Affected by the overall market weakness, decentralized permanent storage token Arweave (AR) also faces significant selling pressure. In the past month, the price of AR has fallen by 33%.

Despite the price decline, technical analysis suggests that AR may be poised for a rebound. Renowned cryptocurrency analyst JohncyCrypto has pointed out a key chart pattern that could have significant implications for the short-term price movement of AR.
Arweave is currently testing the lower boundary of the symmetrical triangle pattern on the daily chart. This pattern is typically a precursor to significant price movements. The $15.00 to $16.50 range is a key support area, and a strong rebound from this range could trigger new upward momentum.

If the support is effective, AR may challenge several important resistance levels:

$22.00: The first resistance level, after breaking through, may confirm the start of an uptrend.

$29.00 and $35.50: midterm targets that may attract more buying interest.

$46.50: The upper resistance level is also a key point for a possible breakthrough to reach a new high.