Arweave (AR) has been on a consistent downtrend for the last 7 days or so. The altcoin has however surged below a very crucial support zone, indicating that bear pressure is now well and truly in full force. But the worse is yet to come for AR. Here are some highlights:
-
At the time of writing Arweave (AR) was trading at around $29.23, down nearly 19% in less than 24 hours.
-
The coin is down nearly 40% in the last 7 days, marking one of the worst weeks in its performance.
-
Despite being in a bear market, it is likely that Arweave (AR) will continue to slide even further in the near term.
Data Source: Tradingview.com
Arweave (AR) – Bear trend and price action
The reason why bear pressure is expected to maintain on Arweave (AR) is based on the fact that the token has slid past the crucial support zone of $31. The next level of support right now is around $24.
Considering general bearish sentiment in the market and consistent downward pressure, it is highly likely that Arweave (AR) will slide further towards $24. Sentiment in crypto is weak as investors take on a more risk-off approach.
Even if Arweave (AR) was to consolidate around $24, we do not see any bullish momentum on the cards anytime soon that will take it back to highs of $52.
Should you buy Arweave (AR)?
Arweave (AR) is one of the most promising DeFi projects in the blockchain industry. It has earned a lot of respect among crypto investors but right now the price action is very negative. For folks who would love to buy the dip, wait a few days for the price to dip towards the $24. At least from there, you will have a decent discount.