DarkNote Price Technical Analysis – Final Target Achieved

DarkNote Price Key Highlights

  • DarkNote price continued to trade lower and broke the last low of 0.000000792BTC.
  • The price tested 0.00000075BTC, which was our final target of the sell trade, as highlighted in yesterday’s post.
  • A pullback is possible as sellers look exhausted and 0.00000075BTC represents a major support area.

DarkNote price continued to decline, traded close to the final sell target and might correct higher moving ahead.

Recovery likely?

The DarkNote price traded further lower intraday, and moved towards our final sell target of 0.00000075BTC. The price even moved below the mentioned level to trade as low as 0.000000747BTC. There is now a descending channel pattern formed on the hourly chart, which is acting as a catalyst for the downside move. The price is currently well below the 100 hourly simple moving average, which is a bearish sign in the near term. If sellers remain in control, then a move towards 0.00000072BTC is also possible.

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On the upside, an initial resistance is around the channel upper trend line, which might act as a hurdle as it is coinciding with the Middle Bollinger Band. A break above it might take the price towards the 23.6% Fib retracement level of the last drop from the 0.00000088BTC to 0.000000747BTC. Any further gains might be limited by 0.00000080BTC, as the mentioned level acted as a support earlier and could stall gains in the near term. Furthermore, the 38.2% Fib retracement level of the last leg is also positioned around it.

On the downside, we can keep an eye on the last low of 0.000000747BTC, as a break below it might ignite another bear rally.

Intraday Support Level – 0.000000747BTC

Intraday Resistance Level – 0.00000078BTC

The hourly RSI and MACD are showing no signs of recovery in the near term and pointing more losses.

 

Charts courtesy of Trading View

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