- Arweave Stagnates Near Demand Zone
- What Does Social Dominance and Development Data Indicate?
- Key Insights and Forecasts
Arweave, a blockchain network known for its permanent data storage, has shown a significant rejection from its overhead trendline barrier of $30. The token exhibited a five-day losing streak and dropped more than 15%.
Arweave Stagnates Near Demand Zone
On the daily chart, the AR token saw a rejection and showed signs of bearishness. Amid the price rejection from the $28 mark, the token slipped to the 20-day EMA mark. However, the token is seen holding around the $20 mark, and the selling pressure may be reduced ahead.
What Does Social Dominance and Development Data Indicate?
The development activity data showed mixed cues, as the curve flows near the midline region. It indicated minor growth in its ecosystem. The social dominance data showed an uptick, rising to 0.14%, which highlighted increased media chatter among investors on social media platforms.
Key Insights and Forecasts
From a technical standpoint, the price is still within a bounce region. If Arweave halts near the 20-day EMA mark, it would bring the bulls back on track and could see a short-term rebound ahead. The potential support level stands at $20, followed by $18, and a strong support can be considered at $15 if these levels fail to contain selling pressure. The resistance levels to watch for a pullback are $30, followed by $35.
Despite recent challenges, Arweave retains the potential for recovery. Technical data and social indicators point to possible support and resistance points that may influence future price movements.
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