- 1 Arweave (AR) token price is on the verge of a breakout near the $50 mark.
- 2 A rounding bottom formation was visible, which might lead to a sharp-up move soon.
The Arweave (AR) price has reached the 52-week high trajectory and is looking bullish on the charts. The token trades in a strong uptrend and is directing bullish momentum.
For weeks, the AR token reflected investor demand and buying interest was revealed. Additionally, the token persists in forming higher swings and is trading beyond the key EMA’s.
At press time, the Arweave token (AR) price traded at $43.64 with an intraday rise of 4.10%, reflecting bullishness on the charts. It has a monthly return ratio of 70.20% and a yearly return ratio of 558.27%.
The pair of AR and BTC is at 0.000660 BTC, and the market cap is $2.85 Billion. Analysts have given a strong buy outlook and suggest that the AR token price may register a sharp breakout and will soon cross the $50 mark.
Arweave (AR) Revealed Buyer Dominance: Price Action Outlook
The daily charts of the Arweave token favor the bull army and suggest a massive blast on the cards, which might unlock soon. The higher-high setup of the token led the token close to its 52-week high mark of $45, and bulls are eyeing the $50 mark to breach.
Source: TradingView
Amidst the market ups and downs, the token showed a consistent up move and displayed buying interest and investor speculation.
Arweave token ranked at 39 and has a total supply of 65.45 million. The intraday trading volume rose 67.67% to $222.90 Million, highlighting the bullish sentiment.
The Momentum Indicator (Relative Strength Index) curve stayed in the overbought zone and preferred the breakout ahead.
Surge in Volatility and Weighted Sentiment Data
The price volatility has fluctuated over the past few trading sessions and is replicating investor speculations. Following the price surge, the volatility chart articulates a rise, implying that sellers are looking in fear and might cover their positions soon.
Source: Santiment
The weighted sentiment data stays above the midline, close to 0.727, which indicates a positive outlook.
Futures OI Data Denoted Long Buildup
For weeks, the follow-on price surge and consistent buying interest led to a jump in the OI contracts.
Source: coinglass
The open interest data highlights a spike of over 6.98% to $127.16 Million in the last 24 hrs, denoting fresh long buildup activity.
Rise In Popularity
Amidst the price-up move, the X followers data began to surge and jumped to the 48 mark, denoting a positive outlook.
Source: Santiment
Likewise, the development activity data resembles the same and spiked above the midline region, denoting the consistent growth over the past few weeks.
The immediate support levels for the Arweave (AR) token are $40 and $36, whereas the key upside hurdle is around $48, followed by $50.
Conclusion
The Arweave (AR) price grabbed the bullish momentum and is ready to fly the gains beyond the $50 mark. Amidst the market’s volatile move, the token delivered consistent outperformance and looks bullish on the charts.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.