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Decred is an incentive-based Proof-of-Work/Proof-of-stake blockchain network. It has multiple layers of security that make it a safe and tamper-proof network. It is a fork-resistant, adaptable, agile, and sustainable platform for the creation of decentralized apps. DCR is the customized token of this ecosystem. Let us look at the technical analysis of the same.
Past Performance
On Jun 23, 2021, DCR opened at $101.37. On Jun 29, 2021, DCR closed at $147.35. Thus, in the past week, the DCR price has increased by roughly 45%. In the last 24 hours, DCR has traded between $131.42 – $149.24.
https://s3.tradingview.com/snapshots/d/Dh967IRK.png
Day-Ahead and Tomorrow
Currently, DCR is trading at $144.82. The price has decreased from the day’s opening price of $147.35. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the DCR price to fall further.
Currently, the RSI indicator is at 43%. It faced rejection at 45% and fell to the current level. Hence, selling pressures are high. Hence, the RSI oscillator is giving further credence to the bearish market momentum indicated by the MACD oscillator.
Besides, the OBV indicator has started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. High selling activity will exert downward pressure on the DCR price. In short, all three oscillators have given negative signals.
DCR Technical Analysis
Currently, the price is below the first Fibonacci pivot resistance level of $149.48. The price may soon fall below the Fibonacci pivot point of $142.67. It may further fall below the first support level of $135.86.
The price may soon test and fall below the 76.4% and 61.8% FIB retracement levels of $145.03 and $142.43 respectively. Thus, as of now, the bears are strong. Hence, we can expect the price downswing to continue tomorrow as well.