Is Arkham Crypto Set for a Breakout? Key Levels and Signals to Watch Now!
The Arkham crypto has shown varying degrees of volatility in recent trading sessions, as observed on its 4-hour chart. Closing prices indicate a slight uptrend from $2.212 to $2.297 over the last few periods.
Over the past 24 hours, the Arkham price pumped over 4% to trade at $2.33 at press time.
Arkham Crypto Technical Overview
The 9 Exponential Moving Average (EMA) and the 20 EMA reveal interesting dynamics about the market sentiment. The 9 EMA, having values like $2.2509 and $2.2507 recently, shows that the price is attempting to stabilize above this average. This could be considered a bullish signal. However, the 20 EMA, with the latest value at $2.2828, has been consistently above the closing prices until the latest spike, indicating a previous bearish sentiment.
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The latest peak at $2.297 approaches the critical resistance at $2.33 but has yet to test it. Higher resistance levels at $2.4355 and $2.4559 remain unchallenged. On the downside, support levels at $2.2867, $2.2145, and $2.2058 provide cushions. The recent closings above the first support level at $2.2867 suggest a potential strengthening of the asset’s price.
The Moving Average Convergence Divergence (MACD) shows a narrowing of the gap between the MACD line and its signal line. This convergence might suggest a weakening of the prevailing downward momentum, hinting at possible bullish behavior if sustained.
The Relative Strength Index (RSI) has recovered from a low of 29.83, indicating oversold conditions, to a more neutral stance at 49.01. This recovery supports a potential shift in market sentiment from bearish to cautiously bullish.
Possible Trade Ideas
Given the current technical setup, traders might consider a cautious approach. Potential entry points for long positions could be considered if the price holds above the $2.33 resistance-turned-support level, with an eye on ascending toward higher resistances at $2.4355 and $2.4559. For short sellers, a drop below the $2.2867 support could serve as an entry signal, targeting lower supports at $2.2145 and $2.2058.
While the recent price movements and technical indicators show a mixture of bullish signals, the overall market condition remains in a delicate balance, warranting careful observation. Traders should consider both long and short positions based on the strength of the support and resistance levels mentioned.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
