- As of the latest update, Arweave has experienced an increase of over 17% in the past 24 hours.
- AI-focused cryptocurrencies are projected to lead a resurgence in altcoins, but will AR see its price double?
Arweave [AR] has captured considerable interest, demonstrating noteworthy growth alongside other AI-centric altcoins.
In the last 24 hours, AR’s price has surged by more than 17%, with trading volume skyrocketing by 134%, as reported by CoinMarketCap.
At the time of writing, Arweave’s price was $23.9, boasting a market capitalization of $1.5 billion. It was positioned at the forefront among leading AI coins, with expectations of even greater gains in the upcoming months.
Source: CoinMarketCap
AI-driven altcoins, including Arweave, are seen as key players in this “altcoin resurgence.” This momentum is being driven by strong earnings from major tech companies like Nvidia, which have reignited interest in AI innovations.
Other AI cryptocurrencies such as Bittensor [TAO], NEAR Protocol [NEAR], and Artificial Superintelligence Alliance [FET] have also recorded robust increases, fostering a positive sentiment in the sector.
As AI continues to influence the future of the cryptocurrency market, Arweave emerges as a prominent contender in this altcoin revival.
Source: CoinGecko
Could Arweave see its price double by the year’s end?
Arweave Breaks a Crucial Pattern
The AR/USDT pair has recently broken out of a descending wedge pattern that had formed over six months. This technical breakout is a bullish indicator, suggesting potential continued price appreciation.
If Arweave can exceed the $50 mark, it would signify a 100% increase from its present value, as indicated by multiple technical metrics.
The MACD indicator similarly points to strong upward momentum, bolstering the case for sustained price growth. A plausible price target for Q4 2024 is approximately $35, which would represent nearly a 50% return on investment.
Source: TradingView
AI Crypto Fuels Altcoin Revival
The broader trend of AI-focused altcoins like Arweave underlines the potential for an “altcoin revival,” where altcoins begin to outperform Bitcoin amid a decline in its market dominance.
This assertion is supported by technical indicators, such as the RSI, which reflect a growing bullish sentiment.
As Bitcoin’s dominance diminishes, the altcoin market, spearheaded by AI projects, is poised to escape its downtrend, heralding the onset of an altcoin season.
Source: TradingView
Whales are Leading Long Positions
Beyond the technical indicators, there’s evidence that large investors, known as “whales,” are accumulating more Arweave.
The whale-retail delta (shown in green), which monitors the disparity in activity between whales and retail traders, indicates that whales are increasingly taking long positions in AR while retail traders maintain their optimism.
This divergence points to a bullish sentiment from whales regarding a sustained price increase, lending further credence to the optimistic outlook for Arweave.
Source: Hyblock Capital
Additionally, the bid-ask ratio shows a slight preference for bids, suggesting a bullish sentiment in the market. An increase in this ratio hints at higher demand for AR relative to supply.
This scenario indicates a possible price rise in the near term, reflecting increased interest in AR and signaling that whales are strategically positioning to drive the price upward.
Read Arweave’s [AR] Price Prediction 2024–2025
Arweave (AR) is capitalizing on the overall upswing in AI-driven altcoins. With solid technical indicators and increasing whale accumulation, AR is poised for further growth.
The favorable market conditions indicate a strong possibility that AR could see its price double by the end of the year.
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