ARKM - Falling wedge, or over the edge?

8 Ağu 2023

ARKM is a newly listed project that has a decentralized intelligence marketplace and ARKM can be utilized with the market.

Since it's initial listing, price action has continued to slide under heavy selling pressure.

Price is down ~50% from its highs. The reduced selling pressure can also be seen from the reduction in volume over time.

If there is not a market wide directional event, we could see strong support at the zones i've illustrated.

I've also added long position indicators for long positions, to gauge how the idea plays out relative to my thesis here.

I would assert that one of these two support zones will act as a point of control that undergoes a test of resistance.

Additionally, falling wedges with this volume profile can indicate a strong reversal.

However, initial listings can be highly volatile and a breakdown of support would not surprise me either. I would put it at 60/40. Bull/bear.