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Vikram
May 11, 2022
by Vikram

DCR Technical Analysis: Will buyers Withhold $35?

DCR
With the increased bearish influence, DCR prices break the symmetrical triangle and take a sharp fall under the $40 mark. 

Key technical points:

  • The DCR price cracks under the $40 mark.

  • The MACD indicator shows a downfall below the zero line.

  • The 24-hour trading volume of Decred is $2.86 Million, indicating a 50% fall. 

    • Past Performance of DCR

    DCR prices succumb under the increased bearish influence and break below the symmetrical triangle as the entire crypto market takes a nosedive fall. The triangle fallout rally gains momentum and creates multiple engulfing candles accounting for a 35% downfall in the last seven days.

    TradingView Chart

    DCR Technical Analysis 

    DCR price action fails to create a single bullish candle in the last seven days resulting in a fall under the $40 mark. The breakdown rally shows no sign of stopping as it approaches the $30 mark.

    The EMAs remain in a bearish trend in the daily chart. Moreover, the chart has a declining trend, indicating an enthralling hold of sellers on the trend control.

    The RSI slope shows an abrupt decline from the overbought area under pressure from 14 days of SMA and is advancing towards the boundary between oversold and overbought. The falling slope indicates a possibility of falling below the $5 mark.

    The MACD indicator shows an upward trend that is bearish following the most recent negative crossover lower than the zero line. Additionally, the bearish histograms increase momentum, indicating a rise in selling pressure.

    In short, the DCR technical analysis forecasts a potential downtrend ready to reach the $30 level.

    Upcoming Trend

    If the downtrend continues to gain momentum, the downfall in DCR prices will drive the market value to the $30 psychological mark.

    The bearish thesis will be voided if buyers regain trend control with lower price rejection driving the prices above the $40 and reaching the $45 mark.

    Support Levels: $35 and $30

    Resistance Levels: $40 and $45

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    Decred DCR
    DCR Technical Analysis: Will buyers Withhold $35?
    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.

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