Decred (DCR) is a blockchain-based <a href="https://www.cryptoknowmics.com/news/dcr-technical-analysis-fib-numbers-confirm-a-trend-reversal-at-the-95-5-level/">cryptocurrency</a> launched in February 2016. The Decred token and protocol were created to facilitate open governance, community interaction, and sustainable funding policies. The main driving force behind the creation of Decred is an enterprise called Company 0. Its mission is to use the capabilities of blockchain technology to create better personal data protection and to bring organizational liberty to projects. Let us look at the technical analysis of DCR.
<h2><b>Past Performance</b></h2>
DCR <a href="https://www.cryptoknowmics.com/news/dcr-technical-analysis-price-moving-in-a-box-low-volatility-traders-need-to-hold-current-positions/">opened</a> on 13 October 2021 at $125.84. The week witnessed a downtrend and later a trend reversal. It closed on 19 October 2021 at $123.51. This was an overall change of -1.9%.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/p/pnGbAoOR.png" alt="TradingView Chart" />

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Source: <a href="https://www.tradingview.com/x/pnGbAoOR/">https://www.tradingview.com/x/pnGbAoOR/</a>
<h2><b>DCR Technical Analysis</b></h2>
There was a downtrend in the first part of the week. On 18 October, the trend took crucial support at $113.3 and the trend reversed itself. It is currently facing resistance at $124.3. The current trading price is $121.7 which is 1.22% down as compared to yesterday’s close.

<strong>OBV</strong> is showing a decline in the trend line, which means that the selling pressure has just started to dominate the buying pressure. This can be a negative signal, meaning that the traders may take a short position.

<strong>RSI</strong> is again showing a decline at the end of the trend. It is currently below the equilibrium at 47.24%. This can again be a negative signal, meaning that the price may go down. Traders may take a short position here. However, as the RSI is approaching the oversold region, the price may also start increasing in the coming days.

<strong>MACD</strong> is showing neutral signals as the fast and the slow lines are moving very close to each other and horizontally. There is no divergence from the price chart either.
<h2><b>Day-Ahead and Tomorrow</b></h2>
Fibonacci numbers show that the trend reversed itself before hitting the fib level at $112.96. It is currently facing resistance at the $123.74 level.

Thus, the indicators are more bearish, signaling that the traders may take a short position here. The stop loss can be placed at $113.3.

DCR Technical Analysis: Currently Facing Resistance Expect a Breakout Soon

In the technical analysis, DCR Fibonacci numbers show that the trend reversed itself before hitting the fib level at $112.96. It is currently facing resistance at the $123.74 level. Thus, the indicators are more bearish, signaling that the traders may take a short position here. The stop loss can be placed at $113.3. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

DCR Technical Analysis: Currently Facing Resistance Expect a Breakout Soon

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