Arkham (ARKM) has recently touched its key support zone as highlighted by Crypto Aman, an analyst, signaling potential movement in the ARKM/USDT pair. Analyzing the weekly chart shows promising signs for Arkham, hinting at a potential bullish trend.
The recent price movement has been intriguing, especially with the live price today at $2.08 and an impressive 24-hour trading volume of $64 million. Over the past 24 hours, Arkham has plummeted by 7.58%.
The initial surge in Arkham’s price took it to around $4.00. This peak was followed by a notable correction. This correction phase was expected after such a rapid increase. Following this correction, the price entered a consolidation phase.
In this phase, the price movement has been marked by smaller candlesticks, indicating a balance between buyers and sellers. This phase of indecisiveness often precedes significant price movement.
Moreover, there is a potential bullish reversal on the horizon. A “V” shape pattern is forming at the current price level. This pattern often signals a reversal from a downtrend to an uptrend. If the price follows the projected yellow arrow, a bullish trend could be seen emerging.
Cowen Highlights Market Deja Vu with Fed Rate Moves in 2019 and 2024The support and resistance levels are also crucial in this analysis. The key support zone lies between $1.80 and $2.00. This range has historically provided strong support, with the price bouncing back multiple times. This zone acts as a critical psychological level where buyers step in to prevent further declines.
On the resistance front, the immediate resistance level is around $2.50. This level has been a point of selling pressure in recent upward attempts. Breaking and sustaining above $2.50 is essential for the price to continue its upward trajectory.
Beyond this, the next major resistance is around $3.00. This level holds historical significance from previous price action and may pose a challenge for further upward movement. However, a breakout above $3.00 could lead to a retest of the previous high around $4.00.
