below 50,100, 200-day EMAs.

If the AR coin price has to be bullish, it has to break the major resistance level of $4.8 with an immense volume. Thus, the price can get above the 100-day EMA and get bullish.

If the price again gets rejected from the 50-day EMA or from the resistance level of $4.8, it will come down again to the support level. Suppose the volume decreases, the price can also fall further.

Relative Strength Index (RSI)

The RSI line is presently moving at 42.57 points and the SMA 14 is moving at 30.91 points. The RSI is currently at the neutral level of 50. If the RSI from this point moves above, it will be a positive sign for an upward move.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is above the red slow line moving average and the volume of the histogram is showing falls in the volumes of the token. It is a negative sign for the price and it can be bearish further if the volume keeps on decreasing.

AR LIVE CHART : 

Conclusion 

The price will be considered in a downtrend until it breaks above the resistance level of $4.8 with an immense volume and gets above the 100-day EMA. The trading of the price above the 100-day EMA will be bullish for the token for a short term time period.

Technical Levels 

Support: $3.8 and $4

Resistance: $4.8, $5.4 and $6.1

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.