Arweave Price Up 7.53% – Time to Buy AR Coin?

The market charts indicate that this might be the best time to buy AR, given that Arweave recorded major gains and is up 7.53% in the last 24 hours.

AR Price Rally: Is This The Next Filecoin?

Coming into a highly-congested marketplace of data storage protocols, Arweave has done remarkably well since its founding in 2017 as ArChain.
Price-wise, AR has been on a tear, with the storage token posting over 20,845% from its all-time low of $0.29 on January 1, 2020. Its ascent began shortly after Bitcoin’s price gains in the tail end of 2020.

AR jumped from $2.6166 on January 1 to $4.3894 two weeks later, reflecting more than a 100% increase. The data storage token continued its uptrend in march, hitting $16.28 on March 3 and ending that month at $32.55.

While the crypto space saw its biggest break in April, AR could not ride on the market frenzy and could only retest its previous $32.55 and climbing a few cents to $32.89. From there, it went on a spiral, trading between $15 and $25 for much of May.

Meanwhile, the bulls have made a strong statement in the past two months, and this has helped propel AR to hit a record high of $65.84, ending August with over $600 million in daily trading volume. A brief dip in the opening days of September saw AR drop to $47.22 before making a comeback. This saw AR retest its previous high, with the digital currency losing steam at the $64.60 price peg.

AR has been on a tailspin this month so far, with major rallies followed by dips. However, the digital token is making a considerable gain in the last 24 hours. It is up 7.53% and trades at $62.6030.

AR Technical and Fundamental Analysis

Arweave’s performance in the last few weeks has been outstanding as the crypto market catches some tailwinds. The asset shot to $69.3216 on October 8, marking its first major rally since September 10’s $74.8168 rally.

With such a pronounced uptrend, no wonder investors want to buy AR.

Currently, AR is trading higher than the 20-day moving average (MA) support price of $51.09. This price rally is also reflected in the longer-term 200-day MA indicator, as it trades well above the bottom at $26.21. The asset’s moving average convergence and divergence (MACD) performance shows a clear buying signal with the green trendline rising above the red line.

Turning to the relative strength index (RSI), the oscillator puts AR buying strength at 62.31, with the trendline pointing upwards. Given the current bullish sensation in the market, this is largely still underbought. With the bulls continuing their control of the market, more investors are set to buy AR.

In making an investment decision, the fundamentals of an asset are also important. On this front, the Arweave blockchain protocol has enjoyed phenomenal success.
This month’s opening hours saw Arweave announce an integration with crypto indexing platform, The Graph Protocol. The partnership will see the protocol read, index, and organise all data stored on the network enabling developers to easily query any asset stored on the platform with the GraphQL.

Also, Arweave-integrated subscription-based content sharing network Creaton recently raised $1.1 million from several angel investors. With digital content encrypted and stored on Arweave, content creators can permanently store their files for a few cents and choose who accesses their materials.

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