Arweave Plummets 30% Amid Market Downturn; Can It Find Support

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In Arweave, from July 5th onwards, a bullish spell was induced in correlation with the larger market but was brief, lasting until July 21st, 2024, up to the $34.5 mark.
The significant interruption level at $34.5 stopped bullish acceleration by limiting the gains up to 70% only. Thereon, the encountered hurdle has pushed the price downwards in the past two weeks by nearly 30%. The market leader Bitcoin’s decline most likely influences it.
With BTC declining to $61500, the entire crypto market had a red blanket. That has led its global market cap to decline, reaching $2.2 Trillion, with a 4.5% intraday fall. Among others, the AR token’s market cap dominance was 0.07%.
Arweave Off-Chain Data Statistics
According to CoinMarketCap, the Arweave (AR) spot volume inflow had decreased by 23.15%. It reached $66.354 Million, and the market cap has fallen 8% on intraday, valued at $1.590 Billion. It showed a decline in the demand for the token among the investors.
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