The broader crypto market is underperforming in the intervening time, however Decred is rallying.
The broader cryptocurrency market has been struggling over the previous few days, and the bearish development might proceed for the remainder of the day. The market has misplaced greater than 4% of its worth within the final 24 hours.
At the moment, the overall cryptocurrency market cap has dropped to the $1.8 trillion stage. If the bearish development continues, the overall crypto market cap might drop to the $1.7 trillion stage earlier than the top of the week.
Bitcoin and Ether, the 2 main cryptocurrencies by market cap, have misplaced greater than 3% of their values within the final 24 hours. Bitcoin has dropped beneath the $40k psychological stage whereas Ether is buying and selling beneath $3k for the primary time in weeks.
Nevertheless, DCR, the native token of the Decred ecosystem, is up by greater than 18% within the final 24 hours. Thus, making it the very best performer amongst the highest 100 cryptocurrencies by market cap.
There is no such thing as a clear catalyst behind DCR’s ongoing rally, with the broader market presently underperforming.
Key ranges to look at
The DCR/USDT 4-hour chart is bullish because the coin has outperformed the market within the final 24 hours. Nevertheless, the technical indicators present that it may very well be due for a development reversal if the broader market continues with its present bearish efficiency.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day RSI of 66 reveals that DCR might enter the overbought area if it beneficial properties the assist of the broader market.
At press time, DCR is buying and selling at $67.2 per coin. If the present momentum continues, DCR might rally previous the $70 mark earlier than the top of the day. Nevertheless, it will want the assist of the broader market to achieve $75 over the approaching hours and days.
DCR might drop beneath the primary main assist stage of $63.4 if the broader market continues to be bearish. Nevertheless, it ought to defend the second main assist stage at $59 over the following few hours.