$ARKM and the long liquidation at $2.4245:
Price Action
Liquidation Trigger: The price dipping to $2.4245 caused $20.567K in long positions to be liquidated, indicating a significant breach of a support level.
Bearish Momentum: This level's breakdown likely reflects heightened selling pressure or cascading liquidations.
Support & Resistance
Support Levels:
Immediate support now lies at $2.40, with $2.35 being the next critical level if the decline continues.
Resistance Zones:
Any recovery faces resistance at $2.50 and $2.55, where sellers could step in.
Trend Analysis
Downtrend Continuation: The liquidation aligns with bearish sentiment. If buyers don’t defend key levels, ARKM may slide further.
Potential Recovery: A reversal above $2.42 would suggest bulls stepping in, but sustained volume is essential to regain strength.
Indicators to Watch
1. Volume: Elevated sell-side volume indicates capitulation. A recovery requires a shift to buy-side dominance.
2. RSI: Check for oversold conditions near $2.42, signaling a possible rebound.
3. Bollinger Bands: Prices may be testing the lower band, which could indicate extreme bearish pressure or a potential bounce.
Would you like a visual breakdown of this analysis on a chart, or insights into market sentiment around ?ARKM