The cryptocurrency market has underperformed for the second-consecutive day this week.
The cryptocurrency market has continued its poor efficiency this week. The overall market cap is down by almost 2% within the final 24 hours and at the moment stands round $870 billion.
If the bearish pattern continues, the entire market cap might slip under the $850 billion mark quickly.
Bitcoin continues to commerce under the $20k mark after shedding greater than 2% of its worth within the final 24 hours. Ether, the second-largest cryptocurrency by market cap, has maintained its value above $1,000 regardless of shedding 2% of its worth right this moment.
Nevertheless, DCR, the native token of the Decred ecosystem, is one of the best performer amongst the highest 100 cryptocurrencies by market cap. DCR has added greater than 11% to its worth over the previous few hours.
In the mean time, there isn’t any catalyst behind DCR’s ongoing rally. It has outperformed the opposite main cryptocurrencies and the broader cryptocurrency market over the previous 24 hours.
Key ranges to look at
The DCR/USD 4-hour chart has turned bullish as Decred has been performing excellently over the previous 24 hours. The technical indicators present that it’s outperforming the broader crypto market.
The MACD line has crossed into the optimistic zone as DCR has been performing nicely up to now right this moment. The 14-day relative energy index of 69 exhibits that DCR might enter the overbought area if the rally continues.
At press time, DCR is buying and selling at $24.46 per coin. If the rally continues, it might surge previous the primary main resistance degree at $27.49 earlier than the tip of the day. Nevertheless, it will want the help of the broader crypto market to maneuver previous the $30 resistance level.
The bear market continues to be in play, and DCR might slip under the $21 help degree over the approaching hours. Nevertheless, DCR ought to comfortably defend its value above $19 within the quick time period.