Arweave AR/USD has weakened from $90 below $55 since 05th November, and the current price stands at $59.
The cryptocurrency market remains under pressure, Bitcoin went below the $59000 price level this Tuesday, and the price of Arveawe can weaken even more in the upcoming days.
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Arweave is a project that seeks to store files across a distributed network of computers allowing its users to truly store data forever. Arweave is very similar to other decentralized storage platforms like Filecoin and Sia, and it is built and run by its community.
Arweave stores its data in a graph of blocks, and each block is linked to two earlier blocks in Arweave, which differs from Bitcoin. AR token is the native currency of Arweave, and it is important to mention that the number of AR tokens in circulation is limited to 66 million tokens.
Arweave backs data with sustainable endowments, and users who want to store data on Arweave must buy AR tokens to pay for distributed data storage.
Arweave’s native AR token has achieved an impressive gain in the first trading days of November, and it has reached a record high above $90. Since then, the price has collapsed, but the current price depreciation has a less fundamental background.
The cryptocurrency market is losing its value this Tuesday, the price of Arweave can easily back below the $50 level, and probably it is not the best moment to buy this cryptocurrency.
From its peak of $69,000, Bitcoin is currently down more than 12%, and the upcoming days may bring more pain for the cryptocurrency market. Jon Cunliffe, deputy governor for financial stability at the Bank of England, added:
As the top crypto asset, Bitcoin carries the biggest risk. Cryptocurrency volatility, the primary concern for regulators, could bubble over to the traditional financial market.
$50 represents strong support
Arweave (AR) has weakened from $90 below $55 since 05th November, and the current price stands at $59.
If the price of Bitcoin falls below the $55000 support level, it would add further pressure to the whole cryptocurrency market.
The strong support level for Arweave (AR) stands at $50, and if the price falls below it, the next price target could be around $40 or even below.
On the other side, if the price jumps above $80, it would be a strong “buy” signal, and we have the open way to the $90 resistance level.
Summary
The cryptocurrency market remains under pressure; Bitcoin went below the $59000 price level this Tuesday, which also negatively influenced the price of Arweave (AR). The price of Arweave can easily back below the $50 level, and probably it is not the best moment for investing in this cryptocurrency.
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