On April 18, when the cryptocurrency markets fell sharply, an altcoin was about 45 percent ahead of a major hard fork aimed at thwarting miners’ pump-dump plans to quickly raise the value of the cryptocurrency and then sell it to collect the gains from the price hike. experienced a price increase. As Kriptokoin.com, we are providing the details:
This altcoin can have a wealth effect
Decretd (DCR), increased by about 45 percent in just one day, breaking above the four-month high of $ 86. Moreover, the massive upside move also boosted the altcoin project’s trading volume, showing investors supporting the intraday bullish momentum. Investors flocked to buy Decred ahead of the major upgrade scheduled for early May, which will reduce the DCR mining reward share from currently 60 percent to 10 percent.
Community, on the other hand, is Decred’s proof-of-stake (PoS) validators Agreed to increase rewards from 30 percent to 80 percent for With this consensus, the community suggested that it wants to move from proof-of-work (PoW) consensus to PoS on-chain governance. Simply put, Decred users will be incentivized to lock their altcoin DCR for a certain period of time, thereby reducing their active supply from the market, which in turn could increase the price. “The DCR block reward change is within 20 days,” said Permabull Niño, an independent market analyst. It can increase the price action as a reflex. As always, except for one BTC drop…
DCR price analysis
Decred’s price just after peaking for the day near $86, a level near DCR’s two key resistance levels It has corrected by about 20 percent: the 200-day exponential moving average (200-days EMA) is near $78 and the 23.6 Fibonacci line is near $96. A decisive break above the two price ceilings could cause the DCR to test $125 as the next upside target.
Multiple indicators, however, suggest that the possibility of further recovery is limited. This includes the bearish trend between DCR’s rising prices and its falling momentum (as indicated by the relative strength index). Additionally, the DRC price action on April 18 is very similar to the major upward moves witnessed since December 2021. Each of them shows that the altcoin project is forming daily candles with big bullish wicks. As a result, the DCR is now at risk of falling to its immediate support target near the 50-day EMA (red wave) around $60.
7583
