The broader crypto market is underperforming in the meanwhile, however Decred is rallying.
The broader cryptocurrency market has been struggling over the previous few days, and the bearish development may 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 whole cryptocurrency market cap has dropped to the $1.8 trillion degree. If the bearish development continues, the whole crypto market cap may drop to the $1.7 trillion degree 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 under the $40k psychological degree whereas Ether is buying and selling under $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 most effective performer amongst the highest 100 cryptocurrencies by market cap.
There isn’t any 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 could possibly 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 exhibits that DCR may enter the overbought area if it positive factors 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 may rally previous the $70 mark earlier than the top of the day. Nevertheless, it might want the assist of the broader market to achieve $75 over the approaching hours and days.
DCR may drop under the primary main assist degree of $63.4 if the broader market continues to be bearish. Nevertheless, it ought to defend the second main assist degree at $59 over the subsequent few hours.