Decred is an incentive-based Proof-of-Work/Proof-of-stake blockchain network. It has multiple layers of security that make it a hack-free and tamper-proof network. It is a fork-resistant, adaptable, and sustainable platform for the development of decentralized apps. DCR is the native token of this ecosystem and the technical analysis is as follows:
Past Performance
On May 24, 2021, DCR opened at $105.88. On May 30, 2021, DCR closed at $154.78. Thus, in the past week, the price has increased by approximately 46%. In the last 24 hours, DCR has traded between $153.72-$162.71.
Day-Ahead and Tomorrow
Currently, DCR is trading at $157.52. The price has increased from the day’s opening price of $154.97. Thus, the market seems bullish.
The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the DCR price to go up further.
Currently, the RSI indicator is at 58%. It faced rejection at 53% and rose to this level. Thus, buying pressures are slowly building up. In other words, like the MACD indicator, the RSI oscillator is also pointing towards a further price rise.
The OBV indicator had fallen steeply but for the last few minutes, it has been rising steadily. Thus, buying volumes are gradually surpassing selling volumes. High buying activity will exert upward pressure on the DCR price.
In short, all three oscillators have given bullish signals. Thus, the price is expected to increase further.
DCR Technical Analysis
The price has tested and broken out of the first Fibonacci pivot resistance level of $160.50. The price may soon break out of the subsequent resistance level of $162.62 and $166.06, respectively.
The DCR price has tested and broken out of the 38.2% FIB retracement level of $159.27. It may soon break out of the 23.6% FIB retracement level of $160.59. Thus, as of now, the price uptrend is strong and likely to continue tomorrow as well.
