The cryptocurrency market has underperformed for the second-consecutive day this week.
The cryptocurrency market has continued its poor efficiency this week. The complete market cap is down by practically 2% in the last 24 hours and at the moment stands round $870 billion.
If the bearish pattern continues, the complete market cap might slip under the $850 billion mark quickly.
Bitcoin continues to commerce under the $20k mark after dropping more than 2% of its worth in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has maintained its worth above $1,000 regardless of dropping 2% of its worth at present.
However, DCR, the native token of the Decred ecosystem, is the finest performer amongst the prime 100 cryptocurrencies by market cap. DCR has added more than 11% to its worth over the previous few hours.
At the second, there is no catalyst behind DCR’s ongoing rally. It has outperformed the different main cryptocurrencies and the broader cryptocurrency market over the previous 24 hours.
Key ranges to observe
The DCR/USD 4-hour chart has turned bullish as Decred has been performing excellently over the previous 24 hours. The technical indicators present that it is outperforming the broader crypto market.
The MACD line has crossed into the constructive zone as DCR has been performing nicely thus far at present. The 14-day relative energy index of 69 exhibits that DCR might enter the overbought area if the rally continues.
At press time, DCR is buying and selling at $24.46 per coin. If the rally continues, it might surge previous the first main resistance stage at $27.49 earlier than the finish of the day. However, it might want the assist of the broader crypto market to maneuver previous the $30 resistance level.
The bear market is nonetheless in play, and DCR might slip under the $21 assist stage over the coming hours. However, DCR ought to comfortably defend its worth above $19 in the brief time period.