DCR Technical Analysis: High Momentum Uptrend Eyes $30 Mark

The DCR price shows a bullish reversal rally from $20, breaking the resistance trendline influence. Will this bull run reach the $30 mark?

Key Technical Points:

• The DCR prices jumped by 5.09% in the last 24 hours.
• The price action of the trendline breakout rally is ready to reach the $30 mark.
• The 24-hour trading volume of Decred is $2.26 million, indicating a hike of 12.85%.

Past Performance of DCR

As mentioned in our previous analysis, the DCR price action breaks the long-coming resistance trend line within the consolidation range between $20 and $26. Furthermore, the breakout rally continues to break the influence of the 50-day SMA with the consolidation range breakout. But, again, as depicted in the technical chart, another resistance trendline fails to keep the bullish growth in check as the inflation rates rose to 38% in the last 17 days.

Source — Tradingview

DCR Technical Analysis

Over the last three weeks, the bull run in the DCR prices has risen from $20 to $28 and approaches the $30 resistance level. Moreover, the increase in trend momentum after the 50-day average line breakout projects a high likelihood of a bullish trend continuation. With the 50-day average line breakout, the 100-day SMA at $32.5 becomes the next bullish target. The overall growth increase is the underlying bullishness evident by the RSI slope as it approaches the overbought boundary. The MACD indicator displays an increase in buying pressure as the bullish histograms intensify in the daily chart. Furthermore, the fast and slow lines maintain a positive alignment and finally continue to gain a bullish spread. In a nutshell, the DCR technical analysis suggests the traders hold on to the alongside trade as the uptrend gains momentum.

Upcoming Trend

If the DCR prices successfully break about the $30 mark, an uptrend to the 100-day SMA at $32.5 seems inevitable. Moreover, an increase in buying pressure breaking about the average line can skyrocket the market value to the $40 mark. Conversely, a bearish reversal from the $30 mark might retest the broken resistance trendline close to the $25 mark. Resistance Levels: $30 and $32.5 Support Levels: $25 and $22.5

Source