Ark Price Analysis: Can Recent News Updates Push ARK Above 3,000 Sats?
- The team at Ark (ARK) has continued to build with the launch of new wallets for both android and desktop versions.
- The project also recently introduced a grant program geared towards sponsoring development on the blockchain.
- 1 Million ARK coins have been set aside for the development grants.
- Will these news developments help boost the value of the coin in the markets?
Many veteran crypto traders become nostalgic when anyone mentions the Ark coin or its project. ARK was one of the coins that had good returns in the 2017 crypto bull run and one could easily achieve 2x return-on-investment by simply buying and holding overnight. Since then, and like all alt-coins, its value has followed a downward trajectory in sync with all other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and XRP.
Release of ARK Desktop and Android Wallets
As with the case with other prominent projects, continual building and development is essential despite the crypto market conditions. In the case of Ark, the team has released new versions of their desktop and mobile apps.
Version 2.9.1 of the Desktop wallet expands on plugin usability. This version also fixes bugs recently reported by users.
Version 1.8.0 of the mobile app focuses on enhancing the user experience. It has new input fields and makes development simpler with updated dependencies, better test coverage, and new features. In the latter case, new features include developer mode, angular storybook, and several bug fixes.
1 Million ARK Development Grant Program
Additionally, the team at Ark has announced the launch of a Development Grant program to boost the Ark Ecosystem. The incentive program will fund developers of ARK based proofs of concept, desktop wallet plugins and other decentralized applications. The team has set aside 1 Million ARK which translates to around $157,242 using the current value of the coin at $0.157242.
Can These Developments Push ARK/BTC Above 3,000 Sats?
When we look at the ARK/BTC chart from the macro perspective, we see that the coin has considerable support at 1,633 Sats. This level held during the market sell-off in mid-March. Lower than that there is the support zone around 1,570 that was attained in early January.
Looking at the coin’s current price of 2,308 Sats, this value is below the 50 (white) moving average but still above both the 100 (yellow) and 200 (green) Moving averages. The latter indicates that the coin is in slightly bullish territory with the MFI confirming this at a value of 22.
If the coin were to maintain its current price and keep up with the bullish momentum currently set by Bitcoin (BTC) and Ethereum (ETH), ARK could retest the previous resistance at 3,000 Satoshis.
(Feature image courtesy of Simon English on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.