Assessing if Arkham [ARKM] can break $2.8 resistance, soar to $4

ARKM nears $2.828 resistance, supported by strong momentum and increased volatility.
Surging volume, Open Interest, and active addresses indicate growing confidence in a potential breakout.

As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself intrigued by Arkham [ARKM]’s current situation. With its recent breakout from a bullish flag pattern and a strong surge in volume, open interest, and active addresses, the stage seems set for a potential breakout at the $2.828 resistance level.

As ARKM surges beyond its bullish pattern and currently trading at $1.97, representing a 11.77% increase at the present moment, investors are eagerly anticipating if this momentum will enable it to surpass the significant barrier at $2.828.

A significant advancement now might indicate a strong surge ahead for ARKM, possibly driving its price up to $4. Yet, it’s uncertain whether ARKM has enough strength to overcome this hurdle with its current pace.

ARKM creates pressure at $2.828

Arkham’s chart showed the token gaining momentum after a long consolidation phase.

At the current moment, Arkham, having previously exited its “bullish flag” trend, is almost touching the $2.828 resistance level – a hurdle it has often found difficult to surpass in the past.

Should this threshold be exceeded, the focus will shift towards a potential $4 goal. Consequently, the trading activity surrounding this particular level will hold significant importance for traders.

As I observed, the Bollinger Bands indicated a surge in volatility as ARKM approached a critical point. Moreover, the Relative Strength Index (RSI) climbed beyond 73, suggesting that Arkham might have been overbought at this stage, potentially signaling a possible reversal or correction in its price movement.

However, this can be expected during periods of sharp rallies.

Keep an eye on the resistance area carefully, since if it’s not broken through, it might suggest a temporary price drop for traders in the short term.

Volume surge: What does it mean?

A strong indication of optimism is the significant surge in trading volume by Arkham, reaching 163.18%, resulting in a total of $276.58 million traded during the preceding 24 hours.

This significant volume increase confirmed that traders were accumulating ARKM, essential for sustaining upward momentum.

If the volume doesn’t increase sufficiently, ARKM could find it challenging to surpass $2.828. Consequently, ensuring a high volume is crucial for any anticipated breakout.

More interest, more potential

The number of daily active addresses using ARKM has increased slightly, going from 298 to 330. This suggests a growing curiosity towards ARKM. The uptick in network activity aligns with the rise in price, suggesting that a larger number of people are engaging with the token.

Therefore, this uptick in activity supports the likelihood of Arkham continuing its upward trend.

What traders are betting on

ARKM’s Open Interest has experienced a significant jump of approximately 19.54%, now standing at around $57.09 million. This growth indicates an increase in the number of traders initiating positions, signaling robust market optimism.

Realistic or not, here’s ARKM’s market cap in BTC’s terms

As a researcher, I’ve noticed an intriguing pattern in the market data for Arkham. The confluence of escalating Open Interest and increasing trading volume might suggest that Arkham is poised for a substantial shift or movement.

ARKM’s sudden surge, accompanied by an increase in trading volume and heightened market engagement, suggests that it might challenge the $2.828 resistance point. Should ARKM manage to surpass this barrier, a potential rise towards $4 becomes significantly likely.

2024-10-16 15:04

ARKM creates pressure at $2.828

Volume surge: What does it mean?

More interest, more potential

What traders are betting on

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