The cryptocurrency industry is rallying once again on February 15th, after suffering an unfortunate price drop over the past several days. Some of the projects that are currently trading in the green have even seen a 10% daily increase or more.
Arweave (AR) is a good example of this, as the project surged by 11% in the last 24 hours, even managing to breach resistance at $34 that prevented it from going up over the past several days.
Arweave (AR) price performance
Arweave was launched in late May 2020 and for the most part, it spent the rest of that year relatively dormant. It saw one notable surge in August which took it from $1.6 on August 6th to $7 on August 29th. After that, the token’s price corrected back to previous levels, and it remained relatively unchanged for the rest of the year.
However, AR started seeing a lot more volatility in 2021. The token started the year with a price of $2.61, and as soon as the year kicked off, it immediately started growing. For the first two months, its growth was steady, and by the end of February 2021, the token reached the price of $9.28. After that, however, a series of sharp jumps took it to $30 by the end of March.
Unfortunately, the resistance at $30 blocked the coin’s further progress, so AR started a series of attempts to breach this resistance. Its price was regularly rejected by this level, once even all the way down to $20. This lasted until mid-May when the crypto industry crashed following Tesla’s announcement that it will discontinue Bitcoin payments.
The token dropped to $13, initially losing over 50% of its price. However, as summer kept progressing, it sank even lower, reaching its bottom at $8. Things changed on AR on July 20th, when the crypto industry once again saw the return of the bulls, and by the end of August, the coin hit a new ATH at $65.
Once again, this was a resistance that AR has struggled to breach, making three major attempts between late August and November, only to be rejected each time. In November, the last bull run of the year finally allowed AR to breach the resistance and the coin made yet another ATH, this time at $86.28.
After that, the bears took over the market yet again, causing AR to crash by around 50%, leading it down to $36.36 by December 13th. The coin then started another surge that continued in early 2022, leading it to the price of $68 by January 4th, which is its highest price in the current year.
AR in 2022
After reaching this peak, the coin kept dropping as the bears tightened their grip, eventually sinking to its bottom at $28. It reached this support on January 22nd, and after that it spent the next several days trying to grow, finally managing to return to a resistance at $40 on the last day of January.
In the first 10 days of February, the coin kept trying to breach this resistance, albeit unsuccessfully, fluctuating between this level and a support at $36. Things took a turn for the worse once again on February 11th, when the support broke and the coin dropped to a support at $32. After several days of sitting at this level, AR finally started to recover again in the last 24 hours, which led to breaking the resistance at $34, as mentioned earlier.
To learn more about this token visit our Investing in Arweave guide.
The post Arweave (AR) Price Breaches a Resistance at $34 After Rallying by Over 11% Daily appeared first on Securities.io.
