Arkham Hits All-Time High of $2.39 Amid Broad-Based Crypto Rally

Arkham's recent price trajectory has been notably impressive, marked by an uptrend that saw its price hitting $2.39.The transition from $1.55 to $2.25 and the current gain of over 50% indicates a positive market sentiment. After successfully breaching the $2.0 level, Arkham's price action peaked at an intraday high of $2.39, which is an all-time high.

ARKM retraced to the $2.10 supply zone where the prices have been consolidating, while the entire cryptocurrency market continues on a bullish rally. ARKM coin has been trading above the minor support at $1.9 suggesting a solid foundation for continued bullish efforts.

Arkham has exhibited remarkable performance in the short term, with a 102% increase over the last seven days. It is worth noting that ARKM has been among the top-performing altcoins of 2024, with a 343% increase over the past month. Since its launch, the token has appreciated by 211.9%.

Arkham monthly chart.Source: Coinmarketcap

The token's price recently surpassed the $1.55 previous resistance level, reaching a daily high of  $2.39. This breakthrough suggests a bullish sentiment in the market, with the next target price set at $2.50. However, a slight consolidation near $2.2 is anticipated due to declining trading volumes, potentially setting the stage for a further surge toward $2.25 and then $3.0.

The total cryptocurrency market cap has seen a 3.53% increase, reaching $2.28 trillion. Arkham's current market cap stands at $337.06 million, with a trading volume of $1.17 billion in the last 24 hours. Despite the market's overall bullish sentiment, indicated by the Fear & Greed Index at 80 (Extreme Greed), there's a cautious optimism among investors.

ARKM Hits an All-Time High: Bullish Trend to Continue?

On the 4-hour chart, Arkham's price action has been notably bullish. Buyers pushed the price above $2.0, peaking at $2.39 before retracting to the $2.10 supply zone. This movement has resulted in the formation of several double bottoms, a bullish chart pattern that suggests a potential reversal and then an upward momentum continuation.

The Relative Strength Index (RSI) has climbed above 70, entering the overbought territory. This indicates strong buying pressure but also signals a potential for price pullback as the market may be overextended. Concurrently, the Bollinger Bands have widened, reflecting increased market volatility and the likelihood of significant price movements. 

The appearance of long green candlesticks on the 4-hour chart further confirms the bullish pressure, with targets set towards $2.8 and beyond.

ARKM/USD 4-hour chart.Source:TradingView

Investors are eyeing the $2.8 mark, aligned with the 20-day Exponential Moving Average (EMA). The Moving Average Convergence Divergence (MACD) line's position above the signal line reinforces the uptrend's strength. Nonetheless, potential bearish pressure from profit-taking could induce a correction phase, especially from those who entered around $1.50.

Should the bullish momentum falter, Arkham's price may retreat to the main support at $1.8. A failure to hold this level could see the price dip to $1.50, the immediate bear target. Such a move might trigger a broader downtrend, possibly pushing the price below $1.0.