Cryptocurrencies

Arweave Looks to Secure a Low at the $50 Level

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Written By: Kevin George

Oct 29, 2021, 17:45 BST 17:45

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.

Arweave Price Chart (Daily)

This post was last modified on Oct 29, 2021, 17:45 BST 17:45

Written By: Kevin George

Kevin George has over twelve years' experience in financial markets trading, which included stints in London and New York, trading equities and currencies. He has also traded in commodities, equities, futures and options. He has extensive technical-experience and combines this with a fundamental overview. He has published for SeekingAlpha, where he runs his own subscriber newsletter and graduated with an MSc in finance in 2017.