Decred Price Analysis – DCR/USD
The 35th largest cryptocurrency, Decred – an open-source, blockchain-based cryptocurrency, similar to Bitcoin. Decred was launched in February 2016 by the bitcoin developers that engineered btcsuite, an alternative full-node Bitcoin.
According to the CoinMarketCap, the Decred (DCR) having its market cap stands at the level of, $132,779,374, 11:31 UTC December 12, has experienced a dip in current value by 71.75% relative to the level of October 23 as analyzed from the graph above. The major cause for the decline in value is, of course, the competitive pressure, the bearish moments, and macro factors from around the world which make it the lowest low of the day before exhaustion set in.
Now let me elaborate more about the DCR/USD pair as follows:
Since both moving averages have significantly down represented a negative sign. The 14-day RSI has hit deeply “Oversold” levels, which suggests that selling has been overdone and a pullback may be likely soon. While both the EMA and the RSI in the oversold territory show that the bears have the upper hands as the DCR remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. The 14-day RSI has declined deep into the oversold territory, which suggests a pullback is around the corner. There are no bullish patterns that suggest a buy; hence, it is best to remain on the sidelines.
Amid the entire story, especially when the transparent regulations from the authority around the world are awaited which will help crypto market flourish significantly high. However, at present, those involved in trading activities should wait for the trend to rebound and a bottom to form before initiating any long positions in it. The 20-day EMA is sloping down, and the RSI is in the oversold territory, which shows that the balance is rested in favor of sellers. Amid this, the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The DCR remained range bound from October 12 to October 22 this year, as the cryptocurrency rallied from a low of $35.84 to a high of $55.95 which is a 56 percent – an extraordinary return within ten days. Besides this, the DCR stayed in the range of $38.9-$54.13 from October 04 to November 13 as we can quickly analyze from the graph above, and since then the bears broke it and fell like a stone till date.
If bulls succeed in rising and sustaining above the $15 and create “uptrend” in value (i.e. traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $16.