Arkham Price Slides as ARKM's Month of Horror Drags On. Where's The Smart Money Going?

Arkham Price Slides as ARKM’s Month of Horror Drags On. Where’s The Smart Money Going?

Updated: 25 July 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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ARKM, the native token of the Arkham blockchain, has been bearish in the past week. The downward trajectory continued today with a more than 2% decline in the past 24 hours.

The price stood $0.5348 at 06:22 EST. ARKM’s market outlook turned gloomy on July 23, raising concerns about its upward potential in subsequent days.

Arkham Price Actions

ARKM price has fallen 26% in a seven-day losing streak, pushing it to a new all-time low.

ARKM is down 34% from its all-time high of $0.797613 on July 18 and has only increased 2% from its all-time low of $0.5166, recorded today.

Arkham Showing Bullish Signs?

The technical chart above indicates a potential short-term bullish momentum for ARKM despite today’s steep decline.

ARK trades below the 50-day simple moving average, a short-term bullish signal. ARKM’s Moving Average Convergence Divergence (MACD) is slightly above the signal line with green histogram bars, suggesting an upcoming uptrend.

Also, the RSI is 57, approaching the overbought area, suggesting more rallies. If the bulls succeed, ARKM could trade above the 50-day SMA, triggering a rally in the coming days.

But ARK trades below the 200-day SMA, meaning a potential bearish trend in the long run. So, traders should exercise caution.

Some Factors Likely to Affect Arkham’s Market Behavior

Arkham shared the update about the network’s first bounty demanding information about Do Kwon’s crypto wallet with a reward of over 9,000 ARKM tokens. The report shows that two bounty participants obtained the information and qualified for the winners’ prize.

On July 24, Arkham’s bounty platform approved a payout of ARKM’s units equivalent to $4,950 for two bounty winners. This development could boost ARKM’s trading activity as more people participate in the bounty, potentially increasing the token’s price.

Furthermore, Arkham announced it added a new feature, The Arkham Oracle, an AI-powered on-chain analytics tool that aids users’ trading decisions. This new feature could attract more users to Arkham Exchange, boosting ARKM’s usability and price.

Mr. Hankey (KANKEY) As An Alternative Asset

Mr. Hankey token (HANKEY) is based on South Park’s popular Mr Hankey, the ”Christmas Poo” and the cartoon’s former Christmas deity.

The self-deprecating shitcoin sold out in presale in under 10 hours, raising $500,000. That’s 40% of $HANKEY’s total 1 billion token supply, showing the presale valued the shitcoin at $1.25 million.

In a so-called ‘’Brown Paper’’ about the coin, its developers say it’s going to be “a whirlwind of hilarity and high returns,’’ and suggest it’s for investors ‘’tired of the dull, lifeless world of traditional cryptos.’’

They write that they are committed to pushing “this bad boy” to be the fastest trending and best-performing token of 2023. “It’s a wild ambition, but hey, what did you expect from a bunch of folks dealing with animated shi*t,’’ they said.