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Arweave Hard Fork Drives Rally – AR Price on Track to Break $50?

Last Updated March 26, 2024 9:03 AM
Valdrin Tahiri
Last Updated March 26, 2024 9:03 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Arwave’s hard fork will launch on March 26 at 14:00 UTC.
  • The AR price has risen by more than 20% in the past three days.
  • Will the increase continue even after the hard fork goes live?

Arweave’s hard fork will introduce mining upgrades that allow multiple miners to collude and find mining solutions without the risk of losing rewards. This will be done through a two-role operation.

The anticipation for the hard fork took the AR price close to its yearly high, leaving investors and traders wondering whether AR will break it and move to the next resistance at $60.

What’s Driving the Increase?

The Arweave team notified that a hard fork would release on March 26. It will introduce a slew of new upgrades, the most important being coordinated mining .

The fork will allow multiple nodes to cooperate and mine for the same address without being at risk of blacklisting or losing rewards. Two roles exist, that of a miner and that of an exit node. While both cooperate to find the mining solution, only the exit node publishes the block, voiding the slashing risk.

The AR network upgrade will take place at approximately 14:00 UTC on March 26. Binance said it would temporarily suspend  withdrawals and deposits of tokens on the Arweave network one hour before the upgrade in order to ensure the best user experience.

Ahead of the hard fork, the AR price increased over 20% in the past three days.

AR Price Prediction: $50 on the Cards?

The weekly time frame shows that AR has increased swiftly since October 2023. The upward movement followed a five-wave increase (black), with the price currently being in wave three (black). The sub-wave count (white) notes the price is in the fifth and final sub-wave, after which a correction could occur.

AR Price Increase $60
AR/USDT Daily Chart | Credit: TradingView

The price action is also bullish, since AR has closed above the 0.382 Fib retracement resistance level at $36.95. The next horizontal resistance is at $60, 50% above the current price.

The weekly RSI and MACD both give positive readings, since they are trending upward even though they show overbought readings.

AR Can Increase to $60 Before Correction

The AR price has enjoyed a significant price increase in anticipation of today’s hard fork. The price action and indicator readings suggest the increase will continue to the next long-term resistance at $60 before a major correction.

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