Arkham (ARKM) price has been in a downward spiral since its exchange listing on Binance. While the project has generated massive returns for the launchpad participants, it has disappointed the secondary buyers. The latest analysis suggests the digital asset is close to forming a bottom.
On Wednesday, most altcoins are trending lower as BTC price remains stuck at $29,200. Most traders are waiting for a major breakout in BTC before buying any altcoins. Consequently, Arkham (ARKM) fell by 1.81% on its fifth consecutive red day.
Arkham is a blockchain intelligence company that provides information on the real-world entities and individuals behind the crypto market activity. The Arkham (ARKM) is an ERC-20 token that is the native asset of the Arkham ecosystem. ARKM coins can be used to pay for platform fees and to access premium features.
Arkham price is trading almost ten times above its Binance launchpad sale price. During this sale, the coins were priced at $0.05 each for Binance coin (BNB) holders. On the listing day, the coin peaked at $0.89 and has been in a tailspin since then. This translates into a 40% price decrease within eight days.
As shown in the chart below, the ARKM coin has constantly been making lower highs and lower lows on the 2H timeframe. A closer look at the chart reveals that the project is close to forming a bottom. This is because of the bullish divergences forming on the RSI and MFI indicators.
Arkham price prediction will flip bullish if the coin breaks above $0.525 without making any lower low on its chart. This will signal a break of the bearish market structure on the 2H chart. Then the first target for the bulls will be to reclaim the $0.56 level.
In the meantime, I’ll keep sharing updated ARKM analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on %s = human-readable time difference 10:29