Virtually all cryptocurrency markets are heavily dipping in the red today. As this uneasy market momentum continues, the Decred price is only gaining even more momentum.
It is rather unusual to see one altcoin go up by nearly 40% when the rest of the markets are down by 3% or more.
The Decred Price Action
It has been a rather interesting week for the Decred community, at least in the price department. Seven days ago, the first minor blip of an uptrend started taking shape, even though the value didn’t climb as much in the first day. It took roughly 36 hours to bridge the gap between $16.5 and $20, indicating this altcoin market could be worth keeping an eye on.
After the Decred price was pushed up to $22.98, there was a well-expected retrace. Unlike most altcoins throughout 2019, DCR did not retrace all the way, as the bottom was reached near $18.49. It is still a near 20% drop in quick succession, but that is business as usual for cryptocurrency speculators and traders.
The Fake Spike
After bottoming out a few days ago, the Decred price resumed its sideways momentum. Anyone with a basic understanding of financial markets will know that can mean one of two things. Either there will be a big price dump, or there will be another attempt at reaching a higher value.
The Decred price tried to break out again late last night, but it was not meant to be. Despite spiking to $21.19, the momentum did not last for too long. In fact, the value per DCR even dropped to $18.18 in the hours following this “fake spike”. Again, the altcoin would prove how resilient it really could be, as it was the beginning of bigger and better things.
Today’s Spike is Massive
From that low of $18.18, the Decred price shot up straight to $31.1 without any issues. It is a remarkable sight to behold, as such major price spikes are unusual. At the same time, it is the continuation of a week-long trend, as DCR has gained roughly 60% in the past seven days. That is partially thanks to today’s 41% push, albeit it remains to be seen how long this can be sustained for.
Overall, it would appear that there is a lot more support to buy DCR compared to selling it. Binance is one of the biggest DCR/BTC market, and the buys are stacked three times as high as the sell orders. A similar scenario unfolds on Binance, whereas Huobi has more selling orders compared to buyers.
South Korea is Pushing Hard
Most of the volume comes from South Korea, however. Upbit has a DCR/KRW pair that generated over $7.8m in volume over the past 24 hours. MXC’s DCR/USDT pair also generates a bit of volume, with nearly no sell orders left on this order book right now. All signs point toward a continuation of the uptrend, albeit there are no guarantees in the cryptocurrency industry.