DarkNote Price Technical Analysis – False Spike?

Key Highlights

  • DarkNote price spiked down sharply to weaken by around 40% before recovering sharply.
  • The price is back towards the last swing high of 0.00000088BTC and looks set for more gains.
  • The price is now trading above the 100 hourly simple moving average, which is might help it in the near term.

DarkNote price after a false break continued to trade higher and looks set for more upsides moving ahead.

Risk of More Downsides?

We highlighted yesterday that the price was struggling to hold an important support near 0.00000078BTC. The result was a sharp move down, which weakened the price by more than 40%. However, it can be seen as a false break, as the price was back up within a couple of hours to trade where it was before moving down. The price traded as low as 0.000000426BTC before trading higher.

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The upside reaction was nasty, as the price is now trading above the 100 hourly simple moving average. It is now heading towards the last swing high of 0.00000089BTC, and might test the all-important 0.00000090BTC. Let us see how sellers react around the mentioned resistance area, and whether it can clear it for a new weekly high or not. There is now a bullish trend line formed on the hourly chart, which might act as catalyst for a move higher. As long as the price is above the highlighted trend line and support area, more upsides are possible. The next level of interest in that situation could be around 0.00000095BTC.

On the downside, the 100 hourly SMA is a crucial barrier for sellers. If they manage to clear it, more losses are likely moving ahead.

Intraday Support Level – 0.00000082BTC

Intraday Resistance Level – 0.00000090BTC

The hourly RSI is in the bullish zone, and suggesting more gains ahead.

 

Charts courtesy of Trading View

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