The Arweave price has been in a strong bullish momentum recently as demand for the coin has risen. The AR price has risen to $42, which is about 280% above the lowest level in August this year. It has also risen by almost 500% from its lowest level in July, making it one of the hottest cryptocurrencies in the world. This growth has pushed its total market value to more than $1.45 billion.
What is Arweave?
Arweave is a relatively unknown blockchain project that is in the file storage industry. The protocol allows users to store files and documents permanently in the cloud for a single upfront payment. The coin connects people with the available disc space with organizations that want to store it.
The Arweave protocol has the permaweb, which is a permanent web of pages and applications that are designed to live forever. Other key parts of Arweave’s ecosystem are Gateways, GraphQL, and Smatweave.
Gateways are similar to content delivery systems while GraphQL is a querying system that is exposed to gateways. Smartweave, on the other hand, is a smart contracts platform that allows developers to build programmable money.
The Arweave price has been in a strong bullish trend in the past few weeks as its demand has risen. Indeed, a quick look shows that the number of search queries has been on a bullish trend. Similarly, the number of social media mentions abot AR has been rising.
Arweave share price forecast
The daily chart shows that the Arweave price rose to its initial all-time high of $49.12 in April this year. After that, the coin dropped substantially to the important low at $7.2 during the cryptocurrency sell-off. Since then, the coin has been on a strong bullish trend, and last wek, it rose above the initial all-time high.
In the past few hours, however, the parabolic rally has faded and the coin is trading at $42.3, which is slightly below last week’s high at $51.20. The price is slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.
Therefore, the coin will likely decline further due to profit-taking and then rebound. The next reference level to watch will be the previous high at $34.15.