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Arweave Crypto Near Annual Highs: A Major Breakout On The Horizo

Long
CRYPTO:ARUSD   Arweave
Arweave Crypto Near Annual Highs: A Major Breakout On The Horizon
Arweave crypto was currently trading close to its annual high and a psychological threshold of $50 indicating a potential for an imminent breakout.
Over the past month, there has been a 20% MoM increase in the total number of transactions, from 5 billion to 6 billion reflecting an acceleration in the platform's growth.

Arweave crypto has delivered a robust performance in the previous week despite an increased volatility in the broader market. The crypto gained over 9.78% a week and over 22% a month. The recent surge has propelled the price near the annual highs and a psychological resistance of $50 level.

At the time of writing, the crypto was hovering close to $43 recording a swift intraday loss of 0.6%. The investors are on the lookout for a potential surge past the psychological $50 mark.

Moreover, The recent positive developments in the crypto space suggest that Arweave could soon experience a significant breakout, potentially surpassing the anticipated resistance level of $50.
Parabolic Growth In the Number Of Transactions!
As per a tweet by Rendoshi Tokamoto, there has been a remarkable growth across various Arweave metrics like number of transactions, protocols, user engagement etc. The number of protocols jumped to 2.68K recording a 130.4% growth YoY.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">1. Parabolic growth<br><br>Growth across all Arweave metrics has been parabolic.<br><br>In May total transaction grew by +20% MoM from 5B to 6B, indicating growth is accelerating. <a href="https://t.co/dYeCt1MkRK">pic.twitter.com/dYeCt1MkRK</a></p>&mdash; Rendoshi Tokamoto ⭕️ (@Rendoshi1) <a href="https://twitter.com/Rendoshi1/status/1797237688229142893?ref_src=twsrc%5Etfw">June 2, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


Furthermore, the number of transactions were recorded as 5.8 Billion showing a 586.7% growth on a year basis. whereas, the user engagement has reached 1.25 Million recording a 35.2% YoY growth.

All these metrics point to a parabolic growth on a yearly basis which could leave a positive impact and increase the demand for AR crypto in the coming sessions.
Are Bulls Strong Enough To Surpass $50 Level?
The recent price action reveals that the crypto has been riding a bullish wave in the short term breaking out of a correction phase. on the lower side, the bulls are holding firmly near the 50 day EMA and a positive trendline support.

On the higher side, the $50 level has been acting as a strong hurdle and preventing further growth in the price. The volume inflow has surged by 6.35% to $78.40 Million.

Now, until the price hovers below the $50 level, it may face a risk of consolidation or correction in the short term. Whereas, if the volume inflow rises and the crypto breaks above the $50 level, it may indicate a bullish continuation and price may show gains.

The technical indicators MACD and RSI were hovering in a bullish zone and are leaving a positive note about the further trajectory as of now. The MACD line was above the zero line whereas the RSI line was placed above the mean line.
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