The cryptocurrency market has underperformed for the second-consecutive day this week.
The cryptocurrency market has continued its poor efficiency this week. The whole market cap is down by almost 2% within the final 24 hours and at the moment stands round $870 billion.
If the bearish development continues, the full market cap may slip under the $850 billion mark quickly.
Bitcoin continues to commerce under the $20k mark after dropping greater than 2% of its worth within the final 24 hours. Ether, the second-largest cryptocurrency by market cap, has maintained its worth above $1,000 regardless of dropping 2% of its worth immediately.
Nevertheless, DCR, the native token of the Decred ecosystem, is the perfect performer amongst the highest 100 cryptocurrencies by market cap. DCR has added greater than 11% to its worth over the previous few hours.
In the intervening time, there is no such thing as a catalyst behind DCR’s ongoing rally. It has outperformed the opposite main cryptocurrencies and the broader cryptocurrency market over the previous 24 hours.
Key ranges to look at
The DCR/USD 4-hour chart has turned bullish as Decred has been performing excellently over the previous 24 hours. The technical indicators present that it’s outperforming the broader crypto market.
The MACD line has crossed into the optimistic zone as DCR has been performing nicely to this point immediately. The 14-day relative power index of 69 exhibits that DCR may enter the overbought area if the rally continues.
At press time, DCR is buying and selling at $24.46 per coin. If the rally continues, it may surge previous the primary main resistance degree at $27.49 earlier than the top of the day. Nevertheless, it might want the assist of the broader crypto market to maneuver previous the $30 resistance level.
The bear market continues to be in play, and DCR may slip under the $21 assist degree over the approaching hours. Nevertheless, DCR ought to comfortably defend its worth above $19 within the quick time period.