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- Arweave prices skyrocketed 65% In just a matter of several hours,
- After the recent news of digital assets with META, market sentiments have totally changed.
- Trading volume spiked 633% in the last 24 hours and reached $220 million.
Arweave beat the world-famous meme-coin-Dogecoin in the race of top gainer. Last week, Dogecoin was leading the bull market to maintain their position as a top gainer of the week. But after the Arweave team’s recent announcement, the native crypto asset AR token witnessed a massive surge earlier in Thursday’s intraday trading session on 3 November.
In the crypto market, Arweave is well-known as a decentralized storage network. Recently, the Arweave team announced favorable news for investors. On Thursday, 3rd October 2022, the Arwaeave team went on to Twitter to announce integration with META for a decentralized storage platform. As per deal, Arweave Network will provide storage of digital collectibles of META’s creators on the well-known social media platform Instagram.
On 3rd November 2022, Arweave price delivered a remarkable rally in just 10 hours of intraday trading session. This gain pumped crypto price near by bears’ defending zone (red box). Ongoing news flow holds positivity in the market. Arweave price becomes the top gainer of the day while price stays at $16.9 mark at the time of writing.
Market cap spiked from $370.4 million and reported at $553.6 million along with 65% gain overnight. Trading volume spiked 633% in the last 24 hours and reached $220 million, shows buyers’ accumulation.
At the time, Arweave price sustains above all significant exponential moving averages. 200 EMA could be the next support if buyers close the daily price candle above it. MACD is expanding higher in the positive region and Stoch RSI just started moving higher.
Conclusion
The Stoch RSI just started moving higher, buyers are expecting more bullish trend on the behalf of Stoch RSI. Arweave price trades at resistance level. Buyers need to wait confirmation above this resistance zone for making new longs.
Technical Levels
Support level – $10 and $7.0
Resistance level – $18 and $20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
