#Arkham price coils up to retest $0.40 as ARKM exchange flow balance metric reads positive
CRYPTOS | 02/13/2024 23:59:00 GMT
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Arkham price action has consolidated within an ascending parallel channel, signaling an impending breakdown.
ARKM could drop nearly 40% to $0.40 in the long run amid fading Nvidia earnings euphoria.
A break and close above the $0.89 range high would invalidate the bearish thesis.
Arkham (ARKM) price is trading with a bullish bias, consolidating above an ascending trendline to the downside. However, its upside potential is capped by another ascending trendline. The two technical formations form an ascending or rising channel.
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Arkham price readies for a break down
Arkham (ARKM) price acting has formed an ascending channel, contained by two ascending trendlines that hint at a future convergence. This is because the lower trendline is steeper than the upper trendline, such that the lows are climbing faster than the highs. The technical formation suggests a possible break downwards.
If the technical formation plays out, the AI crypto coin could break below the lower boundary of the technical formation, potentially going as low as the $0.40 psychological level. Such a move would constitute a 40% fall below the current price action.
In a dire case, the slump could send Arkham price all the way down to the $0.05 range low.
On-chain metrics to support Arkham price bearish outlook
Santiment’s daily active addresses metric has been dwindling over the past few weeks, which is bearish as there are no new addresses being created in favor of ARKM. It points to low crowd interaction, bolstering the bearish thesis.
Also, the social dominance and social volume metrics are abysmal, with the shrinking chatter around ARKM token suggesting investor focus in other projects.
