Decred was given a huge boost last week, when the giant crypto exchange- Binance- declared that it would officially list DCR on its platform. The trading pairs that were considered were DCR/BNB and DCR/BTC.
Impact of the Listing
The coin immediately experienced an addition of more than $100 million to its market cap in barely three hours and its value gained by almost 25%. Since this historical listing, the cryptocurrency has been enjoying a wave of success and keeping its market capitalization above $370 million mark, with sporadic sprays up to the $400 million mark.
DCR, which is currently ranked as the 26th most valuable cryptocurrency, is run on a community-based and open governance platform. It employs a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining system, ensuring that small sets of traders do not centralize the transaction flow and alter the coin minus the Decred community approval.
The major resistance zone of DCR was established to be at $48.66, which the coin managed to breach on 24th October following the Binance announcement. DCR has since been valued below that zone. However, the coin is comfortably valued above its major support zone, which has been established as $42.66. The MACD shows that the currency is striving to break into the bullish region, while the 100 EMA line suggests a stable trend with a minimal uptrend.
The buying pressures from bulls in the market have decelerated since the beginning of this week, as shown by the hourly RSI indicator that stands at 55.05. The important trading range demonstrated by this digital currency is $43.71 – $44.49. At the time of the release of this article, DCR slipped 3.9% against the U.S. dollar and was valued at $44.15.
The coin has gained by more than 3% against Bitcoin (BTC) and currently, one DCR is equal to 0.00678 BTC.