Analysis of #ARKM for the chart for October 12, 2024

1. Price forecast (short-term, medium-term):

• Short-term: The current price is $1,611. Since the price is above the key Fibonacci support levels (0.5 level at $1,347), we can expect a continuation of the upward movement. Probably, the nearest target is testing the $1,710 level (Fibonacci level 0). If the price breaks this resistance, we can expect a move to the $2,161 level.

• Medium-term: If the price continues to rise, the medium-term targets are at $2,437 and $2,737 (Fibonacci extension levels). At the same time, the important support is the $1,200 level, which, if broken, can lead to a more significant decline to $0,983.

⚠️ Overall conclusion: 🟢 Long scenario is more likely with targets at $1,710 and above on breakout. It is important to keep an eye on support levels at $1,347 and $1,200, which can be good points to open a long on correction.

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