Reasons for the Decline in Arweave Token (AR) Value
Arweave’s recent drama surrounding a potential hard fork has also negatively impacted its token value. The founder of Arweave accused Irys, a competing storage solution provider, of planning an unethical fork that could disrupt the ecosystem. Such controversies can create uncertainty and fear among investors, leading to a sell-off and subsequent decrease in the token’s price.
Technical analysis suggests that despite some positive movements, the overall trend for Arweave remains bearish in the medium to long term. The token recently broke through a key resistance level at $20 but faces challenges maintaining this support level amid negative market reactions. If this support fails, it could lead to further declines.
Maker Token (MKR) Value Drops Below 1,500$
The value of Maker token (MKR) has been declining primarily due to adverse market conditions that have affected the entire cryptocurrency sector. Over the past six months, MKR has struggled under the weight of a bearish market, which has seen many cryptocurrencies lose significant value. The general sentiment in the crypto market has been negative, leading to a lack of investor confidence and reduced trading volumes.
Recently, MKR broke below crucial support levels, specifically falling below $2,200 and entering a price range around $1,500. This breach of support levels often triggers further selling pressure as traders react to these technical indicators. The next key support level is identified at approximately $1,260; if this level is breached, it could lead to even further declines.
Despite MakerDAO’s ambitious plans to rebrand itself as Sky Ecosystem and introduce new tokens (SKY and USDS), these efforts have not translated into positive price action for MKR. The rebranding process was announced after several months of planning but did not generate the expected hype or buying interest among investors. Instead, MKR’s price dropped by 44% despite the announcement of this overhaul.
Core Struggles To Stay Above 1$
Cryptocurrency markets are known for their high volatility, which can lead to significant price fluctuations. The value of Core token (CORE) may be affected by market sentiment, speculative trading, and the overall performance of the cryptocurrency market. If traders perceive a bearish trend or if there is negative news surrounding cryptocurrencies in general, it can lead to a sell-off, causing the price of CORE to decline.
In summary, Core token (CORE) is losing value due to factors such as market volatility and speculation, regulatory concerns, competition from other cryptocurrencies, technical issues or development delays, negative market sentiment driven by news events, and lack of adoption and use cases.
