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Why is Decred Up Increased by More Than 15% Today?

The broader crypto market is currently underperforming, but Decred is rising. The cryptocurrency market as a whole has been in decline over the past few days and this bearish trend may continue throughout the day. The market has lost more than 4% of its value in the last 24 hours. The total cryptocurrency market capital…

The broader crypto market is currently underperforming, but Decred is rising.

The cryptocurrency market as a whole has been in decline over the past few days and this bearish trend may continue throughout the day. The market has lost more than 4% of its value in the last 24 hours.

The total cryptocurrency market capital has fallen to $1.8 trillion. The total crypto market cap could fall to $1.7 trillion if the bearish trend continues.

Bitcoin and Ether, the two leading cryptocurrencies by market cap, have lost more than 3% of their values in the last 24 hours. Bitcoin has dropped below the $40k psychological level while Ether is trading below $3k for the first time in weeks.

However, DCR, the native token of the Decred ecosystem, is up by more than 18% in the last 24 hours. It is therefore the top performing 100 cryptocurrency by market capital.

There is currently no clear catalyst for DCR’s continued rally. The broader market is underperforming.

Key level to watch

The DCR/USDT 4-hour chart is bullish as the coin has outperformed the market in the last 24 hours. If the wider market continues its bearish trend, however, technical indicators suggest that it may be time for a trend reversal.

The MACD line is higher than the neutral zone, which indicates bullish momentum. The 14-day RSI of 66 shows that DCR could enter the overbought region if it gains the support of the broader market.

At press time, DCR is trading at $67.2 per coin. If the current momentum continues, DCR could rally past the $70 mark before the end of the day. However, it would need the support of the broader market to reach $75 over the coming hours and days.

DCR could drop below the first major support level of $63.4 if the broader market continues to be bearish. However, it should defend the second major support level at $59 over the next few hours.

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