Arkham Top Trending Cryptocurrency on DEXTools - Does Launchpad XYZ Platform Have More Upside Potential Than ARKM
When Arkham Intelligence's $ARKM made its debut on July 18 with a price of $0.75, it received a warm welcome and immediately achieved a high of $1.05004.
Although the coin had a promising start, it has since struggled to maintain its bullish momentum as it currently trades at $0.5962, down by 7.5% so far today.
The hourly Exponential Moving Averages (EMA) paint a somewhat gloomy picture for $ARKM.
The 20-hour EMA is currently set at $0.6145, slightly above the trading price of $0.5962.
In technical analysis, when the price trades below the EMA, it is often seen as a signal of a bearish market trend.
This suggests that there may be a higher likelihood of the cryptocurrency's price continuing to decrease.
The 50-hour EMA stands at $0.6471, further away from the current trading price, reinforcing the bearish outlook.
With an RSI currently standing at 39.70, $ARKM is leaning towards the oversold territory. This could suggest a potential pullback or price reversal, but it is by no means a guarantee.
On the MACD (Moving Average Convergence Divergence) front, the histogram is negative at -0.00001878. This indicates a bearish bias and could suggest that a continuation of the downward trend is on the horizon.
Regarding support and resistance levels, $ARKM is currently faced with immediate resistance at the Fibonacci retracement level of 0.786 at $0.6106, followed by the trailing dynamic resistance of the 20-hour EMA at $0.6145.
On the downside, the immediate swing low support range hovers between $0.5872 and $0.5924. Should the price breach this level, the Fibonacci extension level of 1.236 at $0.5522 may serve as the next line of defense against a more substantial downturn.
Considering these indicators, cautious optimism may be warranted
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