Decred (DCR), a community-directed cryptocurrency with updated built-in governance, keeping in mind the goal of making it a superior value for a long-term purpose. Decred, being one of the top adaptable cryptos, is ranked amongst the top 100 of the global crypto market. The Proof-of-Work and Proof-of-Stake employed with DCR confirm the layer of security aligned to the network.
It was just towards the end of the previous month when the DCR/USDT pair got listed on Binance—the global exchange and cryptocurrency ecosystem. Binance is likely to fetch global investors for the adoption of the crypto with a market capital of over $192 million holding 57th market rank.
— Decred (@decredproject) July 30, 2020
Decred Price Analysis
Decred at the time of writing this analysis was trading at $16.42 with steady support around $15 from MA50 and MA200 against the greenback. With intraday strengthening, the price trend of DCR/USD is hitting the upper 20-day Bollinger Band and drawing a bullish bias.
During the major sell-off in March, the coin tested supports below $7.5, and with an extended uptrend thereafter, the DCR price went as high as $19.5 in June 2020, where it reclaimed a 3-month high. The 20-day Bollinger Bands are gradually seen widening after narrowing down in the previous week.
The technical indicators laid confirm intraday bullishness as the MACD line crosses above the signal line slightly with a bullish divergence on the MACD chart. The RSI of Decred is at 55.32 and holds no trading extremities presently. The immediate support and resistance lie at $15 and $17, respectively.