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- Decred price sustained above 50 day EMA and attempting to breakout of the higher range hurdle at $24.00
- DCR crypto price is consolidating near the long term support zone which is the indication of base creation
- The MACD had generated positive crossover whereas the RSI reversing down from the overbought levels
The Decred price is trading with mild bearish cues and bears are trying to drag the prices below the 50 day EMA. However, if crypto market sentiment improves, it may positively affect the DCR prices in the coming weeks. Currently, The pair of DCR/USDT is trading at $21.3 with the intraday loss of 2.74% and 24 hour volume to market cap ratio stood at 0.0056
Will the bulls be able to hold the 50 day EMA ?
On a daily time frame, DCR prices had been quite stable and bulls have tried multiple times to break out of the 50 day EMA(yellow) line but got rejected from the higher levels indicating bear dominance on the higher levels. From the past few months, the prices have traded in the sideways range between $18.00 to $24.00 with a bearish bias and likely to break out on either side soon.
Recently, DCR prices had tested the demand zone and reversing upwards with the positive momentum while forming higher high candles shows the confidence of bulls but unfortunately prices are near supply zones and it will be difficult to break out of $24.00 hurdle level. However, the probability of an upside breakout increases if bulls are able to hold the prices above the 50 day EMA in coming days.
The Decred prices are approaching the supply zones and if minor corrections triggered from the higher levels, $18.00 will be acting as a savior for bulls. The MACD had generated a positive crossover but it seems like histogram bars are losing the upward momentum indicating bears are active on supply zones and the RSI at 63 reversing down from the overbought zones denotes mild bearishness.
Summary
The Decred prices are approaching the supply zone and the probability of an upside breakout increases if bulls will be able to hold the 50 day EMA hurdle in the coming days, else if prices slipped below $20.00 then consolidation may stretch for a longer time period.The technical analysis does not show any strong signs of reversal, however slowly and steady buyers are trying to reverse the trend in the favor of bulls. Therefore, it’s better to avoid creating any long position in DCR, till prices are below $24.00 hurdle level.
Technical levels
Resistance levels : $24.00 and $29.00
Support levels : $18.00 and $16.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.