The Price is Near a Major Support Level

• 1 AR coin price got rejected at the resistance level as the bulls reclaimed it.
• 2 Meta is already using Arweave to store digital collectables from Instagram for posterity.
• 3 The founder of Arweave suggests that the majority of transactions are due to Bundlr.

Arweave’s hard fork, dubbed “Silk Road” which has received backing from Binance, has caused a lot of excitement. The upgrade promises many new features that aim to expand the capabilities of the blockchain network. One notable feature is the integration of “smartweave,” a scripting language designed to make d-App development easier and more sophisticated.

Proof of Personhood Consensus Mechanism,

Some doubt its promises and the Proof-of-Personhood verification raises concerns. Critics argue that this extra step may make it more difficult for users to participate and hinder their experience. With Binance’s endorsement, questions are being raised about the true value and impact of the Silk Road upgrade on Arweave’s (AR) position in the competitive decentralized data storage market.

Even though Arweave is not as commonly used or inexpensive as other choices, its popularity is increasing. This can be a permanent storage solution for public data. This unique aspect could give it an advantage over competitors in providing infrastructure for the Metaverse.

Meta is Already Intacted

Meta is already using Arweave to store digital collectibles from Instagram for posterity. Despite a decline in Metaverse and blockchain gaming projects, Arweave’s transactions hit a monthly all-time high in February, with a 20% increase since the last month.

The rise in transactions may be connected to the upcoming release of Arweave 2.6, which has the goal of reducing storage costs and increasing energy efficiency for miners while also improving the protocol’s environmental, social, and governance (ESG) performance.

However, the founder of Arweave, Sam Williams, suggests that the majority of transactions are due to Bundlr. It supposedly boosts Arweave’s transactions by 4,000% without compromising security. Moreover, it provides an upload speed that’s approximately 3,000 times faster. Bundlr is responsible for more than 90% of the data that’s uploaded to Arweave.

Prediction of AR Coin Price

The current trading level for the AR coin is at $7.73. The immediate support is at $6.78 while the immediate resistance is at $9.16. The RSI is at 57 while its SMA is at 67; indicating a weak strength of the bulls. The AR coin price prediction will be bearish till the bulls can reclaim the support level.

Conclusion

Smartweave is a scripting language designed to make dApp development easier and more sophisticated. The founder of Arweave, Sam Williams, suggests that the majority of transactions are due to Bundlr. It supposedly boosts Arweave’s transactions by 4,000% without compromising security. The current trend is sideways and the short-term prediction is bearish.

Technical Levels

• Support Levels: $6.78 and $4.90
• Resistance Levels: $9.16 and $11.77

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.