Decred price prediction is bearish but the prices look oversold so a relief rally may trigger any time. It suggests DCR price is near its demand zone so the risk of a short squeeze is high.
DCR price is in a downtrend and constantly facing resistance at the 50-day EMA. It shows that the sellers are active and continuing their dominance.
Decred cryptocurrency prices seem to be stuck in the narrow range between $12.00 to $16.00. It is consolidating for the base formation but bears look more aggressive and try their best to drag the prices further down.
Decred price tried multiple times to break the $16.00 hurdle. However, due to the strong supply zone, the breakout attempt kept failing and prices remained in range.
Nonetheless, buyers of DCR crypto managed to defend the $12.00 support and still struggle to rebound.
Fresh buyers look reluctant to build long positions due to the fear of further downfall. Therefore, the possibility of upside reversal is low until some whales invest in DCR.
Decred price is trading at $13.20 with an intraday decline of 0.08%. The 24-hour volume to market cap is 0.27%.
Will Decred Price Recover in September?
Decred price prediction favoring the bears and showcasing consolidation. DCR prices had corrected approximately 55% from the YTD highs. So, the downfall might take a halt soon if some crypto whales turn bullish. However, the price pattern is bearish and no strong signs of recovery are visible.
Till the Decred crypto price is trading below $16.00 the short-term trend is expected to remain in bear grip. Also, the reliability of the short-term pullback rally will remain doubtful.
However, if the situation improves and buyers succeed to break the $16.00 hurdle. Then we might see the rally toward $20.00.
DCR Price is Bearish but Speculative Activities are Low
DCR price is bearish on multiple time frames. However, the volatility in this crypto is quite low indicating that speculators are less active.
If the overall crypto market recovers in September month then it might positively impact the Decred prices. However, if the overall market remains bearish then the possibility of recovery in DCR and many other crypto remains low.
The MACD curve sloping sideways indicates consolidation and RSI at 45 denotes weakness.
Decred price prediction is bearish for a few months till it trades below $20.00. Short-term pullback in DCR crypto may come. But until it breaks the $16 hurdle it is expected to remain in bears’ grip.
The analysis suggests that DCR may reach $10 first because sellers look more active as compared to buyers.
- Resistance levels: $16.00 and $19.00
- Support levels: $12.00 and $11.00
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.