Looking at the darkcoin price chart from Cryptsy reveals that the cryptocurrency might be in for more upside, after recently bouncing off support at 0.0100. On its 1-hour time frame, price is continuing to climb higher, with technical indicators suggesting further gains:
- Shorter-term moving average is treading above the longer-term moving average, confirming that an uptrend is in play.
- The moving averages are edging further apart, which suggests that the trend is getting stronger.
- Price just recently broke past an area of interest and pulled back for a quick retest of resistance-turned-support.
- RSI is on middle ground but appears to be showing upward momentum, indicating that buying pressure is still present.
- Volume is weakening, which means that traders are waiting for catalysts to push darkcoin price in a particular direction.
Zooming out to longer-term time frame analysis of darkcoin price action shows that it is gearing up to break above a key resistance level, which is at the top of a descending triangle pattern visible on its 4-hour and daily charts.
A break past the resistance around 0.0130 could confirm the continuation signal and set DRK/BTC off to another rally. On the other hand, if the resistance holds, darkcoin price could head back to support at 0.0100 against bitcoin.
Volatility could fade towards the end of the trading week, which also suggests the possibility of darkcoin price consolidation for the next few days. The lack of any other major market catalysts could also keep ranges intact, with DRK/BTC probably consolidating between 0.0120 to 0.0125.
Conclusion
Darkcoin price has sustained its climb after bouncing off longer-term support at 0.0100 and could be in for more gains upon a break of the descending triangle resistance at 0.0130. Technical indicators suggest further gains in the short run but significant catalysts might be necessary to push for a breakout. Otherwise, resistance might hold and price could fall back to 0.0100 support.
