Decred price soars 45% in one day three weeks before a major hard fork

DecredPrices for (DCR) rocketed up to 45% April 18 beforeTrades can bring you some of the best returns a major hard forkThis is to stop miners from using pump-and-dump strategies. 

Key DecredNetwork upgrade in three weeks

DCR rallied by nearly 45 percent to $86 in one dayThe highest level inFour months MoreoverThe massive upside move that accompanied it aSimilar spikes were also observed inIts trading volumes confirmed that most traders supported the intraday bullish momentum.

Decred price soars 45% in one day three weeks before a major hard fork
Daily DCR/USD price chart. SourceTradingView

TradersThe crowds flocked to purchase DecredGet ahead of aUpgrade planned for key point MayThis would lower the DCR mining reward part to 10%, from the current 60%.

TheUpdate inResponse to a community vote that agreed to limit “malicious miners” — those with a history of artificially pumping-and-dumping DCR — from accessing Decred.

OnOn the other side, the community agreed raise the rewards Decred’s proof-of-stake (PoS) validators — entities that validate blocks submitted by miners — from 30% to 80%, suggesting that consensus wants to switch primarily away from proof-of-work (PoW) consensus to PoS on-chain governance.

Simply put, DecredUsers would be incentivized into locking their DCR. aThey could be reduced for a certain time, which could lead to a decrease in their active supply on the market. This could boost price.

“DCR block reward changes are in 20 days,” noted Permabull Niño, an independent market analyst, saying that it should be the reason for traders to watch the DecredMarket closely inThe next sessions are. Excerpts:

“If priceStart moving and reap the rewards. aReflexively bullish/decent wealth effect price action. AsAlways, barring a BTC plunge.”

What do DCR technicals say?

Decred’s priceNearly 20% of the problem was corrected soon after topping out. dayNearly $86, aNiveau close to DCR’s two key resistance levels, the 200-dayExponential moving average (200-dayEMA; The blue wave) approximately $78 and the 23.6 FibLine near $96

Decred price soars 45% in one day three weeks before a major hard fork
Daily DCR/USD price chart. SourceTradingView

A decisive break above both priceCeilings could see DCR reach $125 as its next upside target. NonethelessMultiple indicators indicate that it is unlikely to rally further. ThatIncludes aBearish divergence in the DCR’s falling momentum and rising prices (as shown by its relative strength indicator).

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AdditionallyThe DCR priceAction April18 looked very similar to the huge upside moves that have been witnessed since December 2021 — each showing the token forming daily candles with large bullish wicks.

NoneOf those priceBooms led to significant followups, suggesting market participants were simply pumping-and-dumping DCR in order to secure interim profits.

As aDCR now faces the possibility of losing its immediate support target at 50.dayEMA (the red waves) close to $60

TheThese views and opinions are solely the author’s and do not necessarily reflect those of EveryTrading and investment involve risk. You should do your own research before making any decisions. a decision.