Blackcoin slips below 50-day moving average, 0.15 mBTC level key

Blackcoin (BC) has been trending lower and is challenging 2-month lows near 0.15 mBTC. It is currently trading at 0.16 mBTC, the equivalent of $0.10, on Cryptsy and MintPal.

Volume is relatively light, equaling $50,000 traded over the past 24h.

The coin had a successful run in April and again in late-May, posting multifold gains during both periods. Like several of its alt-peers, however, Blackcoin has declined back toward levels last seen prior to the "alt-bubble" from late Jan-early Feb. It is now more than 70% off its peaks from that period.

The declines have continued despite the development of smart, "unbreakable" contract protocols by one of its developers.

A meaningful breach of its mid-term 0.16 mBTC support level can signal further declines to below 0.1 mBTC in the months ahead. The coin recently crossed under its 50-day moving average of 0.19 mBTC, a signal for additional mid-term downside.

Blackcoin's market cap is currently $7.44 million, ranking it 11th amongst all 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 and 7th among those that are mineable. Its total value is half of that of the next most valuable coin, MaidSafeCoin, now worth over $15 million.

Blackcoin runs on a proof-of-stake algorithm, and says to pay out 1% yearly interest as part of its "Staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term" program.