Arweave Price Up by 11.51% – Time to Buy AR Coin?
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The Arweave blockchain aims to revolutionise the data storage industry by allowing users to store data permanently while paying little. The economics behind the project has seen several investors eager to buy AR.
While there are several blockchain-focused data storage initiatives, Arweave has been able to single itself out due to the low upfront fee and the multiple support for all kinds of information storage capabilities.
With blockchain taking over every facet of society, Arweave may just be a hidden gem among several shiny stones. Today’s rally may be an ideal opportunity to buy AR and tap into the next blockchain star.
AR Catching Significant Tailwinds As The Market Braces For The Bulls
The crypto market has been on a series of consolidations lately, with premier digital asset Bitcoin finding it difficult to break the $50,000 resistance level since hitting a record figure in late November.
However, a few outliers have continued to hold on to the torch of the nascent industry, and one of such is the data storage protocol Arweave.
Using a novel protocol called Blockweave, the Arweave blockchain allows users to permanently save any kind of data ranging from websites to even blog posts while only paying an upfront fee.
At press time, the AR is blazing the trails for the bulls and is up an impressive 11.51%. The current price stands at $48.58 as the 75th most valuable crypto asset continues to surge in value.
Given this, Arweave’s market valuation has shot up and currently sits at $1.62 billion, reflecting an 11.74% increase in the past day.
The 24-hour trading volume is also through the roof as AR trading is up 118.58%, with $88.7 million traded so far.
With only 51% of the AR token currently in circulation, AR has a market dominance of 0.07%, following a 46.95% dip from its all-time high (ATH) of $90.94 a month earlier.
Despite this, AR has seen an impressive 1,809.92% increase year-to-date (YTD) and a 12-month trailing increase of 2,065.19% in the past year.
With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy AR and rise with the market.
AR Technical And Fundamental Analysis
Following its remarkable one day rally, AR is trading slightly above the 20-day moving average (MA) support price of $48.48, indicating growing bullish confidence.
The 200-day MA support price of $37.12 points to a more extended bullish backing in the long term. This data presents an opportunity to buy AR and rise with the crypto market.
The 14-day relative strength index (RSI) figure of 48.92 reveals that AR is trading in the underbought region while the digital asset rises toward the overbought level.
The moving average convergence and divergence (MACD) paints a bullish undertone as the green indicator points to a buy signal.
Arweave’s growing technical performance follows a strong series of fundamentals.
Popular decentralised finance (DeFi) platform Near Protocol recently onboarded on the Arweave blockchain.
This development follows a partnership with the Kyve Network as the Ethereum rival archives its blockchain nodes on the Arweave blockchain.
The Kyve Network will enable developers in the Near ecosystem to store and validate their data solutions on its blockchain in partnership with Arweave.
Also, the Arweave blockchain has been tapped as a storage solution by the decentralised blog platform Figment. According to a tweet, writers will now post blogs permanently on the Arweave protocol without constantly renewing their subscriptions.
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