- What is Arweave? A beginners guide to its historical price and working.
- How does Arweave achieve a permanent storage solution?
- The price has been falling since February 2023; Is there any chance for a reversal?
Airweave is a revolutionary platform that provides users with the ability to store their data permanently by distributing information across different nodes within the community. This novel data storage blockchain protocol ensures secure and everlasting data storage for its users. Notably, Airweave can be accessed through a common web browser, making it user-friendly and easily accessible.
The platform’s open-source nature allows community members to actively participate in its improvement and development. Airweave was initially known as Archain when it was developed in 2017, and later on, it was rebranded to the current name, Airweave. The platform managed to raise significant funding, including contributions from Coinbase, s16z, Multicon Capital, among others, totaling an impressive amount of $12.3 million.
How does it achieve permanent storage?
Airweave achieves permanent storage through its innovative data storage technology called the ‘blockweave.’ This technology is similar to a blockchain structure but with a crucial difference. Instead of confirming the entire chain of blocks, Airweave only requires the confirmation of one block, making it more efficient.
To address the lack of appropriate economic incentives for permanent data storage, Airweave employs a unique approach. Unlike traditional models like Filecoin, where users rent out drive storage, Airweave users pay a one-time fee in the form of the native token, “AR,” for storing their data permanently.
Miners, who are responsible for creating new blocks to store data, are rewarded with AR tokens. The number of tokens paid to the miners is determined by the cost of data storage. This incentive system ensures a functional and sustainable ecosystem within the Airweave community, where users and miners collaborate to achieve permanent data storage solutions.
Arweave’s (AR) historical pricing and technical insights
A year ago, in August 2022, the price was in a bearish trend, coming down from $14 to $9 in just a month. There was a time when bulls tried to fight back, but it ended up in the bears’ favor as the price declined once again to $8.7 in October 2022.
Soon afterwards, a reversal was seen when the bullish momentum pushed the price to $17 in the last close at $8.6 again.
october. Although the effect of the FTX crash was just like any other crypto, the price went to
Although a reversal came in the month of february of 2023 but it wasn’t a long sunny day for the bulls as the continuous selling resulted in the price falling all the way down to $6 currently.
The current price of Airweave is situated just below the 50-day Moving Average (DMA), indicating a bearish momentum that has persisted for a considerable period, pushing it well below the 200 DMA.
As for the price levels, Resistance 1 is emerging at $6.25, and Resistance 2 is forming at $7.10. On the support side, Support 1 is being established at $5.4, while not far below, Support 2 is forming at $4.73.
The Relative Strength Index (RSI) suggests a neutral momentum, as the 50 DMA is relatively close to the current price.
Conclusion
In simple terms, Airweave is a platform that enables users to store their data permanently by distributing it across various nodes in the community. It utilizes a unique data storage technology called ‘blockweave,’ which is similar to a blockchain structure but with a key difference – it only requires confirmation of one block instead of the entire chain.
Regarding the price, it has been on a decline since February 2023. Currently, there are two support and resistance levels in close proximity. The 50-day Moving Average (DMA) and the Relative Strength Index (RSI) both indicate a neutral market sentiment at the moment. Investors should closely watch the support and resistance levels for potential price movements in the near future.
