Why is Decred up by more than 15% today?
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The broader crypto market is underperforming at the moment, but Decred is rallying.
The broader cryptocurrency market has been struggling over the past few days, and the bearish trend could continue for the rest of the day. The market has lost more than 4% of its value in the last 24 hours.
Currently, the total cryptocurrency market cap has dropped to the $1.8 trillion level. If the bearish trend continues, the total crypto market cap could drop to the $1.7 trillion level before the end of the week.
Bitcoin and Ether, the two leading cryptocurrencies by market cap, have lost more than 3% of their values in the last 24 hours. Bitcoin has dropped below the $40k psychological level while Ether is trading below $3k for the first time in weeks.
However, DCR, the native token of the Decred ecosystem, is up by more than 18% in the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.
There is no clear catalyst behind DCR’s ongoing rally, with the broader market currently underperforming.
Key levels to watch
The DCR/USDT 4-hour chart is bullish as the coin has outperformed the market in the last 24 hours. However, the technical indicators show that it could be due for a trend reversal if the broader market continues with its current bearish performance.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 66 shows that DCR could enter the overbought region if it gains the support of the broader market.
At press time, DCR is trading at $67.2 per coin. If the current momentum continues, DCR could rally past the $70 mark before the end of the day. However, it would need the support of the broader market to reach $75 over the coming hours and days.
DCR could drop below the first major support level of $63.4 if the broader market continues to be bearish. However, it should defend the second major support level at $59 over the next few hours.
The post Why is Decred up by more than 15% today? appeared first on Coin Journal.
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