The Decred price has joined other privacy tokens in defying gravity. The DCR price has risen by over 20% in the past 24 hours, even as other coins have dropped. It is trading at $70.63, about 41% above its lowest point this week. Other privacy coins like Zcash and Monero have also performed well.
Decred is a cryptocurrency whose main characteristic is that it combines proof-of-work (PoW) and proof-of-stake (PoS) technologies. As a result, this combination helps to ensure that the cryptocurrency is highly secure. At the same time, the PoS characteristic ensures that holders can earn rewards for delegating their coins. Another feature is that Decred is highly adaptable due to its in-built governance systems that empower its community to make changes.
The Decred price has performed well as investors wait for an upcoming hard fork scheduled for early May. The upgrade will reduce the amount of DCR mining reward to 10% from 60%. The goal is to help reduce the regular pump-and-dump schemes that happen regularly. The upgrade will also lead to more staking rewards for validators. The goal is to give people an incentive to hold their coins for longer in a bid to make more rewards.
Decred found a strong support at around $48, where it struggled to move below since January this year. Now, it has moved slightly upwards ahead of the hard fork. A closer look shows that the coin’s price also failed to move above this level several times. However, it has moved above the short and long-term MAs. It is also slightly below the first resistance of the standard pivot point.
Therefore, there is a likelihood that the coin will likely keep rising as investors target the second resistance at $83.26. The alternate scenario is where the coin dropped to the support level at about $60.
This post was last modified on Apr 22, 2022, 09:31 BST 09:31