Arweave (AR) Crypto: Will It Hit the $50 Threshold by May's Conc
Arweave (AR) Crypto: Will It Hit the $50 Threshold by May's Conclusion?
The significant increase in open interest data suggests a bullish scenario for Arweave crypto.
The AR crypto daily chart showcases a bullish breakout from an interesting channel pattern.
Arweave (AR) is garnering investor interest as it exhibits a notable upward trend. The cryptocurrency has been consistently rising since the final week of April 2024 and made its way towards the annual peak, even amid a generally sluggish market.
The recent revival in the broader market fueled the crypto and the crypto has surpassed the yearly high of $47.5 level posted on the charts in March. At the time of writing, the AR crypto was exchanging hands close to $47.5 registering a positive development of over 7.04% in Intraday.
Rising Open Interest Data Signals Potential Upsurge in AR Crypto
Arweave crypto has emerged as a top choice for investors, consistently registering gains even while the broader market faced corrections. The Price performance of AR crypto indicates that it has yielded a remarkable 95% return over the past month and an impressive 313% increase over the past quarter.
<iframe title="Santiment Chart: Total Open Interest in USD (AR), Price (AR)" width="1170" height="425" src="embed.santiment.net/chart?ps=arweave&pt=AR&df=2024-04-03T00:00:00.000Z&dt=2024-05-17T18:29:59.583Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Derivatives data analysis also shows a substantial rise in open contracts, signaling sustained investor interest in Arweave. The number of open contracts has soared from 70.9 million at the beginning of the period to 144.6 million currently, reinforcing a bullish outlook for the cryptocurrency.
Is the $50 Milestone on the Horizon for Arweave?
The price action analysis indicates a breakout from a rising channel pattern, suggesting potential gains in the loop ahead. This breakout is significant as it surpasses the annual high of $47.5.
Moreover, Both short-term and long-term perspectives remain bullish, supported by the key exponential moving averages of 50 and 200 days. On the higher side, the crypto is approaching a psychological level of $50 which may act as a hurdle for the buyers
Now, If the bulls manage to breach and hold above the $50 mark, we may see a continuation of the bullish trend. Conversely, a drop below $43 could negate the breakout, potentially leading to a correction phase.
The technical indicators, RSI and MACD, display a bullish crossover, reinforcing the likelihood of ongoing trend momentum.
Conclusion.
Arweave (AR) is attracting investors with its steady rise since late April 2024, surpassing the March high of $47.5 amidst a market revival. Currently trading near $47.5, AR has seen a 95% monthly return and a 313% quarterly increase.
The OI data shows a significant rise in the number of open contracts, indicating strong demand. The price action suggests further gains, with support from key moving averages. A sustained break above $50 could extend the bullish trend, while a fall below $43 might lead to a correction. Bullish technical indicators hint at continued momentum.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The significant increase in open interest data suggests a bullish scenario for Arweave crypto.
The AR crypto daily chart showcases a bullish breakout from an interesting channel pattern.
Arweave (AR) is garnering investor interest as it exhibits a notable upward trend. The cryptocurrency has been consistently rising since the final week of April 2024 and made its way towards the annual peak, even amid a generally sluggish market.
The recent revival in the broader market fueled the crypto and the crypto has surpassed the yearly high of $47.5 level posted on the charts in March. At the time of writing, the AR crypto was exchanging hands close to $47.5 registering a positive development of over 7.04% in Intraday.
Rising Open Interest Data Signals Potential Upsurge in AR Crypto
Arweave crypto has emerged as a top choice for investors, consistently registering gains even while the broader market faced corrections. The Price performance of AR crypto indicates that it has yielded a remarkable 95% return over the past month and an impressive 313% increase over the past quarter.
<iframe title="Santiment Chart: Total Open Interest in USD (AR), Price (AR)" width="1170" height="425" src="embed.santiment.net/chart?ps=arweave&pt=AR&df=2024-04-03T00:00:00.000Z&dt=2024-05-17T18:29:59.583Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Derivatives data analysis also shows a substantial rise in open contracts, signaling sustained investor interest in Arweave. The number of open contracts has soared from 70.9 million at the beginning of the period to 144.6 million currently, reinforcing a bullish outlook for the cryptocurrency.
Is the $50 Milestone on the Horizon for Arweave?
The price action analysis indicates a breakout from a rising channel pattern, suggesting potential gains in the loop ahead. This breakout is significant as it surpasses the annual high of $47.5.
Moreover, Both short-term and long-term perspectives remain bullish, supported by the key exponential moving averages of 50 and 200 days. On the higher side, the crypto is approaching a psychological level of $50 which may act as a hurdle for the buyers
Now, If the bulls manage to breach and hold above the $50 mark, we may see a continuation of the bullish trend. Conversely, a drop below $43 could negate the breakout, potentially leading to a correction phase.
The technical indicators, RSI and MACD, display a bullish crossover, reinforcing the likelihood of ongoing trend momentum.
Conclusion.
Arweave (AR) is attracting investors with its steady rise since late April 2024, surpassing the March high of $47.5 amidst a market revival. Currently trading near $47.5, AR has seen a 95% monthly return and a 313% quarterly increase.
The OI data shows a significant rise in the number of open contracts, indicating strong demand. The price action suggests further gains, with support from key moving averages. A sustained break above $50 could extend the bullish trend, while a fall below $43 might lead to a correction. Bullish technical indicators hint at continued momentum.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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