The information driver for the rapid upward momentum of the cryptocurrency in question was the published news about the integration of the Arweave platform into the product of Meta (Meta Platforms - the company that owns Facebook and Instagram, recognized in Russia as an extremist organization and banned, like the social networks themselves).
Specifically, it is about the possibility of permanent storage on the blockchain of NFT from the social network Instagram. There is a chance that Meta will be followed by other IT giants in terms of cooperation with the Arweave project.
From the point of view of technical analysis, the development of an uptrend may follow the fact of fixing above the level of local resistance - $18.25. As an example we can refer to the pattern from last August, when after the breakdown upward of $22.40, the growth increased.
In case of confirmation of this predicted scenario, the range of $36-40, which has repeatedly acted both as resistance and support, is a benchmark for profit taking. Potential profitability of the idea - more than 100% in relation to the assumed level of transaction opening.
From the point of view of risks, we highlight the continuing negative trend on the group of risky assets, with which the cryptocurrency market as a whole has a certain correlation.
Trade plan:
Buy AR on the fact of a break up $18.25
Risk per trade - 3% of capital
Stop loss $15.50
Take profit $40
