DECRED is trading at $14.32. The price is down 2.13% in the last 24H. The 24H trading volume saw a jump of 459.89%. The Total Market Cap is $219,697,989
- DCR/USDT surged 1.92% in One week.
- DCR/USDT recorded a Year-To-Date loss of 22.65%.
DECRED is following a strong downtrend since February. The prices kept sinking while breaking all the supports. DCR has lost 48% in value since FEB. The bears became aggressive when the market broke a very important support of $18 where the prices plunged another 32%. This was followed by a very moderate bounce.
Price is moving in a falling wedge.
Source: DCR/USDT by TradingView
The Daily charts show evidence of aggressive selling where the market kept falling down. DCR is struggling to maintain its key support levels and the price is falling down to scary levels. The market is 95% below the all-time high of $250. This decline has trapped many investors which adds to the selling pressure in the market.
DCR witnessed a moderate bounce of 40%, but the prices came down quickly due to selling pressure. The market appears to be forming a falling wedge and it could be an opportunity for the bulls to change the trend. This will require a lot of confidence and commitment from the buyers.
The 4h Chart Shows a strong uptrend
Source: DCR/USDT by TradingView
The 4H Chart shows a range-bound market. The price is trapped in a small range which shows the lack of participants in the market. This increases the chances of market manipulation as the overall market cap is low and big players can easily capture money from the retail traders.
A strong breakout of the falling wedge can fuel a bullish rally of almost 80% to the resistance level of $28. The present conditions convey a possibility of further downfall. Buyers are not looking confident and existing investors are looking for a decent price to exit with minimum losses.
RSI
The RSI indicator is currently at 49.31 on the 4H. This indicates a sideways market condition.
MACD
The MACD indicator has made a bullish crossover but the indicator is below 0.
The market will stay more biased towards the bearish side as long as the indicator is below the 0 line.
200 EMA
As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Technical levels
Support Levels: $12.13 – Support 1
$11.17 – Support 2
Current Price: $14.32
Resistance Levels: $18.08 – Resistance 1
$23.33 – Resistance 2
Conclusion
DECRED is constantly getting depleted. Prices have been in turmoil for a long time. Buyers are not confident with DCR due to falling prices. The moderate recovery from the swing low isn’t inviting the Bulls to push the prices higher. The market is filled with trapped investors who are looking to exit at minimum losses. Meanwhile, some investors are looking to gamble as the prices are already low and the upside potential could be very high.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
