2018-10-5 16:32

In a week when Bitcoin and most of the cryptocurrency market consolidated, Decred has been recording steady rises on significant volume. The digital currency with community governance has been receiving some bullish reviews from online analysts this week, and the price has responded.

Price and RSI have been forming a series of higher highs and higher lows, the sign of an uptrend. The MACD has also been steadily increasing showing steady buying pressure and now is performing a centerline crossover to the upside, a bullish sign.

The price has now reached the daily 50 EMA which may provide some resistance, but if buying pressure remains steady, it could likely overcome this point. Volume has been around the 20-period average daily volume which would not be significant in normal circumstances. However, this is significant in a week where volumes across the cryptocurrency market have been minuscule.

Decred Daily Chart – Source: Tradingview.com

Traders vested in the altcoin market should also closely monitor the price action of Bitcoin. Bitcoin has been consolidating this week as it approaches the end of a triangle pattern it has been forming since January. Many are anticipating either a bullish or a bearish breakout occurring, and these will be bound to have a large impact on the altcoin market. Bitcoin currently represents over 52% of the total cryptocurrency market cap.

Bitcoin Triangle Pattern. Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Decred performing strong with bullish reviews from analysts. Price and RSI have been steadily increasing forming a series of higher highs and higher lows. MACD has been increasing and is forming a centerline crossover to the upside. Important for traders to monitor the triangle pattern in Bitcoin as it is likely to have a large impact on the performance of the altcoin market. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Decred Outperforms Despite Week of Consolidation was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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