Decred volume skyrocketed after Binance listing announcement
Last night Binance has announced a new coin that will be listed on the exchange. The chosen coin was Decred (DCR), that will be added on the 24th of October, that is tomorrow.
Here is the twit: twitter.com/binance/.../1054572693725446144
Right after the news price started to move up as well as the trade volume. Trade volume went crazy, and has reached $9,000,000 from just $850,000. This is over x10 times increase in volume, resulting in a 33% gain in less than 24h period. Such rise has made
Decred a top 1 gainer from the top 100 coins in the coinmarketcap.com. Most trade volume came from Bittrex and Huobi, but perhaps it will be shared equally with Binance, once DCR will be added to their listings.
All-in-all, the market reaction has been extremely positive on these news. At the same time RSI oscillator showing that Decred is overbought, which could result in a correction down especially after such a strong pump.
The upper trend line of the ascending channel has been reached, but not broken, along with the 38.2% Fibonacci retracement - a $50 physiological resistance.
If/when todays’ high at $52.4 will be taken out, next stop seems to be $60. Not only this is the next physiological resistance but also an important Fibonacci retracement level - 61.8%. On the way up there is one more obstacle that should not be ignored, that is 50% fibs at $55.
Currently, further price increase by Decred is a doubtful scenario, while it could have performed a simple pump and dump maneuver, rather than a healthy demand. DCR/USD might need some time to “think” as to what to do next. Either a correction down to $40 area and then consolidation or a break above the recent high, targeting $60 and beyond? Hopefully, DCR will reveal the plan soon.
Support:
$43
$38
$33
Resistance:
$50
$55
$60
Here is the twit: twitter.com/binance/.../1054572693725446144
Right after the news price started to move up as well as the trade volume. Trade volume went crazy, and has reached $9,000,000 from just $850,000. This is over x10 times increase in volume, resulting in a 33% gain in less than 24h period. Such rise has made
Decred a top 1 gainer from the top 100 coins in the coinmarketcap.com. Most trade volume came from Bittrex and Huobi, but perhaps it will be shared equally with Binance, once DCR will be added to their listings.
All-in-all, the market reaction has been extremely positive on these news. At the same time RSI oscillator showing that Decred is overbought, which could result in a correction down especially after such a strong pump.
The upper trend line of the ascending channel has been reached, but not broken, along with the 38.2% Fibonacci retracement - a $50 physiological resistance.
If/when todays’ high at $52.4 will be taken out, next stop seems to be $60. Not only this is the next physiological resistance but also an important Fibonacci retracement level - 61.8%. On the way up there is one more obstacle that should not be ignored, that is 50% fibs at $55.
Currently, further price increase by Decred is a doubtful scenario, while it could have performed a simple pump and dump maneuver, rather than a healthy demand. DCR/USD might need some time to “think” as to what to do next. Either a correction down to $40 area and then consolidation or a break above the recent high, targeting $60 and beyond? Hopefully, DCR will reveal the plan soon.
Support:
$43
$38
$33
Resistance:
$50
$55
$60
Trade closed: target reached