- Arweave price has crashed by more than 70% from the highest point this year.
- Arweave will have a hard fork on October 5th of this year.
Arweave price remained in consolidation as investors focused on the latest developments in the ecosystem. The AR coin was trading at $4.08 on Wednesday, close to its September low of $3.86. Like other cryptocurrencies, Arweave has plunged by almost 70% from its highest level this year and by over 90% from its record high.
Arweave hard fork ahead
Arweave’s developers hope that the ongoing upgrades will help to boost the AR price in the near and longer term. Last week, Arweave introduced ArNS or the Arweave Name System. The goal of this new product is to bring human-readable domain names to the Arweave ecosystem.
ArNS is similar to other name services such as Ethereum Name Service (ENS), which has created a robust ecosystem. The benefits of this standard are that the domain names are Google SEO compliant and are part of the SmartWeave contracts on an immutable blockchain.
Smartweave is a crucial part of the ecosystem because its lazy evaluation brings in efficiency, and scalability, and has wide language support, Some of the projects in the Smartweave ecosystem are Molecular Execution Machine and Weave Database.
The next key catalyst for the Arweave price will be the release of Arweave 2.7 upgrade, which has introduced some additional feature for the ecosystem. The new features are Flexible Merkle Tree combinations an VDG retargeting.
As part of this upgrade, Arweave will have its next hard fork on Thursday when the block height reaches 1.275.480. In a statement, Binance said that it will support this hard fork. It will also support IOTA stardust fork and Sei.
Arweave price forecast
It is unclear whether this hard fork will lead to more demand for the Arweave coin. The daily chart shows that the AR crypto price has been in a strong bearish trend in the past few months. It has remained slightly above the important support at $3.79, the lowest level on September 12th.
Arweave price has crashed below the 25-day and 50-day exponential moving averages (EMA). The Relative Strength Index (RSI) has moved below the neutral point while the Average Directional Index (ADX) has moved below 20.
Therefore, there is a likelihood that the Arweave crypto price will continue falling as sellers target the key support at $3.79.
