Arweave, which rose by over 44% in the last week, was once again in the green, trading over 10% higher on Monday. This comes as monero slipped in today’s session.
The biggest winners
After a bearish January, crypto markets have started to rebound over the past week, with arweave being one of the biggest gainers of this period.
To start the week, AR/USD is currently trading 10.32% higher, hitting an intraday peak of $39.81 in the process.
This comes as the decentralized storage network is up 44% in the past 7 days as it continues to edge closer to the $40 mark.
Looking at the chart below, the move began after arweave rallied from its recent support of $29.40, where it traded on Friday, leading to four consecutive sessions of gains.
Following this run, the 14-day RSI now sits at 50.25, meaning prices are neither oversold nor overbought.
This sets up perfectly for a breakout beyond $40, however, with resistance at this level fairly strong, there are likely to be bears waiting to push prices back down towards support.
If price strength continues to increase, bullish arweaves could target the higher resistance at $52.
Biggest losers
As of writing, cryptocurrencies were trading 1.37% higher on the day, however, there are a few notable bears to start the week.
Monero was one of them, with XMR/USD falling 4% during Monday’s session, resulting in an intraday low of $141.22.
Looking at the chart below, today’s decline has resulted in monero hitting its recent support of $141.90, after trading at resistance of $155.80 only yesterday.
This follows the RSI level of 37 acting as a barrier to the upside, and has since fallen to 34, moving deeper into oversold territory.
