Arweave Price Could Soon Spike According to These Patterns

Summary:
• The Arweave price is in a tight range as the market assesses the strength of the network. The AR coin price is trading at $53.35

The Arweave price is in a tight range as the market assesses the strength of the network. The AR coin price is trading at $53.35, which was about 6% above the lowest level this month. Its total market capitalisation has moved to more than $1.76 billion, making it the 66 biggest cryptocurrencies in the world. 

What is Arweave and how does it work? 

Arweave is a network built on the so-called blockweave technology. The goal of the developers was to create a platform that ensures that data is stored online permanently. 

There is a difference between a blockchain and a blockweave. For one, a blockchain is a linked network of blocks that contain transactions. A blockweave, on the other hand, is a set of blocks that contain data that is linked to multiple previous blocks from the network. Unlike the popular methods of proof-of-work and proof-of-stake, Blockweave uses a proof of access (PoA). 

Another feature of Arweave’s technology is what is known as the permaweb. This is a collection of interlinked documents and applications that are all permanent. It is built on top of the HTTP, meaning that all data is available using a browser. As such, instead of using traditional web hosts, developers can host their files using platforms built using Arweave. 

While the idea behind Arweave is noble, there are concerns about whether developers will shift to its network. 

Arweave price prediction 

In my Arweave price prediction for October, I noted that the coin’s price could soar to $100. Two weeks into the month, there are few signs that this prediction will happen. Instead of rising to $100, the coin rose to $70, where it found substantial resistance. 

Today, the Arweave price is in a tight range but it is being supported by the rising trendline that connects the lowest levels since September 21st. At the same time, the token has moved slightly below the 50-day moving average. 

A closer look shows that the coin is also forming the handle section of the cup and handle pattern. It has also formed a falling wedge pattern that is usually a bullish signal. 

Therefore, the coin will likely stage a major comeback in the second half of the month. If this happens, the next key resistance to watch will be this month’s high of $70. This view will be invalidated if the price moves below $45.