Decred (DCR) Surges 50%, Outperforming DeFi Coins and 2017-Era Alts

Decred (DCR) has surged seriously higher over the past day. According to Coin Gecko, a top data source in crypto, the price of the coin is up 50% in the past 24 hours.

The coin is currently trading at its highest price since the 2018 crash in November of that year. DCR is up over 250% from its multi-month low near $11 a number of weeks ago in October.

Decred is the best performing top 100 digital asset of the past 24 hours. It is strongly outpacing Bitcoin, which is up 2% in the past 24 hours and ETH, up 0.3% over that same time frame.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

What Could Be Next for Decred?

According to a Decred-focused analyst, there is a good likelihood that the cryptocurrency could continue slightly higher from here:

“#Decred is breaking out again. Quick overview of some charts and potential short term targets. Now firmly above Realised price. This is a bull market folks. MVRV upper band with 20% probability of mean reversion is $34 and trending higher. Mayer multiple 5% prob is $42. Ye Olde Stock-Te-Flow model calls for around $44. As with all models, look for confluence, S2F is but one metric in the bowl of salt. Use as a yardstick, not gospel. My model uses daily close price vs S2F. I don’t select choice cuts of data to fit a model, I analyse it all.”

Analysts are also confident in the cryptocurrency for technological reasons, as Decred’s decentralized exchange gains traction.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Outperforming DeFi, At Least Today

DCR is strongly…

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