The Arweave price made a bullish breakout as investors rushed to the fast-growing cryptocurrency. The AR token jumped to an all-time high of more than $84, bringing its total market capitalization to more than $2.7 billion. The coin has jumped by more than 75% from its lowest level in October.
What is Arweave and why is it rising?
Arweave is a blockchain project that is in the data storage segment. The network provides a storage platform that is backed with sustainable and perpetual endowments. This allows users to be able to store the data permanently. In other words, it is a hard drive that is owned by the community.
Arweave’s technology can be used by almost anyone who builds on the web. For example, it can be used by website owners who currently rely on centralized companies like GoDaddy. It can also be used by social media companies that currently use products by Amazon and Microsoft.
Arweave has received backing from some of the best venture capital firms. Some of the companies that have invested in the developers are Coinbase Ventures, Techstars, USV, and Andreessen Horowitz among others.
The Arweave price is rising as investors attempt to catch the next big thing. In the past few weeks, the top breakout currencies were the likes of Shiba Inu and Dogelon Mars. So, what next for the Arweave price?
Arweave price prediction
In my last article on Arweave two weeks ago, I wrote that the price could spike. This prediction was relatively accurate as the price has maintained a bullish trend recently. At the time, I pointed to the fact that it had formed a cup and handle pattern and a bullish flag pattern.
Today, the Arweave price rose above the upper part of the cup and handle pattern at $70. It also moved above the 25-day and 50-day moving averages while the MACD has held steady.
Therefore, there is a likelihood that the AR price will continue its bullish trend as bulls target the next key resistance at $100. However, in the near term, a break and retest pattern will see the Arweave price retest the upper part of the cup at about $70.
