Where will DRC Decred go now?
Updated
After April 25th, when DCR have got a 50% PUMP in a few hours and then retracted more than 25% from the high, DCR attracted some of the spotlights to itself. Let's take a look in it's chart and try to predict what it's going to do from now on.
Since the PUMP, DCR have been moving sideways and formed a descending triangle, which is a bearish pattern. If it intend to follow the bull run from the imminent alt's season, bulls will need to put some work and try to break the descending triangle following the green arrow. However, this isn't the easiest way for the price action follow. We may see some indecision inside the descending triangle culminating with it's support break.
The signal line is above MACD for 4h chart, and getting closer on the 1D chart, as shown insde the red circle. If signal crosses above MACD, it will be another bearish pattern and we may see bears getting even stronger.
The target, considering only the triangle, is approximately 0.007, but the purple 1 month uptrend line is a support that may contain the DUMP. Let's keep an yey over DCR and see what's going to happen on the triangle. If it breaks below, we are going to see DCR bleed.
Since the PUMP, DCR have been moving sideways and formed a descending triangle, which is a bearish pattern. If it intend to follow the bull run from the imminent alt's season, bulls will need to put some work and try to break the descending triangle following the green arrow. However, this isn't the easiest way for the price action follow. We may see some indecision inside the descending triangle culminating with it's support break.
The signal line is above MACD for 4h chart, and getting closer on the 1D chart, as shown insde the red circle. If signal crosses above MACD, it will be another bearish pattern and we may see bears getting even stronger.
The target, considering only the triangle, is approximately 0.007, but the purple 1 month uptrend line is a support that may contain the DUMP. Let's keep an yey over DCR and see what's going to happen on the triangle. If it breaks below, we are going to see DCR bleed.
Note
I'm here again to update DCR analysis since the last HUGE announcement: Upbit, currently the 4th exchange in volume, listed Decred. This is the kind of announcements that blow any technical analysis, it may turn the market or sky rocket it!This announcement had the power to push DCR above the descending triangle, breaking the short term downtrend it showed. In the long term, everything as it was earlier: DCR keeps above the 1 month uptrend (purple line).
But the most interesting part of today's price action is shown below:
Take a look at today's candle. We've got a huge increase in volume and the price exploded and we got a spike even more impressive than the one saw in April 25th. DCR price has increased almost 100%! But, even after that, we've been thrown below 0.001 again! This have been a HUGE resistance probably orchestrated by whales buying OTC and thowing big volumes at the market to keep it low.
This probability makes me more confident in the future of Decred, the day this resistance will be broken is near and the up action may be huge! Full your bags below the resistance and don't fall in FOMO when prices moon!
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