Arweave Looks to Secure a Low at the $50 Level

Summary:

The price or Arweave has been dragged lower in October but the coin could get some help from a move higher in altcoins.

The price or Arweave has been dragged lower in October but the coin could get some help from a move higher in altcoins. Arweave is a decentralized data storage platform founded in 2017 by Sam Williams and William Jones

Arweave’s hosts a decentralized data storage platform and the project’s Profit Sharing Tokens (PSTs) allow app developers to sell tokens and capture some of the future profits generated from their apps. There are around 105 projects currently active on the ecosystem.

In August, Arweave soared 66% in a week as NFT sales boomed in the crypto space. Sales have tapered off since then but the market is now recovering. The project also recently announced that it would integrate The Graph, a decentralized project which sorts information and allows users to query Web 3.0 APIs.

Arweave trades with an all-time high valuation of around $1.6 billion.

Arweave Price Analaysis

AR is trading at the $52 level and the candlesticks hint at a potential low at the $50 level. Resistance for Arweave will come in around the $64-70 mark. A move back below $47 could target the low $30 prices. The all-time high is at $72 so getting above that could open up further gains towards $100.