What to expect as sell pressure mounts on Arkham

• ARKM was down by over 2% within the final seven days.
• Market indicators and metrics appeared bearish on the token.

Arkham [ARKM] has witnessed a considerable drop in its worth over the past seven days. If that was not sufficient, the newest information revealed that traders had been truly promoting their ARKM holdings, suggesting that the token’s worth may plummet additional. 

A take a look at ARKM’s metrics and each day chart offered higher readability on what is likely to be anticipated from the token.

Are Arkham whales promoting their holdings?

Arkham has witnessed a significant sell-off within the current previous that would have a adverse impression on the token’s worth motion within the coming days. Lookonchain’s information revealed that an ARKM whale transferred over 2.2 million ARKM tokens to Wintermute.

The transaction was value greater than $7 million, which was an enormous quantity contemplating the token’s market cap.

The #Arkham Ecosystem Fund Pockets seems to be promoting $ARKM via #Wintermute!#Arkham Ecosystem Fund Pockets transferred 21.58M $ARKM ($7.34M) to #Wintermute by way of pockets”0xfF3E” simply now, of which 1.5M $ARKM ($510K) was deposited into #Binance. pic.twitter.com/ruTbUyWqPX

— Lookonchain (@lookonchain) October 16, 2023

The newest transaction added to the distress, as ARKM was already down by practically 7% over the previous week. On the time of writing, ARKM was buying and selling at $0.3372 with a market capitalization of over $50 million.

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A take a look at Santiment’s information revealed that traders had been additionally promoting ARKM. This was evident from the truth that the token’s provide on exchanges elevated whereas its provide exterior of exchanges remained comparatively flat.

Arkham’s change influx additionally spiked final week, suggesting that promoting stress was excessive on the token. Whereas this occurred, the whales remained fairly dormant as the availability held by prime addresses remained flat all through the final week.

Santiment’s information additionally revealed that the blockchain’s social quantity and weighted sentiments dropped final week. This meant that the broader crypto market was not assured within the token.

It was attention-grabbing to notice that regardless of the current worth drop, ARKM’s 1-week worth volatility plummeted. The token’s MVRV ratio additionally registered enchancment, suggesting a worth hike within the days to observe.

What to anticipate from Arkham

A take a look at Arkham’s each day chart offered a greater understanding of what to anticipate from the token within the days to observe. Arkham’s MACD displayed that the bears had been main the market.

Its Chaikin Cash Stream (CMF) additionally registered a downtick and was properly under the impartial mark, growing the probabilities of a continued worth downtrend. Nonetheless, ARKM’s Cash Stream Index (MFI) was bullish because it went up.