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As digital assets Continuing to endure an encrypted winter, Arweave is making a name for itself. The value of the cryptocurrency nearly doubled in his November. The monthly low remains at $10, and he hit a high of $17.8 on November 3rd. should you
Arweave is a distributed storage network or DSN. This allows users who need additional computer storage solutions to connect with those with additional capacity. Arweave is unique in that it offers permanent storage with a single payment. As such, Arweave differs from other blockchain-related storage solutions like Filecoin, which involve multiple payments.
Arweave Token (AR/USD) has attracted investor interest this month. Cryptocurrency news. Meta announced that it will use Arweave to store non-fungible tokens on social media platforms. This highlights that large companies are recognizing the opportunities offered by blockchain platforms. The question now is whether the token can sustain the bullish momentum it started this month.
Source TradingView
Technically, the AR met resistance at $17.8. Zones are long-term resistances that cryptocurrencies have retested several times in the past. Levels are Fibonacci retracement highs and lows are $8.4.
From the daily chart above, the Fibonacci retracement levels are $10.681 (23.6%), $12.052 (38.2%), $13.16 (50%) and $14.27 (61.8%). The token is testing a Fib level of 23.6%. The MACD indicator is bullish, but the momentum is fading.
The latest price action is positive for AR, but remains cautious about sustainability. The $17.8 level is a drag on further gains. Consistent with the weak outlook for the crypto sector, a sustained price recovery may prove difficult to register in AR.
If the AR continues its bullish momentum, we anticipate a retest of the $17.8 resistance. Conversely, AR may test support for $10 next. We also monitor Fib levels for potential price corrections.
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