Darkcoin trading has gained upside momentum at the start of this week, as prices bounced off a key support zone once more. Support at 0.0100 held in its latest test, sending darkcoin prices up to the nearby resistance levels.
Looking at the 1-hour chart of DRK/BTC from Cryptsy reveals that the short-term rally has gained a bit more momentum. Price has reached highs around the 0.0117 mark lately while the short-term moving average has crossed above the longer-term moving average.
- The moving averages are treading apart, indicating that the rally is gaining momentum.
- The longer-term moving average appears to be holding as a dynamic support level, acting as a floor for any price pullbacks.
- Price is making an attempt to break past the previous highs and could draw more interest as volume picks up.
Longer-term technical analysis on darkcoin trading shows that the 0.0100 support level lines up with the bottom of a descending triangle pattern on the daily time frame. Price has shown strong upside momentum prior to consolidating in the formation.
The triangle could serve as a continuation signal, especially if the darkcoin price breaks above the triangle resistance around the 0.0120 level. For now, the moving averages on the daily chart suggest that buying momentum hasn’t been strong enough to trigger an upside break from the formation.
News that darkcoin trading will be rebranded as “dash” or digital cash continue to keep the value of the cryptocurrency afloat, as this process might ensure more features for darkcoin or digital cash. The aim is for digital cash to be used in international markets and start exploring some of the ways to become a true bitcoin competitor.
More positive developments in this regard could continue to push the value of darkcoin higher, although bitcoin has also seen interesting updates as well, keeping DRK/BTC stuck in consolidation for the time being.