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

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

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

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.

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 suggest that parabolic growth is imminent.

Are Bulls Strong Enough to Surpass $50?

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. On the other hand, if volume inflow rises and the crypto breaks above the $50 level, it may indicate a bullish continuation and the crypto may show gains. 

The 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 above the mean line.

Conclusion

Arweave crypto has been bullish, gaining 9.78% a week, and a 22% a month. Currently at $43, the crypto is nearing its annual high and the $50 resistance. The crypto is poised for a breakout, backed by a 130.4% increase in protocols and a 586.7% surge in transactions year-over-year. 

Moreover, The short term bullish trend is supported by technical indicators like MACD and RSI, suggesting a potential rise above $50 if the current momentum continues and trading volume increases. However, the crypto may face the possibility of short-term consolidation or correction below this level.

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