- DCR COIN has been moving in an uptrend, making higher highs in a parallel channel
- DCR COIN has seen price rejection from $254 and has started to take a pullback
- An uptrend is expected to begin soon after the price finds support near the trendline or the 50 EMA.
Source – tradingview
DECRED coin is in a short term downtrend, but the uptrend continues in the larger picture. The price might dip till the 0.236 Fibonacci level or even below the 50 EMA (yellow), after which an uptrend is expected. 50 EMA is above the 200 EMA, implying an uptrend. The dip in the RSI indicator and the ADX indicator implies a loss in momentum, and RSI driving from oversold to neutral zone could indicate the possibility of an uptrend. The market capitalization of the DCR is $2,742,779,814 (+7.57%) and the 24 hour volume is $31,367,185 (-66.44%).
An expected bull run might drive the price above $280
Source – tradingview
In the last three months, the DRC coin uptrend resulted in a whopping 250% growth in the coin price. However, the present short term downtrend has resulted in the start of a pullback towards the trendline. The long tails in the daily timeframe do indicate the presence of strong bulls. However, the descending triangle candlestick pattern formed in the 4-hour timeframe might disrupt this uptrend and drive the price lower. An up move of 10-15% is expected, whereas a fall could lead the price lower to the immediate support level of $170.
The 50 EMA is breached, but the price is above 200 EMA, which is heading higher, same as the trendline. Uptrend is still active according to the EMAs.
Fall in the RSI indicator(neutral) and the ADX(24) implies the loss of momentum in the downtrend and the approaching the oversold region.
Conclusion: Early trade must wait till it is confirmed that the price has taken support. A fallout of the descending triangle is a possibility that could disrupt the uptrend. Longtails could be deceiving for early traders as it has been for many in the daily timeframe.
Support – $170 along with mentioned levels and EMAs
Resistance – $250