Arkham [ARKM] Price Analysis: Can it Surpass $2.8 Resistance and Hit $4?

Arkham [ARKM] has broken out of a bullish pattern and is currently trading at $1.97, marking an 11.77% increase at the time of writing. The focus now shifts to whether ARKM can surpass the critical resistance at $2.828.

A successful breakthrough at this level could trigger a significant rally, potentially propelling ARKM towards the $4 mark. The key question that lingers is whether the current momentum will be sufficient to carry ARKM past this crucial barrier.

ARKM Faces Resistance at $2.828

The chart of Arkham indicates a surge in momentum following a prolonged consolidation phase. Breaking out of its bullish pattern, ARKM is edging closer to the $2.828 resistance level, a historical stumbling block.

A breach of this level would set the stage for a potential move towards $4. Hence, the price action in the vicinity of this level will be closely watched by traders.

Moreover, the Bollinger Bands are showing heightened volatility as ARKM approaches this pivotal point. The RSI has surpassed 73, hinting at a possible overbought situation for Arkham, typical during intense price rallies.

Therefore, it is essential for traders to closely monitor the resistance zone, as a failure to break through could trigger a short-term downward correction.

Surge in Trading Volume: What Does it Signify?

An additional bullish indicator for Arkham is a remarkable 163.18% surge in trading volume, amounting to $276.58 million over the past 24 hours. This substantial increase in volume validates the accumulation of ARKM by traders, a crucial factor for sustaining upward momentum.

If the trading volume fails to maintain this heightened level, ARKM might encounter difficulties in surpassing $2.828. Hence, maintaining a robust trading volume is imperative for any potential breakout.

Growing Interest, More Potential

The number of daily active addresses for ARKM has slightly increased from 298 to 330, indicating a growing interest in the token. This upsurge in network activity aligns with the price upswing, suggesting a rise in user engagement with Arkham.

Consequently, this uptick in activity augurs well for the continuation of Arkham’s upward trajectory.

Market Sentiment and Open Interest

ARKM’s Open Interest has witnessed a notable surge of 19.54%, reaching $57.09 million. This upswing signifies an increasing number of traders initiating positions, reflecting a bullish market sentiment.

The combination of rising Open Interest and escalating trading volume suggests that Arkham might be poised for a significant breakthrough.

With ARKM’s breakout, escalating trading volume, and heightened market activity, there are strong indications pointing towards a potential challenge of the $2.828 resistance level. If ARKM manages to breach this hurdle, a rally towards $4 seems increasingly likely.