Decred Price Prediction 2021 – Will DCR Hit $300 Soon?

Decred Price Prediction 2021 - Will DCR Hit $300 Soon?
  • Bullish DCR price prediction ranges from $150 to $255.
  • The DCR price might also reach $300.
  • DCR bearish market price prediction for 2021 is $95.

In DCR price prediction 2021, we use statistics, price patterns, ADX, and much other information about DCR to analyze the future movement of the cryptocurrency. 

Decred project began in 2016 and soon after launched its mainnet. It was pioneered by Jake Yocom-Piatt and other software developers who had previously worked on btcsuite. It forked bitcoin to allow for a hybrid consensus system that combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) into the novel Proof-of-Activity (PoA).

The goal was to improve the organisation and decentralisation of a cryptocurrency. To allow for checks and balances, 60% of block rewards are distributed to miners and 30% to stakeholders. The remaining 10% is a subsidy to an autonomous treasury that distributes funding to projects based on blockchain voting.

Current Market Status of Decred (DCR)

According to Coingecko, the price of DCR is $113 with a 24-hour trading volume of $12,664,964 at the time of writing. However, DCR surged to 0.93% in the last 24 hours.

Moreover, DCR has a circulating supply of 13,129,331 DCR. Currently, DCR trades in cryptocurrency exchanges such as Binance, HitBTC, OKEx, Huobi Global and BiONE. 

Decred (DCR) Price Prediction 2021

Decred (DCR) holds the 59th position on CoinGecko right now. DCR price prediction 2021 explained below with a daily time frame.

DCR/USDT Descending Triangle Pattern (Source: Tradingview)

The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The ascending triangle pattern is reversed in the descending triangle pattern.

As the price continues to make lower highs, descending triangles indicate to investors and traders that sellers are more aggressive than buyers. When the price breaks out of the triangle in the direction of the overall trend, the pattern is complete.

Contrary to popular belief, a descending triangle can be bullish or bearish. A regular descending triangle pattern is traditionally regarded as a bearish chart pattern. A descending triangle pattern, on the other hand, can be bullish.

Currently, DCR is waving at $113. After this, DCR may continue to fall or rise according to the direction of breakout. With this pattern, DCR might reach the resistance level at $155 soon. If the trend reverses, then the price of DCR may fall to $95.

Decred (DCR) Support and Resistance Level

The below chart shows the support and resistance level of Decred (DCR).

DCR/USDT Support and Resistance Level (Source: Trading view)

From the above chart, it is observed that the following are the resistance and support level of DCR.

  • Resistance Level 1 – $155
  • Resistance Level 2 – $188
  • Resistance Level 3 – $255
  • Support Level 1 – $95
  • Support Level 2 – $70
  • Support Level 3 – $45

The chart depicts the bearish performance of DCR over the previous month. However, this trend will continue to reach resistance level at $155 soon. On the contrary, if the trend reversed then DCR might fall to $95 presenting a bearish signal.

Decred (DCR) Average Directional Index (ADX)

Let us now look at DCR’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

DCR/USDT ADX (Source:TradingView)

The above chart represents the ADX of DCR with the range at 31.11, so it indicates a strong trend.

Conclusion

The DCR is one of the cryptos which is great for long-term investment. In addition, DCR price prediction will be bearish or bullish, until the breakout direction is confirmed. But, it has a good chance of reaching $255 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the DCR ecosystem, the performance of DCR would rise reaching $255 very soon. But, it might also reach $300 if the investors believe that DCR is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.