Decred (DCR) has since inception been developed to be Bitcoin was envisioned to be: A virtual currency by the people and for the people. However, Bitcoin fell off this wagon after a few people took control of the mining. Some government authorities have also been blamed for meddling with Bitcoin. Therefore, Decred was developed to be what Bitcoin failed to achieve; a fully decentralized currency that is entirely decentralized and does not allow a few people or groups to take control of mining and manipulate the price.
The team behind Decred came up with a platform that ensures that both the miners and users influence the cryptocurrency in equal measures. Moreover, it is a company that believes in the strength of its community. They are open to improvements from the members of the community and strive to support the projects that have been proposed.
The asset was launched in 2016 to bring real solutions to blockchain governance. It works on the concept of consensus voting. This model gives the power to the stakeholders and has been tried and tested to ensure that the transition from a set of rules to another is smooth and inclusive. Decision making in the model is decentralized besides, it uses self-funding to ensure that the asset is built for the future and is robust in nature, revolutionary and more importantly free of influence by third parties.
The software of Decred (DCR) contains features such as “an innovative hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus voting system, a censorship-resistant blockchain-anchored public proposal platform, smart contracts that work such as Lightning Network, cross-chain atomic swaps between different digital currencies, and cross-platform wallets for ease of use.”
Decred (DCR) Price Analysis
Decred price as mentioned above has sustained an uptrend since the start of April. The crypto has been one of the best-performing assets in the market for more than two months now. DCR/USD has recovered from trading slightly below $40.00, broken the resistance at $80, $100 and tested its all-time high at $121.
AT the time of writing Decred (DCR) price has broken below the bullish trendline after encountering resistance at $117.00. DCR/USD corrected lower in the last week of June sliding slightly below the support at $90.00. However, it has recoiled towards $100 but is currently trading at $96.
There is a growing bear trend on the chart, besides the moving average gap is widening to signal that the bears are fighting for entry positions. The MACD momentum indicator also shows the dominance of selling pressure in the near-term. On the upside, the zone at $100 is a key breakout point. A breach above this level will open the door for gains towards the key resistance at $110 and perhaps the bulls will have the support to attack $120 again. On the flipside, the area at $90.00 is another breakout and sliding below it will push the price to the next demand zone at $80.00.