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Cryptoknowmics 2022-07-06 23:09:46

DCR Technical Analysis: Upcoming Trend Riddled At Crossroads

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. 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. I...

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