Darkcoin’s latest price action has been nothing less than a disappointment. Earlier, when it regained control and broke above the crucial resistance levels, hopes were high that the bullish momentum won’t wane abruptly but, Darkcoin dashed all those hopes.
I mentioned in my earlier analysis that sustenance above the 20-4h simple moving average is the key to more gains. Evidently, the market has failed to respect that level and the price of each Darkcoin has now slipped to 0.01574BTC.
The 240-minute DRK/BTC price chart connotes a bearish outlook for the cryptocurrency as it fails to hold its ground.
Darkcoin Price Structure
The chart above clearly indicates that Darkcoin has lost its steam and might witness a steep fall going ahead. After closing above the 20-4h simple moving average and crossing 0.01615BTC on the upside, the cryptocurrency witnessed consistent selling pressure which overwhelmed the bulls. Consequently, Darkcoin slipped below the aforementioned important technical levels and is now struggling to surpass them. With price lingering near the lows, the onus is on bulls to show strength otherwise, we may see new lows going ahead.
Relative Strength Index
The RSI indicator is pointing to depleting strength in Darkcoin, which is nearing bears’ mansion. With the latest reading coming in at 42.31, it may be time for “buyers’ beware” unless, bulls do the needful to turn the tide in their favor.
Another interesting observation in the recent decline is that the volume has been prominent when the price has declined while remaining below average otherwise. This would give confidence to the sellers.
Conclusively, it can be said that the scenario is in favor of bears and hence, buying should be postponed until convincing, positive signs emerge. Those with a low-risk appetite may consider staying on the sidelines and to re-enter only when a breakout takes place.