Is Arweave Going to Zero? AR Price Drops 18.7%, While Traders Are Accumulating This New GambleFi Token
The token for storage coin project Arweave (AR) has shed 18.7% overnight, taking some of the heaviest losses amidst a market-wide crash that has dragged market leader Bitcoin‘s (BTC) price down by 7%.
Arweave currently trades at a price of $27.76, according to CoinGecko. Given the fact it is currently posting 7-day losses of 18.1%, it’s clear the crash only began in the last 24 hours.
According to the token’s trading chart, a major sell-off occurred overnight. AR’s Relative Strength Index (RSI) is currently at 27 with the potential to fall further. RSI is a metric analyzing whether a token is priced well or not based on current buying and selling momentum.
An RSI below 30 is oversold, so it looks like tempestuous waters for the rest of the day. For some, this may be a perfect dip-buying opportunity, but as with any investment, investors should research prudently.
Arweave’s AR is currently trading about $4 south of its 30-day moving average, represented by the blue line. This further underscores the token’s extreme volatility right now.
Although AR is not a blockchain-based token, the Arweave protocol taps a distributed ledger system (DLS) to store data across multiple nodes.
The primary function of Arweave is to be a decentralized data storage solution, matching users who need data storage with those who have a surplus of it to give away.
It’s competitor, Filecoin (FIL), posted lighter overnight losses of around 6% and currently changes hand at $5.33.
Cryptocurrencies everywhere are tumbling. Bitcoin’s heavy intraday losses put it now at around $57,500, far south of the $60k psychological support level and some 22% down from an all-time high of $73,737.94, posted on March 14 this year.
Projects like Arweave and Filecoin both
