Decred price analysis: DCR is bullish at $120, gaining four percent value

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    TL;DR Breakdown

    • Decred price analysis is bullish today.
    • Next, resistance is found at $125.
    • Support for DCR is present at $116.

    The Decred price analysis shows price recovery after a long bearish slide. Bulls covered a good upwards range today, which brought bright prospects for the coin. DCR/USD pair was on the decline for the past week, losing significant value at the hands of the bearish trend, which still dominates the technical indicators for DCR. But bulls fought back for their position yesterday and market a good win today by taking the price up. Now the next resistance mark is $125 for the bulls to breakthrough.

    DCR/USD 1-day price chart: Bulls gain momentum after a big loss

    The 1-day price chart for Decred price analysis shows the bullish momentum has been restored as bulls are carrying their lead successfully by taking the price up to $121 at the time of writing, gaining more than four percent value over the last 24 hours. But the crypto pair is still down by more than three percent if observed over the last seven days. The trading volume has also decreased by 7.9 percent. But the current bullish wave earned a 3.7 percent gain in market cap for DCR/USD.

    Decred price analysis: DCR is bullish at $120, gaining four percent value 1
    DCR/USD 1-day price chart. Source: TradingView

    The volatility for DCR/USD pair is decreasing as the Bollinger bands have started converging on 17th October and continue to contract with the upper band at $137, and the lower band at $108 representing the lowest support for DCR, the average is forming at $122 representing the resistance, as the price is trading near but below the mean average of the indicator.

    The moving average is found at $122 as well, just above the price due to the bearish trend of the past days, but as the price is moving upwards, a bullish crossover is expected as the price may step upwards of the moving average. The relative strength index (RSI) is on an upwards slope at index 46, indicating increasing buying activity in the market.

    Decred price analysis: Recent developments and further technical indications

    The 4-hour Decreased price analysis shows bulls are continuously leading the price function for the past few hours, dodging the bearish trend, as a continuation of green candlesticks can be seen on the 4-hour chart.

    Decred price analysis: DCR is bullish at $120, gaining four percent value 2
    DCR/USD 4-hours price chart. Source: TradingView

    The volatility is mild, and the price is trading near the upper band on the 4-hour chart. The upper band at $122 represents resistance for DCR, and the lower band is present at $114, representing the lowest support. The RSI has moved into the upper half of the neutral zone and is placed at index 55. The RSI being neutral still indicates the buying interest from investors.

    Decred price analysis: Conclusion

    The Decred price analysis suggests the price is on the rise, and no bearish signs have been detected as of yesterday. If support from investors remains persistent, then DCR/USD may break above the $125 mark by tomorrow. For intraday traders, the price is expected to reach $123 in the coming hours.

    Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.