Arkham (ARKM) Rallies After Binance Investment—Can it Reach New All-Time High?

By BeInCrypto November 16, 2023 In Binance, Blockchain

Today, Binance Labs announced an investment in the blockchain intelligence company Arkham.

Arkham’s native token, ARKM, broke out from a descending resistance trend line and moved above the $0.50 resistance area.

Binance Announces Investment in ARKM

On November 14, Binance Labs announced that it had invested in Arkham.

Arkham is a blockchain intelligence company that uses 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.

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Arkham’s mission is to improve transparency in the crypto industry by deanonymizing blockchain transactions. It introduces the world’s first on-chain Intelligence Exchange, the Arkham Intel Exchange.

This exchange connects buyers and sellers of blockchain intelligence, allowing users to capture value for their work. The “Intel-to-Earn” initiative incentivizes intelligence production through bounties and auctions, with trades and rewards facilitated by the ARKM token.

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ARKM Price Prediction: New All-Time High Within Reach?

The daily time frame technical analysis shows that the ARKM price broke out from a descending resistance trend line on November 10. The trend line had been in place since the all-time high of $0.89 on July 18.

So, after breaking out, ARKM reached a high of $0.61, reclaiming the $0.50 horizontal resistance area. It is currently in the process of validating it as support.

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Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.

The daily time frame RSI supports the continuing of the ARKM price increase. The RSI is increasing and above 50, both common signs of a bullish trend.

Therefore, if the upward movement continues, the main resistance will be at $0.67, 25% above the current price. If ARKM breaks out above it, it would have the potential to increase by 65% and reach an all-time high of $0.89.

ARKM/USDT Daily Chart. Source: TradingView

Despite this bullish ARKM price prediction, a close below the $0.50 area puts the upward movement at risk. In that case, a 30% drop to validate the descending resistance trend line at $0.37 would be likely.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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