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Arweave, a popular project offering indefinite decentralized storage that describes itself as a “collectively owned hard drive that never forgets,” saw a massive price increase of nearly 20% in the last 24 hours.
Like most other cryptocurrencies, including Bitcoin, the project hit its all-time high on November 11th, 2021. At the time, its price was $86.8, and the coin was never higher. However, after that, the bear market hit, causing Arweave, as well as the rest of the industry, to crash down for the next eight and a half months.
Arweave in 2022
Following its peak and $86.8, Arweave started going down as mentioned By January 1st of this year, it had already dropped to $61.6, and after a small correction in the first 5 days of January, the price crash continued.
At first, the drop was stopped by a support level at $45, and after a brief recovery to $55, the crash continued, pushing the price down stronger than ever. The next big support was at $30, and while this one did manage to stop the crash and it served as a strong support until late April, eventually it too fell before the bear market.
Arweave price then continued to sink until June 12th, when it hit $10. It was expected that this will be its final support, the strongest one, which would prevent its price from sinking further. However, that was not the case. The support was broken right away, and the price fell below it. But, Arweave’s price drop did stop after that.
In fact, the level at $10 was the project’s bottom, and the fact that it fell below it meant that the price actually started fighting to go up, and reach this level again. Throughout June, it was still kept below $10, as this support turned into a powerful resistance. However, the resistance was breached and starting on July 1st, 2022, Arweave was officially above it.
Initially, the project remained at $10, sitting right on top of this support for the first four days of July. However, after that, it started to recover, going to $12 next, and spending the next week and a half trying to breach this resistance. It finally did it on July 13th, which led to a surge that broke several other resistances, including the ones at $13, $14.5, $16, and eventually allowed the project to reach its highest point in the last month at $17.
After this achievement, a correction started taking the price down, once again returning it to $12 as of July 26th, which is when another surge started, taking the token’s price up by 19%. This led it to $14.61, which it reached earlier today. Since then, it corrected again to $14.76, which is where it sits at the time of writing.
However, Arweave has been showing strength throughout the year, using any and all weaknesses in the bearish market to its advantage, and attempting to grow. It is now believed that this growth will continue, given a chance, and that the bear market’s influence over it might be weakening, which might mean the beginning of the end of this cycle’s crypto winter.
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.