The Decred price has erased some of its weekend gains as investors take profits. The DCR price is trading at $79.30, which is about 32% below the highest level during the weekend. Its total market capitalization is at more than $1 billion, making it the 100th biggest cryptocurrency in the world.
What is Decred?
Decred is a relatively fast-growing blockchain platform that is relatively different from other networks like Ethereum and Avalanche. The difference is mostly because the network uses a combination of a proof-of-work (PoW) and proof-of-stake (PoS). This is known as a hybrid system and is known for being more secure.
Decred’s goal is to be a safe and relatively faster cryptocurrency that users from around the world can use easily. Users can also gain interest by just staking the coin.
The Decred price has done relatively well as the mining difficulty and hash rate have risen. This is a sign that demand for the coin is rising.
Decred price prediction
The daily chart shows that the Decred price has been in a bearish trend in the past few days. It has declined by more than 70% from its highest level this year. The price has attempted to crawl back in the past few days and has risen by about 39% from the lowest level last week.
It also managed to move above the key resistance level at $95, where it struggled moving below since May this year. It has also moved to the same level as the 25-day moving average. The MACD is also slightly below the neutral level.
Therefore, the pair will likely continue rising as bulls attempt to remain comfortably above the resistance at $95. This view will be invalidated if the price drops below $60.