What to expect as sell pressure mounts on Arkham
A whale sold Arkham tokens worth millions recently. The token’s price also declined in the last seven days, which was bearish.
- ARKM was down by over 2% in the last seven days.
- Market indicators and metrics looked bearish on the token.
Arkham [ARKM] has witnessed a substantial drop in its price over the last seven days. If that was not enough, the latest data revealed that investors were actually selling their ARKM holdings, suggesting that the token’s price might plummet further.
Read Arkham’s [ARKM] Price Prediction 2023-24
A look at ARKM’s metrics and daily chart provided better clarity on what might be expected from the token.
Are Arkham whales selling their holdings?
Arkham has witnessed a major sell-off in the recent past that could have a negative impact on the token’s price action in the coming days. Lookonchain’s data revealed that an ARKM whale transferred over 2.2 million ARKM tokens to Wintermute.
The transaction was worth more than $7 million, which was a huge amount considering the token’s market cap.
The #Arkham Ecosystem Fund Wallet appears to be selling $ARKM through #Wintermute!#Arkham Ecosystem Fund Wallet transferred 21.58M $ARKM ($7.34M) to #Wintermute via wallet"0xfF3E" just now, of which 1.5M $ARKM ($510K) was deposited into #Binance. pic.twitter.com/ruTbUyWqPX
— Lookonchain (@lookonchain) October 16, 2023
The latest transaction added to the misery, as ARKM was already down by nearly 7% over the past week. At the time of writing, ARKM was trading at $0.3372 with a market capitalization of over $50 million.
A look at Santiment’s data revealed that investors were also selling ARKM. This was evident from the fact that the token’s supply on exchanges increased while its supply outside of exchanges remained relatively flat.
Arkham’s exchange inflow also spiked last week, suggesting that selling pressure was high on the token. While this happened, the whales remained pretty dormant as the supply held by top addresses remained flat throughout the last week.
Santiment’s data also revealed that the blockchain’s social volume and weighted sentiments dropped last week. This meant that the broader crypto market was not confident in the token.
It was interesting to note that despite the recent price drop, ARKM’s 1-week price volatility plummeted. The token’s MVRV ratio also registered improvement, suggesting a price hike in the days to follow.
Realistic or not, here’s ARKM market cap in BTC terms
What to expect from Arkham
A look at Arkham’s daily chart provided a better understanding of what to expect from the token in the days to follow. Arkham’s MACD displayed that the bears were leading the market.
Its Chaikin Money Flow (CMF) also registered a downtick and was well below the neutral mark, increasing the chances of a continued price downtrend. However, ARKM’s Money Flow Index (MFI) was bullish as it went up.
