As digital assets continue to endure a crypto winter, Arweave is crafting a name for itself. The cryptocurrency nearly doubled in value in November. The monthly lows remain at $10, with the highest at $17.8 on November 3. Arweave’s token has fallen back to $10.8, and investors could be looking at it as a potential buy on the dip. Should you? 

Arweave is a Decentralised Storage Network or DSN. It allows people needing extra computer storage solutions to connect with those with extra capacity. Arweave is unique in that it permits permanent storage for a single payment. That makes Arweave different from other blockchain-related storage solutions like Filecoin, which involve multiple payments.

Arweave token (AR/USD) has been of interest to investors this month after impressive cryptocurrency news. Meta had announced that it would use Arweave to store its non-fungible tokens on its social media platform. That emphasises that big corporations see the opportunity offered by the blockchain platform. The question now is, can the token sustain the bullish momentum it started this month?

AR on a retracement after the latest gains

Source – TradingView

Technically, AR met resistance at the $17.8 level. The zone is a long-term resistance that the cryptocurrency has retested severally in the past. The level is the swing high on the Fibonacci retracement, while the swing low is $8.4.

From the daily chart above, the Fibonacci retracement levels are $10.681 (23.6%), $12.052(38.2%), $13.16(50%), and $14.27(61.8%). The token is testing the 23.6% Fib level. The MACD indicator is bullish, but momentum is waning. 

Should you buy AR?

While the latest price action is positive for AR, we remain cautious about sustainability. The $17.8 level remains a stumbling block for further upside. Coinciding with a weak crypto sector outlook, a sustained price recovery may be hard to register for AR.

Should a bullish momentum remain for AR, we expect a retest of the $17.8 resistance. On the flip side, AR could next test the $10 support. Also, watch the Fib levels for potential price corrections.

Where to buy AR

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy AR with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

Users can benefit from a beginner-friendly interface and relatively low fees.

Buy AR with KuCoin today

• NMR is the native token of Numeraire and has gained by triple digits in two days

• Numeraire enables equity trading via the Ethereum blockchain

• Developers hinted at progress on 1 million stock tokens

Numeraire crypto token NMR/USD has staged a massive rally this week. The cryptocurrency had returned 171.74% in just two days as of press time. The token touched a high of $39.5 on June 30. The token traded at a low of $8 on June 29. The changes in the price highlight the intense volatility the token has faced. 

Numeraire is a software that enables users to trade equities on the Ethereum blockchain. Users can execute trades relying on artificial intelligence and expert predictions via blockchain. Two applications on Numeraire’s platform support different types of traders. The first is “Signals,” an avenue for traders to upload their stock market strategies. The second is the “Tournament,” a weekly competition. Traders submit their trading algorithms on stock markets, allowing others to bet on the potential outcome.

NMR is the native token of Numeraire. The token supports staking on the platform and conducts payments. It also rewards tournament participants. NMRs are also burned whenever participants stake tokens to an incorrect prediction. 

The rise of NMR happened after its developers confirmed progress on 1 million stock NMR tokens. As of press time, the trading volume had surged by double digits in the last 24 hours. It illustrates the growth in investor interest in the crypto token.

 NMR technical analysis

Source – TradingView

Technically, NMR trades around the $23 support zone, a major decline from the previous day’s high. The 21-day and 14-day moving averages continue to support the price. Despite the high trading volume, the token could crash further below if $23 fails to hold. For now, investors should be aware of a potential token dump. 

Summary

NMR rise is connected to the latest announcement. However, we perceive the sentiment as weak, and investors could be caught in a bull trap.

Cryptocurrency investments are subject to extreme volatility and experts suggest we be thorough in our research about the asset we want to put our money into. One easy way to find which cryptocurrency should be the best bet to grow money is to track their movement regularly, preferably during a 24-hour period. That would give an idea how the coin is behaving or whether the market is seeing any potential in it. In the past 24 hours, big players such as Bitcoin and Ethereum faced a slump while little-known cryptocurrencies such as Shiba Inu and Dash saw some gains.

Here’s how some of the top cryptocurrencies have behaved in the past 24 hours:

Bitcoin (BTC)

The world’s largest cryptocurrency has lost more than Rs. 36,000, or 1.05 percent, in value in the past 24 hours. It was trading at Rs. 34,50,537 at the time of writing.

Ethereum (ETH)

The second-largest coin by market capitalisation was trading at Rs. 2,39,577 with a loss of 3.22 percent, or Rs. 7,966, in the past 24 hours.

Cardano (ADA)

Cardano too was on a losing track. It has lost 0.47 percent during the same period and was trading at Rs. 179.20.

Most of the top cryptocurrencies lost value in the past 24 hours, which resulted in the market showing a bearish sentiment. However, some little-known coins made a splash during the same time. Among them were Shiba Inu and Dash.

Shiba Inu (SHIB)

Nicknamed the Dogecoin Killer, this meme-based cryptocurrency is showing some potential to grow of late. In the past 24 hours, it has gained 1.82 percent in value and was trading at Rs. 0.000540.

Dash (DASH)

This cryptocurrency value increased while most of the big players lost. It gained 1.47 percent, or Rs. 204, to trade at Rs. 14,072.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

What’s Moving: The shares of OTC-listed company AppSwarm Inc. (OTC:SWRM) jumped 77.6% in Thursday’s trading session at $0.014.

AppSwam is a software development company that focuses on making software platforms and mobile apps in sectors like gaming, consumer and retail, and niche business sectors.

Why Is It Moving? The surge seemed to come in the aftermath of AppSwarm announcing that it planned to deploy and host Dogecoin (CRYPTO: DOGE) nodes at its TulsaLabs facilities.

See Also: How To Buy Dogecoin (DOGE)

The company, citing block explorer Blockchair, noted that there are only 1,090 Dogecoin nodes worldwide and that its efforts would lend infrastructure to the meme cryptocurrency’s blockchain.

The move will come via AppSwarm’s recently-established division DogeLabs, led by Tom Bustamante.

“As a firm focused on supporting the commercial possibilities around the Doge project, we plan to expand opportunities from applications, product integration, and potential mining operations if regulatory feasible,” Bustamante said in a statement, noting that having more Dogecoin nodes is essential for faster transactions and more stable blockchain.

DogeLabs earlier in the year launched a “Global Developer Initiative” to support efforts to build commercial apps on top of the Dogecoin blockchain.

Dogecoin Core developers recently released the 1.14.4 update in preparation for another update that would reduce transaction fees relating to the meme cryptocurrency, but are seemingly struggling to get more nodes to adopt the changes.

The core developers earlier on Twitter noted that there was a “new company” that was now offering devops services on Dogecoin but cautioned that the project didn’t involve “any of the team maintaining Dogecoin Core.”

Dogecoin traded 4.2% lower at $0.2899 at press time on Thursday.

Read Next: These Popular Technical Analysts See Further Upside To Dogecoin As It Crosses 30-Cent Level Again