Decred’s DCR token literally went from a monumental spike of $ 26 to over $ 40 today. The massive move has raised DCR prices by over 50%, but at the time of writing it had started pulling back on the pump.
Chart – Tradingview.com
A self-known Decred bull based on Twitter checked out some of the technical indicators that drove the move a few days ago.
“Decred is breaking out again. Quick overview of some graphs and possible short-term goals. Now firmly above the realized price. This is a bull market folks. The upper MVRV band with a 20% probability of a medium reversal is $ 34 and tends to be higher. Mayer Multiple 5% Prob is $ 42. The old Ol-Stock-Te-Flow model is around $ 44. “
Those targets have now been met when the DCR bounced off $ 42 a few hours ago during early Asian trade on Thursday.
He added that the treasury has now expanded, which means more developers can be added to the team.
#Decred Treasury is now $ 24.5M.
This morning it was $ 16.5 million.
Now the treasury has grown, we can hire more developers and create more value
This means that more coins will come off the market to wager.
More coins from the market mean less to buy.
The reflexivity of the demand for supply is imminent. Pic.twitter.com/bzF4bZXqHo
– Checkmate 🔑⚡🎟 (@_Checkmatey_) December 3, 2020
Why decided, why now?
Decred uses a hybrid proof-of-work and proof-of-stake consensus mechanism known as proof-of-activity. It was the first crypto project to approve a protocol change through a chain vote in June 2017 and is said to be an alternative to the Chinese miner Bitcoin.
Social sentiment seems to be driving this move, which accelerated in a 2017-style pump when the key resistance was broken.
Strong moves in the activity of Decred Social + Market have risen to the # 1 AltRank ™ on @LunarCRUSH.
24 hour activity
44.1% price change
1,036 social mentions
2,650,530 social engagementhttps: //t.co/OgXKKXXbNA $ dcr #decred pic.twitter.com/tWQjJ9dCWL
– LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) December 3, 2020
DCR was in the doldrums for most of the year with a low of around $ 7 during the March crypto market crash. It is currently trading at its highest price since October 2018. The crypto bubble hit its all-time high in January 2018 when the Democratic Republic of the Congo hit $ 130 per coin.
The late co-founder and project manager Jake Yocom-Piatt was featured on Nasdaq’s ‘TradeTalks’ on Wednesday December 2nd, which also renewed investor interest in the project.
In October, Decred announced its first royalty-free decentralized exchange called DCRDEX.
The other actors from today
Other crypto assets that have performed well over the past 24 hours are Elrond, which is up 35%, Algorand, which is up around 17%, and Aave, which has a similar gain over the past 24 hours.
DeFi tokens have dominated the markets for the past week, but Decred blew them all out of the water today with their epic pump.
According to Coingecko, the market cap for crypto has increased over 2% to $ 576 billion in the past 24 hours. The move comes when Bitcoin returns above $ 19,000 and market momentum resumes.
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