Arweave’s price has surged 42% this week and is trading around $34 at press time.
For context, Arweave is a data storage network offering permanent and censorship-resistant data storage. It uses a unique “blockweave” structure, a variation of blockchain technology specifically designed for the Arweave protocol.
Unlike traditional blockchain networks, the blockweave links each block to two previous blocks and one following block, creating a more interconnected structure.
Miners maintain the blockweave by providing disk space and replicating the network’s data. They use a system called Proof of Access (PoA) to mine and validate blocks. This requires miners to access historical data before adding new blocks, incentivizing data replication across the network.
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Crypto analyst “Crypto Kandle” shared insights with his 10,000 Twitter followers. He noted a support/resistance flip at $30, with the backtest confirmed.
The trend on the 4-hour chart remains intact, with the backtest confirmed for the third time. The short-term target appears to be the previous local high at $50.
$AR H4TA doesn't get any easier than this, the market must be bullish > S/R flip @ $30, backtest confirmed > Trend on the 4H intact, backtest confirmed for the 3rd time Short term target: previous local high @ $50 pic.twitter.com/lD0qjCgLgJ
— Crypto Kindie (@CryptoKindie) July 19, 2024
AR is one of several ‘utility’ coins that have been pumping recently. Another example is ALPH, which has seen a 70% increase. While these projects have different utilities, this trend may indicate a renewed interest in projects with strong fundamentals.
The recent price action of AR and similar tokens suggests a potential shift in market sentiment towards utility-focused cryptocurrencies.
Read also: Here’s When SEC Rescheduled the Meeting About Ripple as XRP Price Pumps
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The post Arweave (AR) Price Marches Towards $50 – Here’s Why appeared first on CaptainAltcoin.
