Decred (DCR) gaining again today targeting $30 despite altcoin market pullback

Despite the altcoin market pulling back in the past 24 hours after an 11% spike in market cap overnight from $68bn to $76bn, Decred (DCR) continues with another 4% rise falling 20 cents short of the $30.

Overall, since the post-fork jump in altcoin values, DCR is up 30% from just below $23 this week.

Last week I confidently claimed that Decred wouldn't fall below $25, which almost instantly happened after publishing (embarrassing!). However it was at least an accurate prediction to bounce back from the stronger support of $25.50 (the red line). So for anyone buying in around $25, this isn't a bad deal so far.

DCR still needs to break through the 2-month resistance trend currently just above the short-term target of $31 that'll be a challenge even with recent momentum. It looks set to re-enter a temporary $25-30 range to build up some strength before testing a longer 4-month resistance trend (blue line, last graph) that currently lies around $37.

This is where it'll be more tricky for Decred. With the help of the 5-months supporting trend (lower blue line) that is still very much in tact, DCR won't have long in a $25-30 range before needing to break through these resistance trends. Otherwise it's likely to reaffirm its long-term support line trend by dropping down to the lows of the range.

Trade recommendation: $25
Targets: $31, $36, $42 and $52.
Supports: $25 and $22.50