Arweave Prices Skyrocketed 57%; Will This Rally Continue?

Web2 giant meta interrogates Arweave for storing digital collectibles on their social media platform Instagram causing a massive inflow in AR price. Moreover, this perpendicular growth assisted buyers in forming a bullish reversal pattern called the double bottom. Under the influence of this pattern, the altcoin should eventually rise above the $16.5 ceiling.

Key points: 

• Arweave coin price following a double pattern
• A bullish breakout from $16.5 will accelerate the bullish momentum for the further price rally
• The intraday trading volume in the AR coin is $268.3 Billion, indicating a 667.5% gain.

Source- Tradingview

On October 11th, the Arweave price rebounded from a monthly support zone of $8-$8.4. This bullish reversal aligned with the recent recovery in the broader market and pushed the prices to the $11 mark. 

Despite its volatile price action over the past few weeks, the Arweaver price witnessed a remarkable rally in the past two days. Thus, the bull run registered 78% and reached a high of $17.8.

This sudden inflow in Arweave price is responding to an announcement that Web2 giant Meta will utilize Arweave for the storage of their creator’s digital collectibles on Instagram. Currently, the coin price trades at $15.35, and the intraday gain has dropped to +35% due to profit booking from short-term traders.

📢Happy to announce that @Meta is now utilizing Arweave for the storage of their creator's digital collectibles on @instagram!

Bringing data permanence to the giants of web2!https://t.co/7HbquIsMJg pic.twitter.com/TFef5WhrN3

— Arweave Team (@ArweaveTeam) November 2, 2022

The Arweave weekly time frame chart shows double bottom pattern formation. This bullish trend is often spotted at the market bottom and should encourage further price recovery. The neckline resistance of the pattern is at $16.5, and its break will offer an entry opportunity for interest investors.

However, before the resumption of the bull run, the Arweave price could witness a minor correction.

Technical Indicator

Relative Strength Index: the daily-RSI slope surged into the overbought territory, reflecting the excess buying activity from traders. Thus, the potential correction may stabilize the price for further growth

EMAs: the sudden price breached the crucial EMAs(20, 50, 100, and 200). These EMAs could flip to suitable support during the correction time.

Arweave Price Intraday Levels

• Spot rate: $15.3
• Trend: Bullish
• Volatility: Medium
• Resistance levels- $16.5 and $19
• Support levels- $13 and $12