Blackcoin trending lower, approaches key 0.08 mBTC support level

Blackcoin is threatening to set a new 4-month low, knocking on its support level of 0.08 mBTC. It is currently trading at 0.084 mBTC ($0.043), challenging last week's lows reached during the broad-based sell-off in crypto markets.

The coin has lost another 33% since breaking its previous support level of 0.125 mBTC just over 3 weeks ago.

The slump has sent Blackcoin back to 19th in market cap rankings, largely due to its failure to keep pace with most other coins during this week's recovery. Its valuation is now $3.2 million.

Having already surrendered all of its gains from its mid-April and early-June spikes, 0.08 mBTC becomes the next significant support level to hang on to. It provided some stability during its moderate rise in early April, which was a preamble to its spike thereafter.

Should this level be broken, its price may slowly bleed back toward 0.025 mBTC over the next 6-8 weeks.