Decred pumps 40% but recent history suggests that such DCR price rallies are short-lived.
Simply put, Decred users would be incentivized for locking up their DCR for a certain period, thus reducing their active supply from the market, which could bolster price.Permabull Niño, an independent market analyst, saying that it should be the reason for traders to watch the Decred market closely in the coming sessions. Excerpts:
"If price starts moving while staking rewards go up could create a decent wealth effect/reflexively bullish price action. As always, barring a BTC plunge."Decred's price corrected by nearly 20% soon after topping out for the day near $86, a level near DCR's two key resistance levels: the 200-day exponential moving average around $78 and the 23.6 Fib line near $96.A decisive break above the two price ceilings could have DCR test $125 as its next upside target.
None of those price booms led to substantial followups, suggesting that market participants had been merely pumping-and-dumping DCR to secure interim profits.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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