Why Arweave (AR) Price Surged 60% in 24 Hours
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The Arweave (AR) price increased considerably after positive news from Meta. It is in the process of reclaiming the $15.80 horizontal area.
On Oct. 3, Meta announced that it is utilizing Arweave to store digital collectibles on Instagram. Shortly afterward, the AR price initiated a sharp upward movement, leading to a high of $17.80 the same day. The price action shows an increase of roughly 60% over the past 24 hours.
Despite the increase, it is unclear whether AR has managed to break out from the $15.80 resistance area. While it has moved above it, a daily close is required to confirm the breakout.
Before the upward movement, the daily RSI generated bullish divergence (green line). The indicator is now above 50 and has not generated any bearish divergence.
Finally, it is worth mentioning that the upward movement caused a breakout from a descending resistance line. Prior, the line had been in place since May 15.
As a result of these readings, it is likely that the AR price increase will eventually continue toward the next resistance at $19.50.
In this possibility, the new range would be between $15.80 and $19.50, with the former acting as support while the latter acts as resistance. Conversely, failure to close above the $15.80 area would invalidate this bullish Arweave price prediction.
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