ARKM experienced a sharp 55% rally following its listing on the South Korean crypto exchange Upbit, only to surrender most of its gains within hours. The surge was fueled by increased investor interest and coincided with the launch of Arkham Exchange in China, further driving demand for the altcoin.
ARKM’s Price Action and Market Response
On March 11, Upbit Korea announced through an X post that it had listed ARKM in its USD market, with trading commencing at 16:00 KST. The listing triggered an immediate price surge, forming a so-called “god candle” as ARKM skyrocketed from $0.47 to $0.70 in just 10 minutes. During this short-lived rally, ARKM’s market capitalization exceeded $220 million, while its daily trading volume stood at around $154 million.
However, despite the initial excitement, ARKM quickly retraced much of its gains. As of press time, it was up only 5.8% over the past 24 hours, although its trading volume surged threefold to $366 million during the period.
Arkham Exchange Expansion and Whale Accumulation
ARKM’s rally coincided with the expansion of Arkham Exchange into China on the same day. Launched in November 2024 by Arkham Intelligence, the exchange provides spot and perpetual trading services and features advanced analytics and real-time market data tools. The entry into the Chinese market likely contributed to the surge in demand for ARKM, as more traders gained access to the ecosystem.
Whale activity has also increased around ARKM. Data from Santiment shows a rise in the number of large holder addresses holding between 10,000 and 10 million ARKM tokens, suggesting a pattern of accumulation. This could indicate that larger investors see long-term potential in ARKM rather than merely capitalizing on short-term price fluctuations.
Additionally, CoinGlass data has recorded consistent net outflows from exchanges since mid-January, another sign that investors may be holding rather than selling.
Technical Analysis: ARKM’s Struggle for Momentum
On the 1-day USDT chart, ARKM is now trading above the descending trendline that had confined its price movements from December 7 to February 22, hinting at a possible shift from its prolonged bearish trend. However, indicators suggest that ARKM still lacks strong bullish momentum.
- The MACD and signal lines remain close to each other and below the price level, signaling weak buying pressure.
- The Relative Strength Index (RSI) sits at 37, still well below the neutral 50 mark, indicating a lack of strong bullish confirmation.
- Derivative traders, however, have increased their bets on ARKM’s price moves, with open interest in its futures market surging over 100% in the past day, per CoinGlass data.
- Social sentiment has also improved following the latest developments, potentially supporting future price stability.
Outlook: Can ARKM Sustain an Uptrend?
While ARKM has technically broken out of its previous downtrend, its ability to sustain an uptrend remains uncertain. Without increased buying pressure, the altcoin may struggle to build on its recent gains. However, whale accumulation, positive sentiment, and heightened derivatives activity could help counteract selling pressure and support a more gradual recovery.
The coming days will be critical in determining whether ARKM can establish a solid uptrend or if it will continue facing resistance at higher price levels.
