Arweave is a blockchain-based data storage platform that backs data with sustainable endowments and enables users to replicate data easily. It is powered by two technologies – blockweave (a derivative of blockchain technology) and PoA (Proof-of-Access) open-source protocol. AR is the native token of this network and the technical analysis is as follows:
On April 23, 2021, AR started trading at $21.90. On April 29, 2021, AR closed at $29.39. Thus, in the past week, the AR price has soared by roughly 34%. In the last 24 hours, AR has traded between $28.83-$30.50.
Day-Ahead and Tomorrow
Currently, AR is trading at $30.18. The price has increased slightly from the day’s opening price of $29.40. Thus, the market seems healthy.
The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, we can expect the price to start declining.
Currently, the RSI indicator is at 51%. It faced rejection at 42% and rose to the current level. Thus, buying pressures are slowly building. Hence, we can expect the price to resume its upward journey after a brief price pullback.
The OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. In other words, the OBV indicator is giving further credence to the bearish price trend shown by the MACD indicator.
In a nutshell, all three oscillators have indicated that a price pullback is on the horizon. However, we have to wait and watch to see if the bearish price trend is strong enough to sustain or a bearish trend reversal occurs in some time.
AR Technical Analysis
As per technical analysis, currently, the price has fallen below the first Fibonacci pivot resistance level of $30.21. It may soon fall below the Fibonacci pivot point of $29.57. If the bears remain strong, the price is likely to fall below the first support level of $28.93, in some time.
The price has tested and fallen below the 23.6% FIB retracement level of $30.10. It is soon likely to fall below the 38.2% FIB retracement level of $29.86. Thus, as of now the price downswing seems strong, and expect to continue tomorrow as well. However, we cannot rule out a trend reversal.