Darkcoin digs deeper into the red as the price slips from 0.0158BTC to 0.01473BTC in the past 24 hours. Previous lows were violated with the price plummeting to a new low of 0.0143BTC amid the selling pressure.
Bulls are caving in to the pessimism and the cryptocurrency may see further downside in the absence of any positive trigger.
Upon implementation of the technical analysis on the 240-minute DRK/BTC price chart, it can be concluded that the bearish momentum will only intensify from here on. However, the price decline may not be abrupt but could rather be steady.
Chart Structure – Ever since Darkcoin slipped below the crucial support level of 0.01615BTC, it has struggled to hold its ground. Rallies and bounces have been sold into and the cryptocurrency is pushed down to new lows.
Volume – The chart above suggests that the latest decline has been strongly supported by the volume, an indication that big players are fleeing this digital currency.
Relative Strength Index – Following the slump in Darkcoin price, RSI slides down to a level of 32.37, which is in close vicinity of the oversold zone.
Moving Average – The 20-4h simple moving average of 0.01579BTC is a major hurdle for the bulls now. The moving average has been a long standing roadblock and until this is taken out, buyers may incur more losses.
Bollinger Bands – The price has dropped below the lower range of the BB (visible in the chart above). Since the lower range acts as a short-term support, a small rebound may be in the offing.
Conclusively, I would like to reiterate that Darkcoin may remain under pressure in the upcoming sessions as well. Any rise in the cryptocurrency should be used to exit or even short the cryptocurrency. The ensuing price decline may come at a slower pace, so being patient is the key to better returns.
