RKM token plunged 20% following a controversial token transfer event. This event sparked widespread debate in the cryptocurrency community.
Arkham is trying to address market concerns while ARKM tokens are testing key support levels.
Arkham responded to the situation on April 9. They clarified that these transfers were in line with their token economics and involved unlocked tokens. Despite these assurances, the market reacted negatively, causing ARKM's price to fall sharply.
From a technical perspective, ARKM's price has been falling since its peak in March. Prior to the controversy, the token was testing a key support trendline from the end of February.
However, on April 3, ARKM broke below this support level, accelerating the price decline. Subsequently, ARKM retested the trendline, which became resistance on April 8. Currently, ARKM is testing a new support level at around $1.93.
If Arkham fails to maintain this support level, technical analysis suggests that the price will fall further by 26% to $1.43.
This potential decline highlights ARKM’s precarious position in the market. It also highlights the broader impact of market sentiment and transparency issues.
