Darkcoin looks set to end the week on a flat-to-positive note. The mood has turned fairly optimistic and sustenance at the current levels may force bears to cover their shorts which could lead to a further rise in price. However, the cryptocurrency still has one more hurdle to cross before it takes the big leap.
In the past 24 hours, Darkcoin has appreciated from 0.01657BTC to 0.01706BTC.
Technically analyzing the 240-minute Darkcoin/BTC price chart provides some very clear trading levels.
- Price Action – The past 24 hours have seen the cryptocurrency cross the long-standing 20-4h simple moving average of 0.0165BTC decisively. Sustaining above the moving average may provide more impetus to the bulls to take the price higher.
- Bollinger Bands – Backed by strong momentum, Darkcoin price went on to hit a high of 0.01821BTC before the surge was curtailed by the upper range of the Bollinger bands. The cryptocurrency has dropped to a level of 0.01706BTC owing to minor profit booking.
- Volume – Volume has remained fairly strong in this upmove, an indication that investors are flocking to Darkcoin.
- Moving Average Convergence Divergence – The MACD indicator and the Signal Line are fast approaching the positive region. The latest readings are -0.0002062 for MACD and -0.0004782 for the Signal Line. The Histogram also has surged to the highest levels in a week – 0.0005441 – more proof that bears should start worrying.
It must be added that there are two key technical levels for Darkcoin now – support level of 0.01615BTC and resistance level of 0.01854BTC (both marked as the horizontal lines in the chart). Darkcoin may temporarily consolidate in this range before a breakout. A close below the simple moving average (or the support) will seriously puncture the bullish momentum and price may witness a steep fall. Similarly, a breakout on the upside will catapult the price to 0.022BTC.