DCR Technical Analysis: Look for Support Levels of $130.13 and $126.01

Ankita  |  Jun 12, 2021

Decred is a hybrid Proof-of-Work / Proof-of-Stake-based blockchain network with advanced security features. It is adaptable, sustainable, and fork-resistant as well. It follows the agile contractor model and is a self-financed decentralized autonomous network. DCR is the native token of this ecosystem and its technical analysis is as follows:

Past Performance

On Jun 5, 2021, DCR opened at $142.10. On Jun 11, 2021, DCR closed at $139.31. Thus, in the past week, the DCR price has decreased by roughly 2%. In the last 24 hours, DCR has traded between $130.14-$140.92.

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Day-Ahead and Tomorrow

Currently, DCR is trading at $131.35. The price has decreased from the day’s opening price of $139.44. Thus, the market seems bearish.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 44%. It faced rejection at 42% and rose to the current level. However, selling pressures are still high. Hence, the RSI oscillator is giving further credence to the bearish market momentum indicated by the MACD oscillator.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DCR price.

In short, all three oscillators are pointing towards a price downtrend.

DCR Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $132.67. It may soon fall below the subsequent support levels of $130.13 and $126.01, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $132.68. It may soon fall below the 23.6% FIB extension level of $127.59 as well. Thus, as of now, the bears are strong. Hence, we can expect the price downswing to continue tomorrow as well.

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