Why is Decred up by more than 20% in the last 24 hours?

The broader cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming since Thursday, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark once again, with some of the gains recorded earlier this week now erased. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and could drop below $40k if the bearish trend continues. 

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

DCR, the native token of the Decred ecosystem, is up by more than 21% over the past 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

At press time, DCR is trading at $71.20 per coin. There is no major catalyst behind DCR’s ongoing rally. However, the cryptocurrency has added more than 30% to its value in the last seven days. 

Key levels to watch

The DCR/USD 4-hour chart is the most bullish amongst the top 100 cryptocurrencies by market cap, thanks to the coin’s positive performance over the past week. The technical indicators show that it could rally higher in the coming hours and days.

The MACD line is above the neutral zone, indicating a sustained bullish momentum. The 14-day relative strength index of 60 shows that DCR could enter the overbought region if the rally continues.

In the event of an extended rally, DCR could surpass the first major resistance level at $73.54 over the next few hours. However, it would need the support of the broader market to comfortably move past the $75 psychological level.

The post Why is Decred up by more than 20% in the last 24 hours? appeared first on Coin Journal.