The Decred buyers are trying to rally the price above the technical resistance level at $20.00 while the altcoin has a bearish short-term and medium-term trading outlook. The four-hour time frame shows that there is a bearish falling wedge pattern forming, trapping the DCR/USD pair in a triangle pattern.
As per the altcoin news today, the decred buyers follow the strong reversal from the $17.50 level that was reached earlier this week. The DCR/USD pair rallied by more than 30 percent from the November price low and is now trading around 10 percent above the December price low. The technical analysis shows that the DCR/USD pair is getting trapped in a large triangle pattern on the charts which a break above the top of the triangle pattern around the $20 level could start a strong upside move.
If the bullish technical breakout takes place the $24 level will be the next target. The DCR/USD pair’s 200-day moving average is shifting to a neckline of head and shoulders pattern around the area. The four-hour time frame shows that a bearish rising wedge pattern is forming and breaking below the wedge could force the DCR/USD pair to get back to the November monthly low. The pair is also creating bullish higher lows and goes against the overall crypto markets which are a positive development.
The relative strength index on the daily time frame is quite bullish while the MACD indicator gets close to the buying signal levels. According to the latest data sentiment, the short-term sentiment for Decred is neutral at 47 percent while the overall long-term sentiment for the crypto is quite bearish at 36 percent. The four-hour time frame shows that a key technical resistance is now located at $20 and $24.00 levels. The key technical resistance over the medium term is standing at $29.00.
The four-hour time frame shows that the DCR/USD pair is in a strong medium-term technical support towards the $17.50 levels. The critical long-term technical support for the altcoin is located at the $12.00 support level. Decred moving against the overall crypto market and tries to force a short-term breakout above the $20.00 level. The pair could easily rally towards the $24.00 resistance level if a bullish breakout happens soon.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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