Darkcoin price seems to be revving up for another move higher, as a continuation pattern can be seen on its 1-hour time frame from Cryptsy. Take note that the cryptocurrency recently surged in value against bitcoin, breaking above key resistance levels visible on longer-term charts.
Technical indicators suggest a potential move higher once the corrective move is over. Buyers could jump in at these lower levels in order to join the ongoing rally.
- RSI is on its way up from the oversold region, indicating a pickup in buying momentum. The indicator is closing in on the 50 level and could reflect sustained buying pressure until it reaches the overbought zone.
- The shorter-term EMA is below the longer-term EMA for now, hinting that further weakness is likely. However, the moving averages have been crossing back and forth, which means that the range-bound movement is likely to persist for the time being.
- Another upward EMA crossover could be an early signal that the uptrend is ready to resume.
- Volume is ticking lower due to the current consolidation. This suggests that buyers and sellers are still waiting for more market catalysts before picking a direction.
Looking at the longer-term time frame of darkcoin price against bitcoin reveals that the pair is stalling at an area of interest. This lines up with the previous highs around the 0.0200 level, which might keep further losses in check.
In addition, the moving averages are holding as a dynamic support area on the 4-hour chart, which means that the climb is likely to resume sooner or later. However, a strong break below the 0.0200 handle might reflect other market factors pushing darkcoin price or bitcoin price around.
Conclusion
Darkcoin price is pausing from its strong rallies to gather more buying momentum around key support areas. If the rally resumes, the digital currency could climb back to the previous highs near 0.0250.
Technical indicators suggest a potential move higher once the corrective move is over. Buyers could jump in at these lower levels in order to join the ongoing rally. RSI […]