Arweave is a decentralized data storage protocol that provides an economically sustainable and permanent serverless web and data storage service. The Arweave project allows users to store data permanently using a collectively owned distributed server, which benefits users and developers alike.
Arweave Analysis: When and How it Comes in Play
Arweave facilitates information permanence and immutability, making it possible to preserve valuable information for various use cases. Anyone with spare hard drive space can earn a passive income by renting it to other users throughout the network. Moreover, Arweave is a community-owned network and anyone can build on it and contribute to the development of the ecosystem.
The Arweave network is fully decentralized with no single-point-of-failure, and is neither owned nor operated by any single company or entity. As a result, anyone can provide storage space or use the network to store data.
However, the data archiving and storage solution provided by Arweave replicates and distributes data across hundreds of computers worldwide. It ensures that the data held on the network cannot be lost due to damage, fires, or floods, as could happen with centralized data storage solutions.
About the ‘AR’ Token
The native Arweave token (AR) is a multi-utility token used throughout the Arweave ecosystem. It serves as a crucial foundation for network security through incentivization, with two primary use cases. Firstly, the AR token rewards network miners, who must store and serve data to mine fresh AR tokens. Secondly, the AR token pays for data upload fees within the network.
Technical Analysis and Prediction of AR Coin Price
Arweave’s price has made a surge of 60% since October 20, but it is currently facing a supply barrier on the values of $9.16 and $11.77. In order to continue its upward trend, the bulls need to break past the immediate resistance level to surge more.
Fortunately, Arweave has strong support from the downside with both the Exponential Moving Averages (EMA) making a bullish crossover. The 50-day and 150-day EMAs from below are acting as support levels for the bulls. Additionally, the Relative Strength Index (RSI) is close to the neutral zone of 50 which indicates a sideways market ahead.
Conclusion
The Arweave network is fully decentralized, with no single point of failure, and is neither owned nor operated by any single company or entity. The AR token rewards network miners, who must store and serve data to mine fresh AR tokens. The AR token is used to pay for data upload fees within the network. Arweave has strong support from the downside with both the Exponential Moving Averages
Technical Levels
- Support Levels: $6.78 and $4.90
- Resistance Levels: $9.16 and $11.77
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2023/12/12/ar-coin-price-prediction-the-50-day-ema-is-propelling-the-uptrend/