Areweave Nears Multi Month Peaks: Is Market Confidence Restoring
Arweave crypto registered a growth of nearly 12% a month despite the broader market correction.
In recent sessions, there has been a significant increase in social volume, reflecting a rise in user activity.
The broader crypto market has been full of fears in the last month, with most major cryptocurrencies experiencing a steep decline from their recent peaks. Market giants Bitcoin and Ethereum experienced a loss of nearly 18% in value during this period.
While other cryptocurrencies are seeking solid footing, Arweave crypto is on an upward trajectory, aiming to surpass its multi-month highs. In the last month, it has shown remarkable growth. Despite the prevailing market trepidation and downturn, the cryptocurrency has yielded returns exceeding 12% for its investors.
Let's take a closer look and explore the reasons why this cryptocurrency might continue to surpass market frontrunners like Bitcoin and Ethereum in the current month as well.
AR Crypto: The Daily Chart Says It All
Arweave cryptocurrency has exhibited a bullish trend within the broader market, consistently achieving higher peaks and troughs. Despite the ongoing market correction, the cryptocurrency has succeeded in delivering positive returns to its investors. The bullish sentiment was strong, with investors aiming to reach and surpass the multi-month high of the $43.5 mark.
<iframe title="Santiment Chart: Price (AR), Volume (AR), Price (AR) MA(50), Price (AR) MA(200)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=arweave&pt=AR&df=2024-03-06T00%3A00%3A00.000Z&dt=2024-05-09T18%3A29%3A59.092Z&emcg=1&wm=price_usd%3Bvolume_usd%3B%5B2%3Bprice_usd%3BMA50%5D%3B%5B2%3Bprice_usd%3BMA200%5D&wax=0%3B1&wc=%2333bd5d%3B%23D2D6E7%3B%23FF5B5B%3B%23FFCB47&ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%3B%3B" scrolling="no"></iframe>
The daily chart indicates that Arweave was not immune to the market-wide downturn that began in April. Yet, in contrast to the leading cryptocurrencies, Arweave managed to rebound from its mid-month losses and was able to extract positive returns for its investors.
Social Enthusiasm on the rise
As per the data obtained from the app.santiment.net website, there's been a notable increase in the social sentiment curve. This indicates that Arweave (AR) cryptocurrency is gaining considerable traction across social media platforms such as Twitter, Telegram, and more. The heightened community sentiment has played a role in the cryptocurrency's growth.
<iframe title="Santiment Chart: Social Dominance (AR), Social Volume (AR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=arweave&pt=AR&df=2024-03-06T00%3A00%3A00.000Z&dt=2024-05-09T18%3A29%3A59.092Z&emcg=1&emhwm=1&wm=social_dominance_total%3Bsocial_volume_total&wax=0%3B1&wc=%235275FF%3B%2368DBF4&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The social sentiment metrics, including social volume and social dominance, gauge the extent of discussion, valuation, and demand for the cryptocurrency within the community. An uptick in social engagement often correlates with an increase in the cryptocurrency's value.
Arweave Crypto Price Forecast.
On a closer look, Arweave crypto appears to be trading within an ascending parallel channel, adhering to its lower and upper limits for support and resistance, respectively. Currently, the price is near the channel's upper edge, suggesting potential for a downward adjustment in value.
On the upside, the $43.5 mark could pose a challenge for the bullish trend, but overcoming this barrier might propel the price rapidly toward the $50 threshold. Conversely, should a price correction occur, it's likely to retreat to the channel's lower edge to find support.
Conclusion.
Arweave crypto is defying the broader market's downturn, climbing towards multi-month highs with a 12% return for investors last month. The crypto has been riding a bullish wave, forming higher highs and lows, and is now eyeing the $43.5 resistance level.
Moreover, Social sentiment is on the rise, reflecting increased attention on platforms like Twitter and Telegram. Trading in an ascending channel, Arweave's price is close to the upper boundary, hinting at a possible correction. If it breaks the $43.5 resistance, it could surge towards $50; otherwise, it may seek support at the channel's lower boundary.