Blackcoin resumes slide, approaches key 0.125 mBTC level

Blackcoin (BC) resumed its slide after getting a boost one week ago, when it broke its earlier slump and spiked 30% in less than 24h.

Blackcoin is now trading at 0.137 mBTC, or the equivalent of $0.08, on MintPal and several other exchanges.

After declining well below its 50-day moving average and its key 0.15 mBTC support level to a new two-month low of 0.125 mBTC, BC quickly reversed course to as high as 0.175 mBTC six days ago. It maintained a plateau at and around this high for 3 days, after which it began to slip- a telltale sign of its resuming the earlier slide.

It has surrendered nearly all of its gains and is getting dangerously close to its 0.125 mBTC low.

The latest round of selling leaves Blackcoin near 4-month lows. In early April, Blackcoin skyrocketed by nearly 500% from 0.1 mBTC, sending it to the upper echelons in market cap and drawing the curiosity of the broader crypto community. Should it breach 0.125 mBTC, it comes precariously close to crossing into its pre-spring trading range, which may be a point of no return.

The coin has now slipped into 13th spot in market cap rankings, two spots behind Cloakcoin. Amongst mineable currencies, it ranks 7th, worth $6.1 million.