Why is Decred up by more than 11% in the last 24 hours?

The cryptocurrency market has underperformed for the second-consecutive day this week.

The cryptocurrency market has continued its poor performance this week. The total market cap is down by nearly 2% in the last 24 hours and currently stands around $870 billion.

If the bearish trend continues, the total market cap could slip below the $850 billion mark soon.

Bitcoin continues to trade below the $20k mark after losing more than 2% of its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has maintained its price above $1,000 despite losing 2% of its value today.

However, DCR, the native token of the Decred ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. DCR has added more than 11% to its value over the past few hours.

At the moment, there is no catalyst behind DCR’s ongoing rally. It has outperformed the other major cryptocurrencies and the broader cryptocurrency market over the past 24 hours.

Key levels to watch

The DCR/USD 4-hour chart has turned bullish as Decred has been performing excellently over the past 24 hours. The technical indicators show that it is outperforming the broader crypto market.

The MACD line has crossed into the positive zone as DCR has been performing well so far today. The 14-day relative strength index of 69 shows that DCR could enter the overbought region if the rally continues.

At press time, DCR is trading at $24.46 per coin. If the rally continues, it could surge past the first major resistance level at $27.49 before the end of the day. However, it would need the support of the broader crypto market to move past the $30 resistance point.

The bear market is still in play, and DCR could slip below the $21 support level over the coming hours. However, DCR should comfortably defend its price above $19 in the short term.