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In another technical analysis, Decred is a highly scalable, fast, secure, fork-resistant, and agile PoS – based blockchain network. Users can use the Decred platform to build innovative decentralized apps and smart contracts. It has multiple safety layers and a carefully designed incentive-based system. DCR is the native token of this ecosystem.
Past Performance
On April 10, 2021, DCR started trading at $191.93. As of April 16, 2021, DCR closed at $245.97. Thus, in the past week, the DCR price has surged by approximately 28%. In the last 24 hours, DCR has traded between $238.03-$249.70.
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Day-Ahead and Tomorrow
Currently, DCR is trading at $240.58. A few hours back, DCR was trading at $246.33. Thus, the market looks bearish.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is negative. Hence, we can expect the price to decline further.
The OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. Heavy sell-offs are likely to exert downward pressure on the DCR price. Hence, we can expect the price to go down further.
Currently, the RSI indicator is at 46%. It faced rejection at 41% and rallied to the current level. Thus, buying pressures are slowly building. This shows a bullish trend. Buyers can watch this indicator and its strength.
DCR Technical Analysis
As per technical analysis, currently, the price is below the first Fibonacci pivot support level of $240.74. As some oscillators have indicated a price downswing, we can expect the price to fall below the subsequent support levels of $238.20 and $234.03 respectively, in some time.
The price has fallen below the 23.6% FIB retracement level of $241.22. The price is soon likely to fall below the 23.6% FIB extension level of $235.98. As of now, the bears look strong. Therefore, we can expect the price downswing to continue today as well as tomorrow.