DarkNote Price Key Highlights
- DarkNote price traded lower and broke a bullish trend line formed on the hourly chart (highlighted in yesterday’s analysis).
- The price tested a major support area of 0.00000080BTC, which was out initial target of the sell trade.
- More losses are possible if sellers remain in control and break 0.00000080BTC.
DarkNote price traded lower and fulfilled our initial target of 0.00000080BTC, and looks poised for more downsides. Can sellers make it? Finally, after struggling for a long time to clear a major resistance area around 0.00000090BTC, the DarkNote price moved lower. There was a bullish trend line formed on the hourly chart, which we highlighted in yesterday’s analysis. The price traded lower and broke the highlighted trend line and support area. We were anticipating a break yesterday due to the bearish signs. The price traded a few points below 0.00000080BTC, but sellers failed to gain momentum below the mentioned level.
The price is now well below the 100 hourly simple moving average, which is a bearish sign. If the price moves higher from the current levels, then an initial resistance can be around the 23.6% fib retracement level of the last drop from the 0.00000088BTC to 0.000000792BTC. Moreover, the broken trend line coinciding with the 38.2% Fib retracement level might also stall gains if the price manages to clear the 23.6% Fib level. Any further upsides might be limited, as the price might face barrier around the 100 hourly SMA. On the downside, the recent low of 0.000000792BTC could act as a support in the short term. A break below it might take the price towards our final target of 0.00000075BTC. Intraday Support Level – 0.000000792BTC Intraday Resistance Level – 0.00000084BTC The hourly RSI and MACD are in negative zone, suggesting more losses in the near term. Charts courtesy of Trading View