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 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.

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.

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term). 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?"