2024

when

Arweave

Reversal

Coin

Arweave, a blockchain network known for its permanent data storage, has shown a significant rejection from its overhead trendline barrier of $30. The token exhibited a five-day losing streak and dropped more than 15%.
Arweave token experienced continuous selling pressure from the supply region of $50 when trading inside a falling channel. It has been declining for the last three months.
Forming a series of lower lows, it reached a crucial pivot of $20, looking for a significant pullback. Last week, Arweave showed a revival and revisited the 50-day EMA mark. However, it failed to surpass and faced rejection.
Notably, the token has escaped a base consolidation pattern above the $20 mark and is eyeing for a significant breakout. With a market cap of $1.45 billion, AR is ranked at 55 and has a total supply of 65.45 million.
<a href="https://www.thecoinrepublic.com/price-prediction/arweave/" rel="noopener noreferrer nofollow">Arweave</a> traded at $23.56, noting a decline of over 6.67% in the last 24 hours. Its trading volume increased over 36.20% to $49.01 Million, replicating seller confidence.
<h2 class="wp-block-heading" id="h-arweave-ar-stagnates-near-demand-zone-can-it-plot-a-reversal-ahead">Arweave (AR) Stagnates Near Demand Zone: Can It Plot a Reversal Ahead?</h2>
On the daily chart, the AR token saw a rejection and showed signs of bearishness. Amid the price rejection from the $28 mark, the token slipped to the 20-day EMA mark.
However, the token is seen holding around the $20 mark, and the selling pressure may be reduced ahead.
AR Price Chart&nbsp;| Source: Santiment
Looking at the weekly charts, Arweave is briefly trapped in the middle of consolidation. A surge in volatility should be expected shortly.
Losing more than 15% this week, the bears are now charging to revisit the weekly support around the $20 mark. A strong rejection from the Bulls’ side should counter the latest drop.
@Decliizer, in his tweet, said that Arweave has a solid support level of around $21 and will see a potential rise ahead.
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 <a href="https://twitter.com/search?q=%24AR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$AR</a> is showing strong momentum, with a solid support level at $21 and a clear upward trend, suggesting a potential rise towards the next target of $33. Hopefully, BTC will also continue its positive trend! Previously we've seen 11x gains on it. <a href="https://t.co/bSqBEah4Ey" rel="noopener noreferrer nofollow">pic.twitter.com/bSqBEah4Ey</a>— Decilizer (@decilizer) <a href="https://twitter.com/decilizer/status/1828298086659301772?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 27, 2024</a>
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A Tweet by @Decliizer &nbsp;| Source:X
The RSI curve showed a bearish divergence and projected a negative view. Similarly, the CMF indicator gives a negative reading, indicating a higher selling pressure.
From a technical standpoint, the price is still within a bounce region. If Arweave halts near the 20-day EMA mark, it would bring the bulls back on track and could see a short-term rebound ahead.
<h2 class="wp-block-heading" id="h-what-does-social-dominance-and-development-data-indicate">What Does Social Dominance and Development Data Indicate?</h2>
The Development activity data showed mixed cues, as the curve flows near the midline region. It directed a minor growth in its ecosystem.
Social Dominance Data | Source: Santiment
The social dominance data showed an uptick, rising to 0.14%. It highlighted increased media chatter among investors on social media platforms. Amid the price decline, there is a buzz for the token, which signifies its popularity.
On a positive note, the funding rate stands above the zero line at 0.0064%, which indicates a positive sentiment. The liquidation data shows that around $25.20k longs were liquidated, whereas $1.20k shorts were liquidated.
This led to a significant price decline of over 6% intraday. For a bearish move, the potential support level to watch a drop is $20, followed by $18. The $15 mark could be considered a strong support if these levels fail to contain selling pressure.
The higher resistance levels to watch for a pullback are at $30, followed by $35.
The post <a href="https://www.thecoinrepublic.com/2024/08/28/arweave-ar-faces-challenges-can-ar-bulls-break-the-30-barrier/" rel="noopener noreferrer nofollow">Arweave (AR) Faces Challenges: Can AR Bulls Break The $30 Barrier</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Arweave (AR) Faces Challenges: Can AR Bulls Break The $30 Barrier

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