menuIcon
$ 82,589.2
BTC
$ 82,589.2
0.11 %
$ 1,817.61
ETH
$ 1,817.61
0.03 %
$ 0.6688
ADA
$ 0.6688
0.09 %
$ 602.39
BNB
$ 602.39
-0.01 %
$ 125.81
SOL
$ 125.81
1.12 %
Vikram
Jul 6, 2022
by Vikram

DCR Technical Analysis: Upcoming Trend Riddled At Crossroads

DCR Technical Analysis

Table of contents

  1. Past Performance of DCR
  2. DCR Technical Analysis 
  3. Upcoming Trend
DCR price shows the buyers at $20 ready to challenge the long-coming resistance in an attempt to restart the bullish trend.

Key technical points: 

  • DCR prices have jumped by 0.63% in the last 24 hours.

  • The long-coming resistance trendline accounts for a 70% drop in market value.

  • The 24-hour trading volume of Decred is $1.71Million, indicating a drop of 2.71%.

    • Past Performance of DCR

    Since late April, the DCR/USDT pair has been lowering under the influence of a descending trendline. The downfall reached a new 2022 low of $19.98 on June 18th, following which the coin price initiated a lateral walk. Amid the recent sell-off in the crypto market, the altcoin turned down from the $28 mark and tumbled 23.8% down to retest the bottom support of $21.4.

    TradingView Chart

    Source- Tradingview

    DCR Technical Analysis 

    The DCR chart shows the coin price trapped between the descending trendline and $21.4 support. Additionally, the price action is nearly at the apex of these barriers, indicating a high breakout possibility. Contrary to the price action, the MACD indicator shows a steady rise in fast and slow lines, suggesting growth in bullish momentum. This nearing a crossover above the equilibrium may attract more buyers to the market.

    Concerning the two retests at $21.4 support within a month, the RSI slope shows an evident divergence. This bullish divergence reflects growth in bullish momentum and bolsters a potential breakout from the resistance trendline. In short, the DCR price action analysis opposes the technical indicators, suggesting the traders to wait for a breakout confirmation.

    Upcoming Trend

    If the ongoing commotion in price action results in buyers' favor with the trendline breakout, the altcoin will surge 27% higher to rechallenge the $28 resistance. On a contrary note, the $21.4-$20.5 support breakdown would replenish the bearish momentum and may dump the price 25% down to $15

    Resistance Levels: $26 and $31.3

    Support Levels: $21.4-$20.5and $15

    Follow us on: News
    Decred DCR DCR Technical Analysis
    DCR Technical Analysis: Upcoming Trend Riddled At Crossroads
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks