- DarkNote price continued to lose ground and traded lower to break the low of 0.000000747BTC.
- The price even cleared the all-important 0.00000070BTC, which ignited a downside move.
- All our sell targets hit, and it is now wise to book profits and step aside for a correction.
DarkNote price tumbled and broke an important support area to set the pace for losses in the near term.
The DarkNote price dived sharply and continued to trade lower. There was a monster downside reaction, which caused a break below the last pointed low of 0.000000747BTC. The downside reaction was very strong, as the price even cleared the 0.00000070BTC level. A new low of 0.000000669BTC was formed, which helped buyers to stall the downside move. There was a descending channel formed as highlighted in the previous week’s analysis. The price continued to trade inside the highlighted channel, which is acting as a catalyst for losses. The channel upper trend line is positioned with the Middle Bollinger Band, which must be breached if buyers have to take the price higher.
If the price manages to break the channel resistance area, then the next level of interest for buyers could be around the 23.6% Fib retracement level of the last drop from the 0.00000088BTC to 0.000000669BTC. It might be difficult for buyers to take the price further considering the current bearish pressure on the price.
On the downside, the last low of 0.000000669BTC might act as a support moving ahead. A break below it could ignite more losses in the near term, which may take it towards 0.00000062BTC.
Intraday Support Level – 0.000000669BTC
Intraday Resistance Level – 0.00000072BTC
The hourly RSI and MACD are under pressure, which means there are still no signs of a correction in the near term.
Charts courtesy of Trading View