Arweave Price Prediction: More Selling Could Make $31 An Attractive Target

Summary:

The Arweave price prediction is that there could be room for more selling, targeting $31.00 as an attractive price discovery area.

The Arweave price predictions have gone solidly negative this Friday after the ARUSDT pair went down by 6.06% in Friday’s trading. This comes on the back of increasing pressure on cryptocurrencies by the bears amid a rush away from risky assets.

Arweave is currently in a 7th straight day of losses after posting a series of progressively lower highs on the daily chart. Having recorded all-time highs of 91.08 on 5 November 2021, it has been all downhill from there. The trigger for the selloff was initially the detection of the Omicron variant of the coronavirus. This trigger has since given way to a host of other negative fundamentals, primarily the Fed’s expectation to start raising rates in March 2022. This expectation has pulled out funds from risky assets such as cryptos and into USD-denominated assets.

Tether (USDT) is a USD-denominated crypto asset, and this could explain why Arweave is losing ground to this stablecoin. The AR/USDT pair is down 7.63% as of writing.

Arweave Price Prediction

With the 42.40 support taken out by bearish action, the bears have set their sights on 35.86 (21 September and 13 December 2021 highs). A breakdown of this level brings 24.26 into the picture as a potential support target. The 21/24 August lows at 31.00 may form a transitory support level.

On the other hand, a bounce off 35.86 allows the price to recover towards 42.40. 48.49 and 52.30 are additional price targets to the north, as is 57.17. However, the negative sentiment may turn these areas into potential rally-selling points if the sentiment remains weak.