Binance Labs Invests in ARKM
Today, Binance Labs made an investment in the blockchain intelligence company Arkham. The company’s native token, ARKM, recently broke out from a descending resistance trend line and moved above the $0.50 resistance area.
Arkham’s Role in Blockchain Intelligence
Arkham is a blockchain intelligence company that uses its proprietary technology, Ultra, to convert raw blockchain transaction data into a comprehensive overview of cryptocurrency users and their activities. This intelligence is valuable for exchanges, trading firms, and individuals. The company aims to improve transparency in the crypto industry by deanonymizing blockchain transactions.
Arkham Intel Exchange and ARKM Token
Arkham has introduced the world’s first on-chain Intelligence Exchange, the Arkham Intel Exchange, which connects buyers and sellers of blockchain intelligence. This exchange allows users to capture value for their work and incentivizes intelligence production through bounties and auctions using the ARKM token.
ARKM Price Prediction
The daily time frame technical analysis shows that the ARKM price broke out from a descending resistance trend line on November 10. After breaking out, ARKM reached a high of $0.61 and is currently in the process of validating it as support.
Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The daily time frame RSI supports the continuing increase of the ARKM price, indicating a potential 65% increase and reaching an all-time high of $0.89 if it breaks out above $0.67.
Risk Factors for ARKM
Despite this bullish prediction, a close below the $0.50 area puts the upward movement at risk. In that case, a 30% drop to validate the descending resistance trend line at $0.37 would be likely.
Hot Take: The Future of ARKM
The investment by Binance Labs in Arkham signals confidence in the future potential of blockchain intelligence and the ARKM token. With ongoing developments in transparency and incentives for intelligence production, ARKM’s future looks promising if it can maintain support above key resistance levels.
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