Will Arkham (ARKM) rebound to a new all-time high after Binance investment?

Can Arkham (ARKM) Make a Comeback to Reach a New Record High Following Binance's Investment?

Author: Valdrin Tahiri, Kyle Baird, BeInCrypto Translation: Shanouba, LianGuai

Summary

• Arkham (ARKM) reached a high of $0.61 yesterday but has since fallen to the support area at $0.50.

• The daily relative strength index (RSI) and price trends both support a rise in the ARK price.

• Although ARKM price predictions are bullish, closing below $0.50 will invalidate the bullish trend.

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On November 14th, Binance Labs announced an investment in blockchain intelligence company Arkham. Arkham’s native token ARKM broke the descending resistance trendline and surpassed the $0.50 resistance area.

Binance Invests in ARKM

Arkham is a blockchain intelligence company that utilizes its proprietary technology, Ultra, to convert raw blockchain transaction data into a comprehensive overview of cryptocurrency users and their activities. This intelligence is valuable for exchanges, trading firms, and individuals.

Arkham’s mission is to enhance transparency in the crypto industry by de-anonymizing blockchain transactions. It has launched the world’s first on-chain intelligence exchange, Arkham Intel Exchange. This exchange connects buyers and sellers of blockchain intelligence, allowing users to earn value for their work. The “Intel-to-Earn” program incentivizes intelligence production through bounties and auctions, facilitated by the ARKM token.

ARKM Price Prediction: Reaching New All-Time Highs?

In the daily technical analysis, the ARKM price broke the descending trendline that had been in place since hitting a historical high of $0.89 on July 18th. After the breakout, the ARKM price rose to a high of $0.61, successfully reclaiming the $0.50 resistance level and is currently in the process of validating whether this area can serve as support.

Market traders use the relative strength index (RSI) as a momentum indicator to identify whether an asset is overbought or oversold and determine whether to accumulate or sell.

An RSI reading above 50 and trending upwards indicates that the bulls still have the advantage, while a reading below 50 suggests the opposite.

The daily RSI supports a continuation of the ARKM price rise. The RSI is rising and above 50, which is a common sign of a bullish trend.

Hence, if the upward trend continues, the main resistance will be at $0.67, 25% higher than the current price. If ARKM surpasses this level, it could rise by 65% to reach the historical high of $0.89.

Although ARKM price predictions are bullish, closing below the $0.50 area poses a risk to the upward trend. In that case, it could drop by 30% to validate the descending resistance trendline at $0.37.

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