Arweave price surged by 7 per cent in yesterday’s trading session. The surge in price was a continuation of the previous day’s 2 per cent price gain in the markets. The crypto had also started showing signs of recovery, surging by more than 20 per cent in four days.
However, in today’s trading session, Arweave prices are down by a percentage point. When looking at higher timeframes, the current bearish move appears to be very likely to continue throughout the session. The move is also likely to continue June’s strong bear market that has seen Arweave prices drop by 9 per cent.
The Arweave trend has also been extremely bearish in the past few months. In May, Arweave lost 32 per cent of its value. The drop in May, though partly contributed by the cryptocurrency crash that was experienced during the month, also extended a long-term downward trend that had seen Arweave lose 76 per cent of its value since the year started.
Arweave Price Prediction
The data from large timeframes show the cryptocurrency is still in a long-term bearish move. However, charts from lower timeframes show short-term traders can take advantage of small bull and bear trends within a session to benefit from the markets.
In the two hour chart below, we can see that, despite Arweave being down by a percentage point today, the intra-day trading session shows a strong bullish trend. In addition, the chart shows that, in the early hours of the trading session, there was a huge and aggressive bearish move. However, as the hours progressed, the aggressive push to the downside cooled off. Finally, in the last few hours, Arweave’s price has moved past the $13.8 resistance level.
Therefore, my intraday Arweave price prediction expects Arweave to be bullish during the intraday session hours. There is also a high likelihood that, by the end of the session, Arweave will be trading above its opening price of $14 and may push past the $15 Price Level.
However, if the prices drop below the $13 price level, my bullish analysis will be invalidated. It will also almost certainly mean a resumption of bearish trends, both short-term and long-term.