A popular analyst at TradingView Trade_lab evaluated the prospects of the altcoin and told if it will continue to grow Arweave is software designed to permanently store data in a blockchain-like structure called Blockweave. It is built on a consistent access proof mechanism, and has a lot in common with other decentralized storage platforms, but the main difference with other projects is the commitment to persistent data storage using unique incentives built around AR cryptocurrency. It is this cryptocurrency that we consider one of the most promising in terms of investment in the short term.

 

The information driver for the rapid upward momentum of the cryptocurrency in question was the published news about the integration of the Arweave platform into the product of Meta (Meta Platforms - the company that owns Facebook and Instagram, recognized in Russia as an extremist organization and banned, like the social networks themselves).


Specifically, it is about the possibility of permanent storage on the blockchain of NFT from the social network Instagram. There is a chance that Meta will be followed by other IT giants in terms of cooperation with the Arweave project.

From the point of view of technical analysis, the development of an uptrend may follow the fact of fixing above the level of local resistance - $18.25. As an example we can refer to the pattern from last August, when after the breakdown upward of $22.40, the growth increased.


In case of confirmation of this predicted scenario, the range of $36-40, which has repeatedly acted both as resistance and support, is a benchmark for profit taking. Potential profitability of the idea - more than 100% in relation to the assumed level of transaction opening.

From the point of view of risks, we highlight the continuing negative trend on the group of risky assets, with which the cryptocurrency market as a whole has a certain correlation.

Trade plan:
Buy AR on the fact of a break up $18.25
Risk per trade - 3% of capital
Stop loss $15.50
Take profit $40

 

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