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The crypto industry is seeing the majority of its projects trading in the green right now, but there are a few that are seemingly resisting the minor spike that took place recently. One example is Arweave (AR) which currently sits at 81st spot on the list of largest cryptocurrencies by market cap.
Arweave price performance
Arweave is still a fairly young project that was only launched two years ago, in May 2020. After spending most of 2020 with its price struggling to grow, the project saw a massive spike in early 2021, which took it from $2.6 on January 1st, 2021 to $32 by the end of March. Then, the price spent April and half of May trying to breach the resistance at $30, although unsuccessfully, only managing to briefly venture beyond this point a few times for a short while before dropping down.
Things changed in mid-May when the bear market suddenly hit, and most coins lost over 50% of their value during the initial crash. As months went by, the price of AR kept sinking as well, until it reached its bottom around July 20th, when it dropped to $8.3. However, on this day, a new rally started that eventually took it all the way up to its all-time high at $86.28 on November 4th, 2021.
After that, however, the crypto industry saw its second massive crash, and AR price dropped all the way down to $36.36 by December 13th. While it did hit multiple support levels along the way, none of them managed to stop it from sinking further, until it came to $35. The support stopped it at the mentioned price of $36.36, and the token spiked back up to $66, which was on January 1st, 2022.
AR in 2022
Starting the year at $66, and growing a bit further up, to $67.25, Arweave’s token started the year at quite a high point, fairly close to its all-time high, unlike most other cryptocurrencies. However, around January 5th, it gell back in line with the rest of the market, and it started a long crash back to $30. It reached this support on January 22nd, even breaking the previous one at $35 without even slowing down.
After spending about a week fluctuating between $30 and $35, the token managed to break the resistance and move up to its next big resistance at $40. This happened around the same time when the rest of the crypto sector saw a small bull run, which was essentially just a recovery that took place thanks to the fact that the bears retreated for a little while.
Even so, the token could not breach the resistance at $40 even though it tried multiple times between January 31st and February 10th. After that, the bear market returned, and it took the coin to its new bottom at $25. This support level was finally able to stop AR’s drop, even though the absolute lowest point that the token reached this year was actually at $23.15, where it landed after briefly dropping below the support level on February 24th.
From that day forward, the token has been trying to grow back up, and while it struggled to do so, it did make small progress, although several supports were blocking its way. Those include $30, $35, and $40, which it never managed to reach.
Instead, around March 10th, its price dropped to $30 again, and while it did manage to grow towards $35 a few times in the past two weeks, for the most part, it has been halfway between the support at $30 and a resistance at $35. Even right now, at the time of writing, the AR price sits at $32.41 after dropping by 2.84% in the last 24 hours.
To learn more visit our Investing in Arweave guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.