This article will analyze the AR coin according to www.coinmarketcap.com data. First, we will discuss the AR coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is AR Coin?
Arweave (AR) is a blockchain-based platform offering permanent and decentralized data and application storage. Arweave’s unique technology permanently stores data on its network, making it immune to deletion, modification, or censorship.
The Arweave network has its native cryptocurrency, AR, used to pay for storage fees and incentivize network participants. AR is an ERC-20 token, meaning it is built on the Ethereum blockchain and can be stored in Ethereum-compatible wallets.
What are the projects of AR?
There are several projects on the Arweave platform, including:
Permaweb: The permanent web, or Permaweb, is Arweave’s decentralized and permanent web storage solution. It enables users to store websites, applications, and data on the Arweave network permanently.
ArDrive: ArDrive is a decentralized cloud storage solution that uses the Arweave network. It offers secure and private storage for files, documents, and media.
Verto: Verto is a decentralized trading platform built on Arweave that enables users to trade digital assets without intermediaries.
Factors Influencing ASTAR Price
The price of AR is influenced by several factors, including:
Market sentiment: Like all cryptocurrencies, the cost of AR is heavily influenced by market sentiment. Positive news and events can lead to increased demand and a price increase, while negative information can lead to a decrease in demand and a price decrease.
Adoption: As more people and organizations use Arweave’s platform, demand for AR will likely increase, driving up the price.
Network usage: The more the Arweave network is used for storage and applications, the more AR is needed to pay for storage fees and incentivize network participants, which can increase AR’s demand and price.
Competition: Arweave faces competition from other decentralized storage solutions and blockchain-based platforms, which could negatively impact demand and the price of AR.
AR COİN TECHNICAL ANALYSIS
AR, which reached its historically high value of $ 91.08 in November 2021, entered a downward trend until 2023 and fell 93% to $ 6.07. AR, which has been buying since the beginning of 2023, could not maintain this rise even though it rose to $ 13 and is currently trading at $ 7.68. According to www.coinmarketcap.com data, AR, which has a size of $256,923,461, has had a volume of $6,945,783 in the last twenty-four hours.
AR Chart Analysis
AR coin, which experienced a 93% loss in 2022 and fell from $ 91.08 to $ 6.07, could not stop at that price and is traded at $ 7.68 with a decrease, although it rose above $ 13 with the purchase-oriented movement in the market at the beginning of 2023. It is seen that the AR coin, whose weekly chart we examined, broke the falling trend (red line). AR coin support and resistance zones for this week; While $6.07 is our support zone, $8.88 can be followed as our resistance zone.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
