The Darkcoin price dropped by 5% against BTC during the March 11th trading session, while intensifying the downside momentum further after the recent crash.
Apart from a strong Bitcoin/USD trade sentiment, there can be no other speculation one could relate to the cause of Darkcoin crash. The cryptocurrency is indeed optimistic based on fundamentals. It is currently going through a rebranding exercise, while various other development projects are escalating smoothly. Therefore, the sudden downtrend seems to be purely technical, probably due to the migration of traders towards a more profitable Bitcoin.
As you can notice the chart above, the Darkcoin price is clearly trending inside a selling region. It is below the MA, while the RSI is stuck near 42. As we checked another source, the MACD was also found to be trending inside a negative territory. These indicators overall indicates a strong bearish bias.
We have therefore drawn a Fib retracement graph to demonstrate the possible entry/exit points in upcoming hours. As you can notice, the Darkcoin price is currently trending between the 50 and 38.2 level, with its head towards the latter. It is therefore clearly testing 0.011169 as its next resistance barrier, while trying to set its feet near the 0.010631 level.
To establish a smoother bullish correction, the Darkcoin price will have to cross above the 0.011169 level, which it has failed to do in previous attempt. In case it manages this time, the upside risk will automatically fall towards 0.011604. Any further push will reduce the downside risk for a brief time, as the price will be able to establish new temporary supports.
In case the Darkcoin price falls back towards the 0.010631 support, the downside risk near 0.0097620 will come into play.
Conclusion
Setting your stop loss just below the 0.010631 support will ensure a timely exit. Meanwhile, buying near the current support seems profitable. Though, try exiting your position near 0.011169.
