Arweave (AR) appears greatly influenced by the BTC surge, with its market rising 40% this week and the latest 5% gains on intraday. The price of BTC has surpassed $65,500, and most of the market appears in green.

The global market cap has surged 2.21%, which amounted to $2.41 Trillion.

AR/USD, & BTC/USD 1.D. | Source: TradingView

With AR price growth, its market cap has surged and accommodated it in the global crypto-list of the top 50. It ranked 49th in terms of market cap. In the past 24 hours, the Arweave token’s market cap surged by 13.77%, which amounted to $2.082 Billion.

The 24-hour volume on all tradeable platforms was $141.910 Million, with 43.44% growth.

Meanwhile, AR crypto’s volume-to-market cap ratio highlighted low to moderate liquidity, with the ratio standing at 6.92%. Its tokenomics shows that 65.65 Million ARs (99.47%) are floating in people’s hands out of a total of 66 Million ARs.

Many analysts shared optimistic sentiments on the X platform for the AR token price to grow more on the daily chart. An analyst from @Rendoshi Research confirms that AR is in the breakout rally phase, and he is totally bullish (DYOR).

According to the TradingView platform, the AR token registered an all-time low (ATL) price of $0.4860 on May 1st, 2020. From this low, the current price has traded 4300% higher. Likewise, on the daily chart, the all-time high (ATH) of $90.94 was witnessed on November 1st, 2021.

Total Value Locked (TVL) for Aweave is on the Rise

A resurgence has been witnessed after the long decline in TVL that ended in October 2023. This, over time, reflected the increase in the demand for the Arweave project and the changing dynamics of market participation.

The TVL of AR was $106.78 Billion as per the DefiLlama, and a surge from $40.78 Billion was registered on October 14th, 2023, displaying nearly 2.5x.

That shows the AR cryptocurrency’s growth on an impressive scale. It reflects that the higher TVL makes the Arweave crypto asset more reliable and less risky.

What Does the Derivatives Data Analysis Highlight for Arweave (AR) Price?

Per CoinGlass, The Arweave (AR) derivatives data analysis highlighted that its open interest (OI) amounts to $70.57 Million within 24 hours, with a 10.74% more contract that advanced. Meanwhile, the volume of derivatives has increased by 48.28%, which greatly amounts to $234.69 Million.

AR Total Liquidations Chart | Source: Coinglass

Additionally, its long/short ratio of 24 hours stands at 0.9635, signifying more shorts than longs in the crypto. The liquidated shorts are higher than longs after a long bearish dominance.

The shorts amounted to $347.18K, and the longs amounted to $54.34K. Overall, derivatives data analysis points towards northward growth in AR.

Decoding Arweave (AR) Price Chart on the Daily Timeframe!

After the mesmerizing gains of more than 500%, from $7.68 on Feb 7th to $47.11 by Mar 9th, the price ended up in a range that looked slightly tilted downwards. The AR price has witnessed price activity move in the wedge for nearly 140 days.

The price had shown 4 attempts to move past the wedge’s upper boundary and the resistance zone of $46-$49 in the wedge. However, it failed and fell to the lower border of the wedge, at the $25-$20 support zone.

From July 5th onwards, the price showed sustenance and spiked 58% in the past 12 days, in correlation to BTC. At the same time, BTC displayed a modest growth of 23% in the past 12 days.

At press time, the Arweave (AR) likely headed for the wedge’s upper boundary from the lower boundary, trading at $31.39 with an intraday surge of 4.36%.

The EMA bands support the price as it moves past them. MACD showed a histogram at 1.22, and the RSI was at 63.26. Those indicators were bullish at the time of writing.

Therefore, if the momentum continues, the price could extend its gains, while interruption could be present at $35.0 and $40.0, respectively.

However, the slippage of gains would give back the steering in the bears’ hands, which could drive towards supports at $25.0 and $20.0, respectively.

Arweave (AR) Surged by 40% This week

Arweave (AR) surged 40% this week, likely influenced by Bitcoin’s rise. AR market cap surged, ranking it 49th globally.

When writing, analysts’ sentiment was optimistic, with some predicting a breakout rally. The AR price was currently 4300% higher than its all-time low. Technical indicators for AR looked bullish.