Arkham (ARKM) price could benefit from OpenAI's Friday tweet announcing that the company will announce “ChatGPT and GPT-4 Updates.”
OpenAI CEO Sam Altman clarified in a follow-up tweet that the announcement would not be related to GPT-5, as many in the industry were anxiously awaiting.
ARKM price shows strength
ARKM's price has broken above the downtrend line, which indicates a downtrend, suggesting the start of a potential reversal. Since breaking above this bearish support level, ARKM has rallied 32% to establish a local peak at $2.86 but is currently trading at $2.51.
Even before the upcoming OpenAI on X announcement, ARKM price appears to have been performing better than most altcoins. Therefore, if OpenAI announces a new development in the field of AI, it could positively impact AI-based altcoins such as ARKM, Worldcoin (WLD), SingularityNET (AGIX), etc.
From a technical standpoint, ARKM price needs to break out of the $2.28 support and overcome the $2.74 barrier. If ARKM can turn the second level into a support floor, it would pave the way for a retest of $3.22, representing a 27% gain.
The Relative Strength Index (RSI) and Awesome Wave Indicator (AO)* are both above the average levels of 50 and 0 respectively, signaling strong bullish momentum. Going forward, RSI and AO could both fall below the average levels seen in late April, allowing stalking traders a chance to accumulate before ARKM takes off.
ARKM/USDT 12-hour price chart
On the other hand, if ARKM price fails to bounce off the $2.28 support, it suggests buyers are not interested at the current levels. This lack of buying pressure would be the first sign of weakness and could be followed by a 12-hour candle closing below $2.28, turning the stand into resistance.
Such a development would invalidate the bullish thesis and is likely to trigger an 8% decline to retest the imbalance from $2.00 to $2.17. Interestingly, this zone also contains the downtrend line and will serve as a great reversal zone if the bulls decide to make a comeback.
*In the financial markets, “The Relative Strength Index (RSI)” and “Awesome Oscillator (AO)” are two technical indicators used to analyze price movements and identify buying and selling points potential on the price chart.
RSI: Developed by J. Welles Wilder, RSI is an indicator that measures the strength of a trend and measures cumulative price movements over a fixed period of time, usually 14 days. RSI interprets the metric from 0 to 100 and is often used to determine when an asset is considered overbought or oversold. An RSI value above 70 typically indicates the asset is overbought, and a value below 30 typically indicates the asset is oversold.
AO: Created by Bill Williams, Awesome Oscillator measures the change between 5-perioid and 34-period Moving Averages on price charts. It helps determine the trend and its strength. When AO is positive, it means the shorter Moving Average is higher than the longer Moving Average, and this is often considered a buy signal. Conversely, when AO is negative, this can be considered a sell signal.
Both of these indicators are widely used in technical analysis to support trading decisions.
Source: https://tapchibitcoin.io/gia-arkham-arkm-chuan-bi-cho-mot-dot-phuc-hoi-truoc-thong-bao-cua-openai.html
