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 may slip beneath the $850 billion mark quickly.
Bitcoin continues to commerce beneath 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 immediately.
Nevertheless, DCR, the native token of the Decred ecosystem, is the very 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 meanwhile, there is no such thing as a 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 observe
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 constructive zone as DCR has been performing nicely thus far immediately. The 14-day relative power index of 69 reveals that DCR may 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 may 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 remains to be in play, and DCR may slip beneath the $21 help degree over the approaching hours. Nevertheless, DCR ought to comfortably defend its value above $19 within the brief time period.