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Arweave (AR) is a decentralized storage network that seeks to offer a platform for the indefinite storage of data. Describing itself as "a collectively owned hard drive that never forgets," the network primarily hosts “the permaweb” — a permanent, decentralized web with a number of community-driven applications and platforms. Arweave was founded by Sam Williams and William Jones, two Ph.D. candidates at the University of Kent.
Let us look at the technical analysis of AR.
Past Performance
AR opened on October 25, 2021, at $51.34. The week witnessed restricted movements in the price, with no significant deviation. AR closed on October 31, 2021, at $54.82. This was a weekly change of 6.77%.
Source: https://www.tradingview.com/x/dwV2ilys/
AR Technical Analysis
AR has been doing well, and we see an overall bullish momentum. One can look at $48.14 as the support level to look out for, however, it can easily go to a resistance level of $60.29. The target prices of $50.58 and $52.37 look possible for AR over the next few days.
Since the last few days, the RSI indicator is hovering around 50-51%. This shows a very average momentum of price changes. The price changes over the last three to four days have been positive, though the momentum is yet to be confirmed strongly. It is certainly in a buyable region.
The OBV shows the strength of price action in the market. It was certainly high in the current session of falling prices. The OBV is in line with the price movement and making lower highs like the price. This means the lowering of prices is a possibility and windows of 4 to 8 hours should be monitored.
In the MACD indicator, the signal line and MACD line are almost intersecting. This is a weak signal of the pricing and should be watched carefully. It might reverse the price action in the next 8-hour trading window.
AR is a data storage protocol that enables permanent storage of digital assets such as transactions, smart contracts, Web pages, videos, images, and more, directly on its native blockchain.
Day-Ahead and Tomorrow
Look out for the new levels of $54 to $57 in a day’s time, unless the MACD signal changes and gives a higher cut than the signal line. Then one can look at even more highs in AR. Watch for a sudden downward movement to support levels of $48.14 and $47.65.