ARKM Price Rally As Arkham Research Debuts Exchange With Perpetual Futures

Arkham Intelligence is fast growing and has now opened its new line of business through crypto derivatives exchange whereby contracts for perpetual futures contracts will be offered.

The full on-chain audited platform of Arkham’s new exchange will have PoR slots for the retail trading circuit. This will enhance openness to the individuals trading in the cryptocurrency market enhancing accountability.

The platform of Arkham is built based on blockchain analysis that provides users with data insights necessary for determining connected persons by the given crypto wallet numbers.

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Expected to start trading next week, the exchange will go up in direct competition with Binance and others such as Huobi but shall not operate in the U.S due to legal restraints. The new offering marks Arkham’s first move to broaden its services beyond analytics into crypto trading.

With the integration of live audits, Arkham aims to reassure users about the stability and security of funds, tapping into growing demand for transparency in crypto exchanges. Analysts see this expansion as a milestone, that will allow Arkham increase its influence in the crypto market.

Arkham is launching its own Perp dex.

Bullish on Arkham.

The built the best onchain analytics platform. Will they do the same with a perp dex? We’ll see. https://t.co/J4ldP0r8q4

— Ericonomic (@ericonomic) November 6, 2024

Rising Demand for Crypto Derivatives and Perpetuals

The cryptocurrency derivatives market has continued to experience robust growth with trading volumes of up to $3 trillion registered in September from $1.5 trillion in the same period last year.

This is mainly attributed to the increased trading by the retail traders as derivative products trading picks up. Arkham follows this trend as crypto investors aim to mitigate risks and exploit the fluctuations in the market.

Furthermore, Arkham’s entry will increase competition in this sector. More so because other trading platforms such as Crypto.com have also started offering derivatives linked to new assets such as memecoins.

This will be the new trend going forward especially if the market situation persists amid reduced restrictions on regulations.

Technical Analysis: ARKM Price Shows Bullish Momentum

Following the news, ARKM price broke out above a key resistance level at $1.93, reaching $2.11. This price movement suggests a shift in momentum, with potential for further gains if the support at $2.03 holds.

Analysts indicate that if this level is maintained, ARKM could move toward a new resistance target of $2.72, representing an estimated 30% upside from current levels.

Source: TradingView

Additionally, technical indicators reinforce this outlook. The Moving Average Convergence Divergence (MACD) on the 4-hour chart highlights a bullish trend, with the MACD line crossing above the signal line and showing increasing separation.

This indicates growing buying pressure and positive momentum, as evidenced by the expanding MACD histogram. However, any signs of convergence in these lines could hint at a slowdown in upward momentum.

Similarly, the Relative Strength Index (RSI) for ARKM is currently at 76.42, placing it in overbought territory. This suggests that the recent rally may prompt some traders to lock in profits, which could lead to a short-term pullback.

The RSI’s quick rise from 60 to over 76 mirrors the price surge and strong market demand. If the RSI moves below 70, it may signal a corrective phase for ARKM, although sustained levels above 70 could indicate further bullish momentum.

Source: TradingView

Future Outlook

At press time, Arkham (ARKM) was trading at $2.08, reflecting a 31% increase over the past seven days. Its market cap stood at $467.98 million, marking a 1.68% rise, while the 24-hour trading volume was at 190.26 million.

Arkham’s exchange launch could enhance ARKM price trajectory, provided market conditions remain supportive and key support levels are upheld. With the integration of on-chain audits and proof-of-reserve features, Arkham’s platform positions itself as a compelling option for retail traders.

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