Arweave leads AI altcoins, showing bullish signs for potential higher prices.
- As of press time, Arweave gained 0ver 17% in the last 24 hours. AI coins set to lead alt-rebirth, but will AR double its price.
Arweave [AR] has gained significant attention, showing impressive growth alongside other AI-focused altcoins.
In the last 24 hours, AR has surged over 17% in price, accompanied by a massive 134% increase in trading volume, according to CoinMarketCap.
With a press time price of $23.9 and a market cap of $1.5 billion, Arweave was leading among top AI coins, and was expected to see even higher gains in the coming months.
Source: CoinMarketCap
AI-driven altcoins, such as Arweave, are considered to be at the forefront of an “alt-rebirth.” This trend is being fueled by impressive earnings reports from tech giants like Nvidia, which have sparked renewed interest in AI technologies.
Other AI coins, such as Bittensor [TAO], NEAR Protocol [NEAR], and Artificial Superintelligence Alliance [FET], have also seen strong gains, creating a bullish environment for the sector.
As AI continues to shape the future of the crypto market, Arweave stands out as a potential leader in this altcoin resurgence.
Source: CoinGecko
Can Arweave double its price by the end of the year?
Arweave breaks a major pattern
The AR/USDT pair has recently broken out of a falling wedge pattern that had been forming for over six months. This technical breakout is a bullish signal, suggesting that the coin could continue to rise in value.
If Arweave can surpass the $50 price level, it would represent a 100% gain from its current price as most indicators are showing this.
The MACD indicator also shows strong upward momentum, reinforcing the likelihood of continued price increases. A realistic price target for Q4 2024 is around $35, which would yield a nearly 50% return on investment.
Source: TradingView
AI crypto driving altcoin rebirth
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 declines.
This trend is further confirmed by technical indicators, including the RSI, which show that bullish sentiment is starting to grow.
As Bitcoin dominance weakens, the altcoin market, led by AI coins, is expected to break out of its downward trend channel, signaling the beginning of an altseason.
Source: TradingView
Whales are dominating longs
In addition to the technical signals, there are signs that large investors, or “whales,” are accumulating Arweave.
The whale-retail delta (green), which tracks the difference between whale and retail trader activity, shows that whales are increasingly going long on AR while retail traders remain optimistic.
This divergence suggests that whales are confident in a continued price rise, further supporting the bullish outlook for Arweave.
Source: Hyblock Capital
Lastly, the bid-ask ratio shows a slight tilt in favor of bids. This indicates a bullish market sentiment. As the ratio rises, it suggests more demand for AR than supply.
This points to a potential price increase in the short term. The minor imbalance reflects growing interest in AR. It also suggests that whales are positioning themselves to push the price higher.
Arweave (AR) is benefiting from the broader surge in AI-driven altcoins. With strong technical signals and whale accumulation, AR is set to continue rising.
The bullish market environment suggests AR could double its price by year-end.
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