Arweave Price Forecast: “Bitcoin Of Storage” AR Pumps 10% But This Coin Is Set To Soar On Bitcoin’s Bull Run

On Oct 31, 2023

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The Arweave price is up 10% in the last 24 hours, with a trading volume increase of almost 120%.

It comes as the overflows of the Bitcoin (BTC) rally continue to bode well for altcoins, with AR among the beneficiaries.

Arweave is a decentralized cryptocurrency of storage, operating as a network committed to offering an avenue for the indefinite storage of data. Touted as “a collectively owned hard drive that never forgets,” the Arweave network primarily hosts a permanent, decentralized web with multiple community-driven applications and platforms, otherwise termed “the permaweb.”

Like the Solana network’s Breakpoint meet-up, the Arweave ecosystem also had its own gathering on October 30, dubbed Hyd meet-up as the network met up with the Hyderabad DAO. It took place in India, with a wide range of quality questions related to understanding and building on Arweave coming up.

Absolutely loved the @hyderabaddao x @arweaveindia meetup! Tons of quality questions related to understanding and building on Arweave 🤌🏼
Look forward to seeing y’all in the bootcamps and hacker house! 🔥💻 https://t.co/qZBM6jVA8M
— ropats16 (🧱, 🚀) ᵍᵐ (@ropats16) October 30, 2023

Meanwhile, the Arweave ecosystem has been doubling down efforts towards development, purposely working on AR smart contracts. These are known to form the nervous system of blockchain networks.

If you think, smart contracts on @ArweaveEco work just like their EVM counterparts, but with TypeScript, then you might want to read my new article. 🤓
Smart Contracts on Arweave 🏎️
(@warp_contracts, @mem_tech, @onlyarweave )https://t.co/xH2iH8mAKG
— Fullstack Frontend (@fllstck_) October 26, 2023

For the Arweave ecosystem, there is the SmartWeave contract standard, where clients can execute SmartWeave contracts. This means no gas costs, owing to the fact that nodes do not need to run anything to provide a service.

Arweave Price Prognosis As AR Confronts Critical Supply Barrier

After a 60% climb beginning October 20, Arweave price is confronting a supply barrier (supply zone), extending from $5.888 to $6.159. To confirm its move north, AR must break past the midline or mean threshold of this order block at $6.016.

A sustained uptrend could send the cryptocurrency further north, with the most logical targets being the $7.000 and 8.000 psychological levels respectively.

The altcoin is enjoying robust support from the downside, with the three Exponential Moving Averages (EMA) all trailing Arweave price from below and acting as support levels. Further, the Relative Strength Index (RSI) is far above the 50 level, with the Awesome Oscillator (AO) also moving in the positive territory while showing green histogram bars. This bolsters the case for a continued move north.

Investors looking to open new long positions on AR should wait for Arweave’s price to confirm a move above the mean threshold at $6.016. Such a move would rend the order bloc a bullish breaker.

TradingView: AR/USDT 1-day chart

Conversely

If the supply zone holds as a resistance level, the Arweave price could face a rejection. The ensuing selling pressure from this supply barrier could see AR drop below the immediate support offered by the 200-day EMA at $5.652.

Further south, the slump could extend for Arweave price to breach below the $5.000 psychological level, potentially extending a leg down to test the support confluence between the horizontal line and the 100-day EMA at $4.672.

In the dire case, the load-shedding exercise could see the Arweave price break below the 50-day EMA at 4.419, before testing the demand zone, which extends from $4.003 to $3.749. A break and close below the midline of this order block at $3.868 would invalidate the bullish outlook. The subsequent move could set the pace for AR to collect the buy-side liquidity residing below the $3.756 support floor.

While Arweave confronts the supply zone, traders are flocking to a new crypto presale, BTCMTX. It is set to launch soon, with analysts anticipating 10X growth potential for early investors.

Promising Alternative To Arweave

BTCMTX is the native cryptocurrency for the Bitcoin Minetrix ecosystem, the go-to platform for anyone looking to own Bitcoin.

At #BitcoinMinetrix, we’re democratising mining, ensuring safety, and easy access to the lucrative world of #BTC. 🛡️💰
With cloud mining and staking, we put the control over the mining journey into the user’s hands. 🌐🔒 pic.twitter.com/p5bDqkysOg
— Bitcoinminetrix (@bitcoinminetrix) October 28, 2023

It is a stake-to-mine project promising high returns, which explains why traders are flocking to buy the BTCMTX project. It gives them an entry into the Bitcoin ecosystem at affordable rates and with safety upheld. Specifically, the project has decentralized and tokenized the process of mining BTC, eliminating chances of swindles while making it as accessible as possible.

Learn about the pitfalls of #CloudMining scams!💔
Some well-known companies like #FancyCrypto & #IDMining have caused skepticism due to questionable practices.
Understanding the risks involved is essential to be able to make informed decisions in the #BitcoinMining realm. 🔍💡 pic.twitter.com/ncobCF8MxU
— Bitcoinminetrix (@bitcoinminetrix) October 29, 2023

Investors can buy BTCMTX for just $0.0113 using Ethereum (ETH), Binance Coin (BNB), or Tether (USDT) stablecoin. You can also use your bank card for purchase.

However, it is worth it to note that the price will increase in just under two days as the next stage (stage 5) commences. So far, presale sales have hit $2.833 million, out of the target of $3.385 million.

Standing as the first stake-to-mine cryptocurrency, BTCMTX tokens staked earn the investor mining credits.

These credits can then be redeemed or burned for mining hash power, hence the cloud mining concept.

Understanding #CloudMining for $BTC ⛏️💻
Cloud mining allows individuals to engage in #Bitcoin mining without owning or maintaining the equipment.
Discover the benefits:
💰 No upfront hardware expenses.
🔧 Minimal expertise is required.
🌟 Potential for passive rewards. pic.twitter.com/XktSxqwWoW
— Bitcoinminetrix (@bitcoinminetrix) October 29, 2023

What’s more, you can manage all your BTCMTX tokens and mining credits in one place, with the Bitcoin Minetrix project presenting an easy-to-use dashboard. The project also has a $30,000 minedrop running, presented as a gleam competition with up to 10 prize allocations.

You could be among those who walk out with $3,000 even as the BTCMTX community commits to rewarding its community with $30,000 worth of $BTCMTX tokens in total. Get in early on the Bitcoin Minetrix project before its imminent launch.