Arweave Crypto Near Annual Highs: A Major Breakout On The Horizo
Arweave Crypto Near Annual Highs: A Major Breakout On The Horizon
Arweave crypto was currently trading close to its annual high and a psychological threshold of $50 indicating a potential for an imminent breakout.
Over the past month, there has been a 20% MoM increase in the total number of transactions, from 5 billion to 6 billion reflecting an acceleration in the platform's growth.
Arweave crypto has delivered a robust performance in the previous week despite an increased volatility in the broader market. The crypto gained over 9.78% a week and over 22% a month. The recent surge has propelled the price near the annual highs and a psychological resistance of $50 level.
At the time of writing, the crypto was hovering close to $43 recording a swift intraday loss of 0.6%. The investors are on the lookout for a potential surge past the psychological $50 mark.
Moreover, The recent positive developments in the crypto space suggest that Arweave could soon experience a significant breakout, potentially surpassing the anticipated resistance level of $50.
Parabolic Growth In the Number Of Transactions!
As per a tweet by Rendoshi Tokamoto, there has been a remarkable growth across various Arweave metrics like number of transactions, protocols, user engagement etc. The number of protocols jumped to 2.68K recording a 130.4% growth YoY.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">1. Parabolic growth<br><br>Growth across all Arweave metrics has been parabolic.<br><br>In May total transaction grew by +20% MoM from 5B to 6B, indicating growth is accelerating. <a href="t.co/dYeCt1MkRK">pic.twitter.com/dYeCt1MkRK</a></p>&mdash Rendoshi Tokamoto ⭕️ (@Rendoshi1) <a href="twitter.com/Rendoshi1/status/1797237688229142893?ref_src=twsrc^tfw">June 2, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
Furthermore, the number of transactions were recorded as 5.8 Billion showing a 586.7% growth on a year basis. whereas, the user engagement has reached 1.25 Million recording a 35.2% YoY growth.
All these metrics point to a parabolic growth on a yearly basis which could leave a positive impact and increase the demand for AR crypto in the coming sessions.
Are Bulls Strong Enough To Surpass $50 Level?
The recent price action reveals that the crypto has been riding a bullish wave in the short term breaking out of a correction phase. on the lower side, the bulls are holding firmly near the 50 day EMA and a positive trendline support.
On the higher side, the $50 level has been acting as a strong hurdle and preventing further growth in the price. The volume inflow has surged by 6.35% to $78.40 Million.
Now, until the price hovers below the $50 level, it may face a risk of consolidation or correction in the short term. Whereas, if the volume inflow rises and the crypto breaks above the $50 level, it may indicate a bullish continuation and price may show gains.
The technical indicators MACD and RSI were hovering in a bullish zone and are leaving a positive note about the further trajectory as of now. The MACD line was above the zero line whereas the RSI line was placed above the mean line.
Arweave crypto was currently trading close to its annual high and a psychological threshold of $50 indicating a potential for an imminent breakout.
Over the past month, there has been a 20% MoM increase in the total number of transactions, from 5 billion to 6 billion reflecting an acceleration in the platform's growth.
Arweave crypto has delivered a robust performance in the previous week despite an increased volatility in the broader market. The crypto gained over 9.78% a week and over 22% a month. The recent surge has propelled the price near the annual highs and a psychological resistance of $50 level.
At the time of writing, the crypto was hovering close to $43 recording a swift intraday loss of 0.6%. The investors are on the lookout for a potential surge past the psychological $50 mark.
Moreover, The recent positive developments in the crypto space suggest that Arweave could soon experience a significant breakout, potentially surpassing the anticipated resistance level of $50.
Parabolic Growth In the Number Of Transactions!
As per a tweet by Rendoshi Tokamoto, there has been a remarkable growth across various Arweave metrics like number of transactions, protocols, user engagement etc. The number of protocols jumped to 2.68K recording a 130.4% growth YoY.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">1. Parabolic growth<br><br>Growth across all Arweave metrics has been parabolic.<br><br>In May total transaction grew by +20% MoM from 5B to 6B, indicating growth is accelerating. <a href="t.co/dYeCt1MkRK">pic.twitter.com/dYeCt1MkRK</a></p>&mdash Rendoshi Tokamoto ⭕️ (@Rendoshi1) <a href="twitter.com/Rendoshi1/status/1797237688229142893?ref_src=twsrc^tfw">June 2, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
Furthermore, the number of transactions were recorded as 5.8 Billion showing a 586.7% growth on a year basis. whereas, the user engagement has reached 1.25 Million recording a 35.2% YoY growth.
All these metrics point to a parabolic growth on a yearly basis which could leave a positive impact and increase the demand for AR crypto in the coming sessions.
Are Bulls Strong Enough To Surpass $50 Level?
The recent price action reveals that the crypto has been riding a bullish wave in the short term breaking out of a correction phase. on the lower side, the bulls are holding firmly near the 50 day EMA and a positive trendline support.
On the higher side, the $50 level has been acting as a strong hurdle and preventing further growth in the price. The volume inflow has surged by 6.35% to $78.40 Million.
Now, until the price hovers below the $50 level, it may face a risk of consolidation or correction in the short term. Whereas, if the volume inflow rises and the crypto breaks above the $50 level, it may indicate a bullish continuation and price may show gains.
The technical indicators MACD and RSI were hovering in a bullish zone and are leaving a positive note about the further trajectory as of now. The MACD line was above the zero line whereas the RSI line was placed above the mean line.
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