as digital asset As the crypto winter continues to endure, Arweave is making a name for itself. The value of cryptocurrencies nearly doubled in November. The monthly low remains at $10, with a November 3 high of $17.8. Arweave’s coin has dropped back to $10.8, and investors could see this as a potential buy on the dip. if you?
Arweave is a decentralized storage network or DSN. This allows people to connect with people with additional capacity requiring additional computer storage solutions. Arweave is unique in that it allows permanent storage for a single payment. This sets Arweave apart from other blockchain-related storage solutions such as Filecoin, which include multiple payments.
Arweave Token (AR/USD) is of interest to investors this month after impressive Cryptocurrency News. Meta had announced that it would be using ArWave to store its non-fungible tokens on its social media platform. This emphasizes that large corporations see the opportunities offered by blockchain platforms. Now the question is, can the coin sustain the bullish momentum that started this month?
AR on retracement after latest profit
Source – TradingView
Technically, the AR faced resistance at the $17.8 level. The zone is a long-term resistance that the cryptocurrency has severely retested in the past. The level is a swing high at the Fibonacci retracement level, while the swing low is at $8.4.
Looking at 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 coin is testing the 23.6% Fibonacci level. The MACD indicator is bullish, but the momentum is waning.
Should you buy an AR?
While the latest price action is positive for the AR, we remain cautious about stability. The $17.8 level is still acting as an obstacle for further upside. With the outlook of a weak crypto sector, a sustained price recovery may be difficult for AR to register for.
If a bullish momentum for AR persists, we expect a retest of the $17.8 resistance level. On the other hand, AR could test the $10 support next. Also, watch the Fibonacci levels for a possible price correction.
Where to buy ARO
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