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Decred are trading near $14.89 with a 42% rise in the 24-hour trading volume (press time). - 2
Decred price is down by 3.25% over the last 7 days.
The Decred price prediction demonstrates that bears are presently taking command of DCR price. Decred recently took a reversal from its resistance near the upper wedge line which is also being backed up by the 200 EMA. The price is in the middle of a correction and there is a good probability according to historical price action and technical indicators that it may decline further.
Observing the historical price action, DCR price has been respecting the resistance and support within the wedge pattern. The EMA levels are also moving in descending order which establishes that the DCR trend is indeed under the bears’ control. Multiple EMA levels will act as vital barrier points for bulls to overcome, though, according to immediate price action, the price may continue to move under bears’ influence.
Multiple technical indicators such as EMA, price pattern, RSI, and market structure are reinforcing the bears’ control over the trend. The price, after taking resistance from the upper wedge line, fell by 27% within 2 weeks and it can see a further decline of 30%.
The present value of Decred and (DCR) is $14.89 (press time). It has a market capitalization of around $227.76 Million.
Slight Surge In Social Engagement Parameter of LunarCrush
The multiple parameters on LunarCrush suggest that the community is getting apprehensive regarding the Decred token across the majority of social media platforms. The social engagement level is down by 97.37%. The total bearish sentiment metrics are recording a drop of around 100%.
Decred (DCR) Price Prediction: Technical Analysis on 1-Day Chart
Presently, the Decred token is moving under the crucial EMA levels under the falling wedge pattern on daily and weekly charts.
The RSI line is at present near the neutral zone where it is taking a retest from the 14 SMA. The current RSI value of the Decred token is 45.35 points, whereas the 14 SMA is providing resistance to it at around 49.53 points.
The stochastic RSI is moving near the oversold level on the one day chart. It might take a bullish reversal shortly. The present value of stochastic RSI is 8.01 points.
Conclusion
According to the analysis, Decred price prediction suggests that it is feasible for bears to step into the price action as the price is taking a correction. The majority of technical indicators support this outlook.
Technical Levels:
Support – $12.00
Resistance – $16.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/19/decred-price-prediction-dcr-price-is-in-a-bearish-pursuit/