- As of writing, Arweave is up more than 17% in the last 24 hours.
- AI Coins Will Lead an Alternative Revival, But Will AR Double Prices?
Arweave (AR) has garnered significant attention for its impressive growth alongside other AI-focused altcoins.
According to CoinMarketCap, the AR price has surged by more than 17% in the last 24 hours, while trading volume has increased by a whopping 134%.
With a market cap of $1.5 billion and a price tag of $23.9 billion at press time, Arweave is a leader among the top AI coins and is expected to see even greater gains in the coming months.
Source: CoinMarketCap
AI-based altcoins like Arweave are seen as being at the forefront of an “alt-rebirth,” a trend fueled by impressive earnings reports from tech giants like Nvidia that have sparked renewed interest in AI technology.
Other AI coins such as Bittensor (TAO), NEAR Protocol (NEAR), and Artificial Superintelligence Alliance (FET) also showed significant gains, creating a bullish environment for the sector.
As AI continues to shape the future of the cryptocurrency market, Arweave stands out as a potential leader in this altcoin revival.
Source: CoinGecko
Could Arweave Double Its Prices by the End of the Year?
Arweave breaks the main pattern.
The AR/USDT pair has recently broken out of a descending wedge pattern that has been forming for over 6 months. This technical breakout is a bullish signal, suggesting that the coin’s value may continue to rise.
If Arweave were to break above the $50 price level, as most indicators show, it would be 100% profitable from the current price.
The MACD indicator also shows strong upward momentum, reinforcing the possibility of a sustained price increase. A realistic price target for Q4 2024 is around $35, which would yield a return on investment of nearly 50%.
Source: TradingView
AI Cryptocurrency Drives Altcoin Revival
The larger trend of AI-driven altcoins like Arweave supports the idea of an “alt-rebirth,” where altcoins outperform Bitcoin as its dominance in the market wanes.
This trend is further confirmed by technical indicators including the RSI, which show that bullish sentiment is starting to grow.
As Bitcoin’s dominance weakens, the altcoin market, led by AI coins, is expected to break out of its downtrend channel, signaling the start of alt season.
Source: TradingView
Whales rule the long
In addition to technical signals, there are also signals that large investors, or “whales,” are accumulating Arweave.
The whale-retail delta (green), which tracks the difference between whale and retail activity, shows that whales are long AR while retail traders remain bullish.
This difference suggests that whales are confident in continued price appreciation, further supporting our bullish outlook for Arweave.
Source: Hyblock Capital
Finally, the bid-ask ratio shows a slight slope in favor of buying, indicating bullish market sentiment. As the ratio rises, it suggests that demand for AR is greater than supply.
This indicates a potential price increase in the short term. The minor imbalance reflects the growing interest in AR. It also suggests that whales are positioning themselves to drive the price higher.
Read Arweave (AR) price prediction for 2024-2025
Arweave (AR) is benefiting from the widespread surge in AI-based altcoins. With strong technical signals and whale accumulation, AR is expected to continue its upward trend.
The bullish sentiment suggests that AR could double in price by the end of the year.