Arweave price made a strong comeback after rising from the demand zone at $21. AR price has surged nearly 56% in just two weeks, indicating a robust performance. 
AR was exchanging hands for close to $33 at the time of writing, recording a swift 0.71% drop intraday. 
Earlier in June, AR suffered a strong rejection at the $50 mark and fell sharply to $25 level, losing nearly 50% a month. Furthermore, the recent session displayed a positive development in the social metrics, resulting in a price recovery.&nbsp; 
Arweave is a decentralized storage network designed for indefinite data storage. It describes itself as “a collectively owned hard drive that never forgets.”&nbsp; 
The network mainly supports “the permaweb,” a permanent, decentralized web featuring various community-driven applications and platforms. 
<h2 class="wp-block-heading" id="h-on-chain-data-reveals-increase-in-social-media-users">On-Chain Data Reveals Increase in Social Media Users</h2> 
<a href="https://www.thecoinrepublic.com/2024/07/17/arweave-price-ar-surges-40-derivatives-hint-at-massive-rise/">Areweave’s price </a>showcased a robust performance, outperforming several altcoins in terms of recovery. The bulls seem to retain control and might try to reclaim AR’s last month’s price at the $50 mark. <iframe loading="lazy" title="Santiment Chart: Social Dominance (AR), Social Volume (AR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=arweave&amp;pt=AR&amp;df=2024-04-19T18%3A30%3A01.203Z&amp;dt=2024-07-20T18%3A29%3A59.203Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%235275FF%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
Furthermore, the recent price surge seemed to be backed by several factors. It includes a significant development in social metrics and transaction volume. The social metrics like social dominance and social volume curve were headed upwards, suggesting a positive development.&nbsp; 
The social metrics surged to a three-month high, indicating the increased number of users. Social metrics reflects the number of users engaging with Arweave on social media platforms like X (formerly Twitter), Telegram, etc. 
Furthermore, the transaction volume surged by 49.05% intraday to $96.72 Million, indicating a heightened demand. However, the volume-to-market cap ratio at 4.65% suggests a low volatility. 
<h2 class="wp-block-heading" id="h-can-arweave-reclaim-its-presence-near-the-50-level">Can Arweave Reclaim its Presence Near the $50 level?</h2> 
From a technical standpoint, AR surpassed the 20, 50, and 200-day EMAs. It suggested a positive outlook in the short term. The long-term trend outlook reflects a range formation between $50 level on the higher side and the $21 level on the lower side.&nbsp;  
<a href="https://in.tradingview.com/chart/ARUSD/IrdAvTjo-Is-Arweave-Price-Ready-To-Take-A-Big-Leap-Towards-The-50-Level/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> &nbsp; <a href="https://in.tradingview.com/"> </a>  
On the higher side, AR rose 41% to reclaim its presence near the $50 level. The bulls seem to dominate the short-term trend, so it may continue to inch closer to the $50 level. However, the $36 level may act as a hurdle as it heads toward the $50 mark. 
Additionally, if the price suffers near the $36 level, it may slump toward the $30 level again.&nbsp; 
<h3 class="wp-block-heading" id="h-can-arweave-continue-to-rise-in-the-short-term">Can Arweave Continue to Rise in the Short Term?</h3> 
AR surged nearly 56% in two weeks, rising from $21 to around $33. Despite a sharp drop from $50 to $25 in June, recent positive social metrics and increased transaction volume have driven recovery.&nbsp; 
Social metrics hit a three-month high, indicating more user engagement. Transaction volume rose by 49.05% to $96.72 Million, suggesting strong demand.&nbsp; 
Arweave surpassed key moving averages from a technical outlook, showing a positive short-term outlook. The price is expected to move between $21 and $50, with $36 as a potential hurdle. If it fails at $36, it may drop to $30. 
The post <a href="https://www.thecoinrepublic.com/2024/07/21/is-arweave-price-ready-to-take-a-big-leap-towards-the-50-level/">Is Arweave Price Ready To Take A Big Leap Towards The $50 Level?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Is Arweave Price Ready To Take A Big Leap Towards The $50 Level?

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Alte articole publicate pe 22 iul. 2024

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