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DERCUSD Potential Reversal , RSI Divergence + OutbreakWith Derace launching its full 'NFT horse racing metaverse' in October, I'll be sure to keep an eye on the price action leading up to this event. In addition to releasing a bunch of tools for the community before launch, Derace will also focus on Mass adoption once launched. All of these things will drive engagement up and hopefully reduce some of Derace's current bearish sentiment. So fundamentally speaking, there is definitely some upside to be had... On a technical level, we can come to the same conclusion: 1. Decreasing volume on Weekly 2. RSI Divergence 3. Curve-shaped Recovery 4. RSI outbreak --> Potential chart channel outbreak 5. 2 Month Consolidation around ICO price. I would be really surprised if DERCUSD drops below 0.288 from here, but i could definitely be wrong. Good luck!
Long
by Reproj2000
1
Zoom Out. Been a very bullish few months for DERC. During the time of launch we have seen the number of addresses on ETH Chain go from 533 to 4067, and Binance Chain has 16207 addresses all while seeing price increase by 600%. This has allowed early investors and short term holders to take profits and move value into TOP market cap projects which are looking really good for the few weeks. DERC seems to be sitting comfortable still at the $2.50 price and I have no concerns as of right now. I've added to my position here too the last couple of days (getting closer to my goal size) DeRace are doing a great job so far, they've announced an awesome partnership with a famous football star Michael Owens, who has 20 years experience with horse racing. They have been listed on Crypto.com, one of the biggest Crypto platforms and ecosystems in the world. Semi Successful IGO launch on Binance NFT marketplace and also a third party horse drop. Also released their stunning marketplace on DeRace website. So far they're doing a great job in such little time. Let's see what the new few weeks brings :) Cheers, Taz
Long
by itsTazCharts
3
Double Bottom - Hold your horses... Looks like we are in the same position we were in a few days ago before DERC pumped 35%. As I have said in a previous post $2.50 is an extremely important level of support. Theres a lot of confluences here as its proven level of support, a .618 fibonacci level and also a Point of Control. Early today, I said I am expecting a bullish reaction off of this level ($2.50) but also prepared if we break through by having buy orders set at the next level of support which was $2.20... and right now we are starting to see this reaction I mentioned, hopefully theres enough momentum to push it to all time highs. Right now we have a bullish DBSI on the 4hr with -5 / 15. Even though the fractals have been eliminated I still have hopes the price will reach $5.20 in the near future. Theres too much good news lined up. Be prepared if it does pullback to $2.50 again because theres a chance it wont hold since the more times you touch a level the weaker it gets. Cheers, Taz
Long
by itsTazCharts
NFT Horse Drop or Price Drop... Who won? Despite price action last night I believe the fractals are still in play with a few minor adjustments. So what happened? At the start it looks like there was sell off event just before the NFT horse drop went live... so short-term traders taking profits in anticipation of a sell off event (right they were). After the horse drop went live the NFT horses were sold out on BSC & ETH within a matter of seconds (as expected) I stayed up last night to try snag myself a ticket but missed out unfortunately due to not having 0.4 BNB ready in my wallet for the transaction fee. I definitely was not expecting it to be that high but in hind sight was a smart move by buyers. Very smart move! After the fast sellout we started to see the price drop from $2.90 all the way to $2.30 before being bought all back up (bullish). This tells me that a lot of people had a tantrum, and started selling their DERC. As well as trading their DERC for an "NFT Trading Token" to buy the second hand horses off the platform from people who got lucky and are now selling for a quick profit. These 2 events are what I believed caused the drop in the price. As I was witnessing this all happening I managed to add 23% more DERC to my position at $2.42 with the USDT I had on my Crypto.com exchange. Although I was a little surprised by how fast it was bought up considering how angry everyone was. Just a simple shift from weak hands to strong hands. I hope you benefited from the dip! The team announced the next airdrop will be releasing 2000 GEN0 horses next round so hopefully we can get lucky and purchase one!! I'm still extremely bullish for DeRace and what they are building. Thanks, Taz
Long
by itsTazCharts
4
A possible DERC fractal recurring Found a fractal early this morning that is lining up with current price movements. Could we expect $5.20 soon? Yesterday I posted my thoughts on DERC and said that I'll be taking profits here despite all the bullish action. I did also say it was possible it could keep going up but it had already seen a massive 35% green candle. So that turned out being a good trade on my behalf. Now price is sitting below my take profit point by 15.5% allowing me to reenter increasing my DERC position by a small %. Right here is also a .618 fib level and could expect a reaction here. On a side note I have also been investigating into the DERC DAO and I am now a little concerned about all the DERC that will be entering the market from the private round each quarter. The lucky people who managed to buy into the private round have made a huge return from their early investment and would most likely to be selling on us. I'll be keeping an eye out for this. Thanks, Taz
Long
by itsTazCharts
Confirmed bottom - I'm now saddled up & longing my LONGS.The past fortnight crypto markets in general has been bearish despite On-Chain data being very bullish. S&P 500 is now officially in a down trend ( lower lows and lower highs), this could change though if the money printer starts brrr again. Despite all this uncertainty in the markets, today has been incredibly green with some coins being up 30%. We have also seen DERC react off a confirmed bottom support with a massive green candle. DERC's $2.50 had many confluences, it was being a point of control, also a known daily level and a 0.618 fib level. The DBSI is now very bullish showing -3 / 15 & the other indicators agreeing which is tells me that we had much more upward potential here. There's also lots of goods news coming out, with DeRace releasing their NFT marketplace in 2 days which means users can purchase horses with the native token DERC. This should complement the price by increasing the buying pressure and taking circulating DERC off the market by locking it up in Horses. With all this bullish info, I'm expecting the next time we reach the highs of $4.20 we will break through and reach $5.20 in the short term. So we better hope that happens before the next big token unlock from DeRaces DAO. I'm still keep on alert though for some volatility around this area as we are currently sitting under a resistance level & have pumped 30%+ today alone. The crypto market in general could have a correction so its always wise to take profits... especially if you have been accumulating at $2.50 like I have been. If it keeps heading up like I think it will, then so be it! There's my thoughts. Thankyou 🐎🚀 Taz
Long
by itsTazCharts