Darkcoin slips back below $7, key level tested

Two major coins have slipped below $7.00 in recent days: Litecoin and Darkcoin (DRK). While Litecoin has been gradually bleeding

Two major coins have slipped below $7.00 in recent days: Litecoin and Darkcoin (DRK). While Litecoin has been gradually bleeding value for months, losing 85% since its peak reached in November, Darkcoin’s story is concentrated over a shorter period.

As predicted, DRK has undergone a major correction after gaining over 1000% in a month. From its peak near $16 on June 2, it has lost over 61% to as low as $6.18- also over the span of a month. It is currently trading at $6.90. This is DRK’s lowest price point since the end of May, where it surrendered 50% of its gains from the May rally in a span of only 3 days. It briefly touched $6.70. Thereafter, it rapidly recovered and hit its all-time high of $16, also within a span of just 3 days.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

As is often the case, the volatile trade was a signal that major moves lay ahead. The question will now be: what happens to this $6-7 support point? The level has been offering stability on multiple occasions, including during a pullback immediately prior to the final leg of its May rally. In addition to the aforementioned trough prior to its late-May rally, it has been averse to lingering anywhere below $7 for a prolonged period during the past 72 hours. However, it has not yet reversed course by enough of a magnitude on any occasion to convincingly neutralize the momentum dragging it down. Trading over the next 48 hours will likely give a clear picture if additional profit taking is in the works.

Suggested articles

Can You Trade Cryptos Like Any Other Currency?Go to article >>

DRKUSD- July 6

The actual traded price in BTC happens to be near 0.0109. Ironically, this too is not far off from Litecoin’s BTC-denominated levels of 0.0110. The only difference between the two is the number of coins in existence, with Litecoin having nearly 7 times the count.

Another key development is its fall in market cap rank. It once again sits behind Peercoin, ranking 5th (4th amongst mineable cryptocurrencies). Its total valuation is $30.7 million.

The community is also unsure of the next move. In one post, a community member paradoxically explains how: speculators should have sold long ago, investors should be patient, and for those belonging to neither camp, “what the hell are you doing with darkcoins or any altcoin?”

Got a news tip? Let Us Know