ARKM Price Rebound Looms as 52-Week Low Sparks Buying Interest

  • ARKM hits a 52-week low of $0.5545 amid a bearish trend in the last 24 hours.
  • Rising trading volume sparks hope for ARKM bullish reversal.
  • Oversold conditions forecast ARKM price rebound if bearish momentum dwindles.

A bearish trend has dominated the Arkham (ARKM) market in the last 24 hours, with the price bouncing between a 52-week support of $0.5545 and a resistance of $0.6051. At press time, the bears were in control and drove the price down to $0.5567, a 7.38% drop from the previous high.

While the market capitalization of ARKM decreased by 7.33% to $83,508,117, the 24-hour trading volume climbed by 14.58% to $26,928,431. Notwithstanding the bearish trend, the rise in trading volume implies greater activity and interest in the ARKM market.

Due to increasing trading activity, investors watch the market for signs of a reversal. A positive comeback and break of the $0.6051 resistance level may signal a shift in market mood and entice additional buyers.

ARKM/USD 24-hout price chart (source: CoinMarketCap)

The Money Flow Index (MFI) rating currently stands at 15.02, signifying an oversold condition. As selling pressure appears to be waning, this may indicate that the market is reaching a bottom, and a rebound could be on the horizon. Should the MFI surpass the 20 levels, a shift in momentum toward buying pressure could prompt a potential recovery.

On the other hand, the Relative Strength Index (RSI) is currently at 25.21, moving below its signal line. This level confirms the ongoing bearish trend, but if the RSI dips below 20, it could hint at an oversold scenario, possibly triggering a reversal in the market’s direction.

ARKM/USD price chart (source: TradingView)

The Know Sure Thing reading of -53.5951 aligns with bearish momentum, adding to the market pressure. However, with the RSI approaching oversold territory, a temporary bounce or consolidation is possible before the downward trend resumes.

Moreover, the stochastic RSI rating of 0.00 indicates an extremely oversold condition, heightening the likelihood of an imminent rebound. This convergence of oversold signals from both the RSI and stochastic RSI lends weight to the possibility of a short-term price recovery.

ARKM/USD price chart (source: TradingView)

In conclusion, despite the 52-week low and prevailing bearish momentum, ARKM’s increased trading volume and oversold indicators may pave the way for a potential short-term rebound.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Shiba Inu Mainnet Registers Increased Activity Alongside Shibarium's Puppynet

Image
Shibarium’s native testnet, Puppynet, has been making a lot of noise of late. As reported recently, the test network processed more than 1 million transactions with the assistance of more than 200k unique wallets. Interestingly, there has been a corresponding network growth on the main Shiba Inu network as well. The latest data from IntoTheBlock revealed that the number of new and active addresses on the network increased by 5.29% and 7.55% respectively over the past week. Basically, an address is considered to be active when it becomes a direct participant in a successful transaction. New addresses, on the other hand, gauge the number of fresh entrants into the ecosystem. According to the thumb rule, the higher both the numbers, the better, for they hint towards refining participation by traders/investors. Thus, it can be said that the latest uptrend registered on both these fronts is quite an encouraging sign. Source: ITB Also Read – Shiba Inu: ‘Puppynet’ Processes 1 M
Read more

Bitwise withdraws Bitcoin and Ethereum ETF application

Bitwise Asset Management has withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy ETF. Bitwise Asset Management has withdrawn its application for a Bitcoin (BTC) and Ether (ETH) Market Cap Weight Strategy exchange-traded fund. It was initially filed with the U.S. Securities and Exchange Commission on Aug. 3. This decision follows a period of increased optimism in the crypto market after Grayscale secured approval for its own ETF from the SEC. Bitwise’s Chief Investment Officer, Matt Hougan, had expressed support for the SEC’s approval of crypto ETFs in a previous interview with Bloomberg. The planned ETF was designed to invest in futures contracts for either Bitcoin or Ethereum, guided by their respective market capitalizations. In addition, Bitwise was concurrently collaborating with ProShares to initiate another ETF. The company’s official statement on the withdrawal noted, “The Trust no longer intends to seek effectiveness of the Fund and no securi
Read more

Short-Term Profit Seekers Flee Overvalued Hype Coins, Sparking Sell-Off

Crypto analyst VIKTOR identifies a notable pattern in the bearish altcoin market.  He pointed to sharper declines in tokens like BIGTIME, WLD, and JTO during a recent liquidation. Trends of a stronger presence in perpetual contracts and short-term profit-seeking motives were also observed. Amid the bearish trend rocking the altcoin market since the start of the new year, a crypto analyst has spotted a noteworthy pattern in the downward trajectory of some tokens that fit into a specific category. In a recent tweet, crypto analyst VIKTOR called attention to an observation from the January 3 market turbulence, wildly dubbed “liquidation day.” VIKTOR highlighted that while most altcoins experienced a substantial downturn of approximately 30%, he pointed out a distinctive trend among specific tokens that saw even more significant drops. Specifically, he noted that sensational coins such as BIGTIME, Pyth Network (PYTH), MEME, TOKEN, Worldcoin (WLD), and Jito (J
Read more