The Arweave Price Triggered a Pullback; Is $50 Mark This Week?

• Trading volume declined by 55% in the past 24 hours.
• The Arweave crypto price faces resistance from the supply zone.

The Arweave price has witnessed a slow and steady gain since mid-April, extending to the supply zone. For the past few weeks, the AR price has taken support on the trendline thrice and gained bullish momentum.

The chart structure displays that the hurdle of $45 is working as a demand zone. The digital asset price has tried thrice to sustain the $45 mark, but sellers were strong due to the supply zone, which dragged down the price. AR’s price has been tried a fourth time but shows bearish momentum further.

At press time, the Arweave crypto price traded at $43.68 with an intraday loss of 3.52%. The market capitalization is $2.86 Billion, and the 24-hour trading volume is $119.08 Million. The circulating supply is 65,454,185 AR, and the total supply is 66,000,000 AR.

A Huge Change in Transactions on Arweave

Getting close to 6 BILLION total transactions on #Arweave this week.

A gentle reminder that it was at 5B only a month ago.

(via @viewblock) pic.twitter.com/O1GUC8GBZO

— Only Arweave (@onlyarweave) May 31, 2024

A source on ‘X’ formerly known as Twitter says that the transaction on Arweave was around 5 Billion a month ago. The transaction count is about to reach 6 Billion this week. The huge change in the transaction count in a month shows the smoothness of the transaction.

Pump and Dump in Volume Seen; What’s Going on?

The trading volume graph shows that the volume has pumped since February and remained almost unchanged. In the last 5 days, the trading volume surged by 500%, which helped the price to trigger a pullback. 

In the past few hours, the trading volume of Arweave crypto price has dropped by 55%, indicating that the price may face resistance from the supply zone.

The Arweave Price is Near Supply Zone; Are Bears About to Dominate?

At the time of writing, the Arweave price has wandered in the supply zone. The price has faced resistance thrice from this zone, and currently, it has reached the same level, and the trading volume has declined by 55%.

Track all markets on TradingView

Suppose the AR crypto price faces resistance from the $45 mark and slips below the 20-day exponential moving average, the selling pressure can be expected.

The chart structure suggests that the buyers are still strong, and the AR price is near an all-time high. Most sellers may prefer to book profit if the digital asset price starts trading below the trendline. The profit booking on a larger scale may lead to strong selling pressure. 

Based on the technical indicators, the Arweave coin price has traded over the key moving at the press time. 

Conclusion

On a broader time frame, the Arweave crypto price has been in a strong bullish trend and is trading near an all-time high. Buyers are struggling to sustain the top, and sellers have managed to keep the price below the $50 mark from the beginning. The technical indicators also favor bullish momentum. 

Technical levels

Arweave crypto price is expected to face resistance from the $45.50 and $50.00 levels in the upcoming trading sessions. The AR coin price may take support on the $38 and $28 marks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.