The Arweave price prediction indicates that there is a high potential of the token continuing its bullish continuation move, following the formation of a bullish pennant pattern. The AR/USDT crypto pair hardly made any move in the last few days, but it could be priming itself for a big move once the current dust in the crypto market settles.
Airweave is a blockchain protocol that enables long term storage of historical and current data, making it impossible for centralized entities to potentially control or distort this data. It costs about $30 a GB to store data on this protocol, but these are one-time payments.
The pay once, store forever network is becoming popular among crypto enthusiasts. Arweave currently maintains a blockchain bridge with Solana (SOLAR), which stores all its data on the chain.
The evolving bullish pennant on the daily chart points to the potential for a bullish continuation of price action. Price activity has just bounced off the pennant’s lower border. It has to contend with potential resistance barriers at 59.9157 (16 September and 3 October low) and 65.9157 (11 September and 9 October highs) before the all-time high at 74.5598 comes into view.
Clearance of the latter also confirms the break of the pennant, allowing for a potential measured move towards 99.5225. Several pitstops exist along the way: 85.5466 and 91.2824 are the most prominent Fibonacci extension levels.
On the flip side, a breakdown of the pennant’s lower border invalidates the pattern. This scenario creates opportunities for the bears to take out the pitstop at 49.1732 and drive a drop towards downside targets at 43.6997 and 34.1146.
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This post was last modified on Oct 22, 2021, 20:00 BST 20:00