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- Arweave coin caught in the middle of a fight between buyers and sellers.
- Market sellers defend themselves at the level of the $10 perceptive round.
- Trading volume fell by 30% in the past 24 hours, registering $9.5 million.
Most of the coins on the Solana chain sank this week. Arweave is one of them, with a negative 3.88% so far. As of now, the overall crypto market floats sideways as the market leader—Bitcoin at $17K—is stuck in a tight range in the red zone of volatility.
For the past several weeks, Arweave coin has been trading in a narrow range sideways. The price swings above the key monthly support at $8.6, which remains valid for further gains. Last week, traders saw a long-legged Doji candle; later, the bears saw another selloff.
Against the USDT pair, Arweave coin is looking extreme sideways in intraday trading session while price trading at $8.93 mark at press time. Since 21 November, altcoin stuck between buyers and sellers. In fact, the $8.6 mark acts like vital support and bears have set selling orders at conceptual $10.
The 0.236 level of fib retracement stands at closer to $10 zone, buyers have to struggle a lot to overcome sideways territory. Hence, market capitalization slipped below $300 Million in the last 24 hours. Similarly, Trading volume dropped 30% in the last 24 hours, reported at $9.5 Million.
In the context of daily basis, Arweave crypto value stays above the lower band of bollinger band indicator. However, the indicator shows intense sideways momentum for speculators. For next week, mid-band will be the immediate bullish hurdle.
The RSI indicator is gradually decreasing down below the semi-line. In addition, the ADX indicator also moves down, suggesting more consolidation ahead.
Conclusion
The Arweave coin price is fluctuating in a tight sideways range. Buyers should keep patience until the crypto price recovers above the conceptual round level of $10.
Support level – $8.5 and $7.2
Resistance level – $10 and $16
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.
