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Decentralized storage network Arweave aims to offer a platform for indefinite storage of data. The project wishes to act as a collectively-owned hard drive that never forgets. The project certainly has a worthwhile use case and but the current crypto market conditions have caused it to experience major crashes to its bottom twice in the last 5 weeks, and 4 times in the last 4 months.
Arweave price in 2021
Arweave was originally launched in May 2020, with only one notable price surge in that year. The surge took the coin from its starting price, which was at $0.7 to $6.7 in the final days of August. After that, the coin corrected to $2.2, and it did not grow again until early 2021.
Once 2021 did arrive, however, Arweave started growing fairly quickly, and the growth kept going. The coin finally hit a major resistance at $30 in late March and early April. The resistance held until mid-May, and even then, the coin did not manage to breach it. Instead, the crypto market crashed, sending AR in a downwards spiral, which resulted in the coin eventually dropping to $7.2 in mid-July.
After reaching this level, the coin started skyrocketing again, and it did not stop until it hit the old resistance at $30. This level rejected it again, despite massive momentum, but this time, the price did not sink too far. It found a strong support at $25, from where it launched another rapid surge, and this one allowed it to breach the resistance at $30 and shoot further up.
From August 28th to August 31st, the coin went up by $40, from $25 to $65, essentially overnight. Unfortunately, this resistance at $65 became one of the largest ones that the coin ever had to face. It immediately rejected the price to $50, and after the coin bounced back, it managed to climb to $65 once again on September 9th.
Arweave was rejected again, and this marked the first crash to its bottom at $37. After reaching this level, the coin bounced back up to $50, but this time, the level started acting as a resistance, which rejected the price, causing it to drop to $37 for the second time.
The second crash was also followed by a rapid recovery, which managed to launch the coin back towards its ATH at $65, reaching this level in early October. The following rejection — third one that this level has made, sent the coin down to $50 in late October.
Immediately after dropping to $50, the coin shot up, broke every resistance it had encountered before, and finally made its ATH that still holds today at $86.28 on November 4th, 2021. Then, partially because its price was rejected by the new resistance, and partially due to the new crypto market crash, the coin started crashing down and it sank to $37 for the third time, even briefly breaking this support and dropping to $36.36.
After reaching this bottom on December 13th, the coin started a recovery that took it up to $66.06 on January 1st, only for the price to start another crash as soon as 2022 kicked off. AR price briefly stopped its crash after breaking the support at $50 and turned it into a resistance. An attempt to breach the resistance resulted in the third and final price crash to the coin’s bottom at $37, which is where it still sits at the time of writing.
To learn more about this token 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.