Decred (DCR) is one of the biggest gainers in the crypto market today. It is up by over 25% and is showing signs of strong bullish momentum. This follows news that it will be listed on Binance on the 24th of October. That’s just a few hours from now. It’s something that the Decred community has been looking forward to, and one that is more like a dream come true.
The thing with Binance is that it is a key player in crypto, and any crypto that gets listed on it instantly pumps in price. This explains why Decred is pumping today out of the anticipation that it could go higher. Once it gets listed, the buying pressure that it has created so far could easily see it gain by an additional 50% or more in the next 24 hours.
But there is more to Decred than just a short-term price pump. Binance will also give Decred higher visibility in the markets, and draw in more investors in the long-run. There are lots of investors who previously didn’t know about Decred but will take an interest in it, once it gets listed on Binance. This will create more demand for and this crypto and will push up its demand going into the future. There are lots of good projects out there that would be worth more than they are today if there was more publicity about them. Decred is one of them. Its fundamentals are some of the best in crypto space.
One of Decred’s core strengths is that it solves one of blockchain’s biggest problems, and that’s governance. It uses an innovative consensus voting model, one in which, everyone in the network has a say in the direction that Decred takes. This makes it the perfect currency for the digital age. It is community driven and is highly secure without compromising on decentralization.
Decred also has smart contract capabilities and can be used in writing smart contracts for real-world usage. These are features that place Decred in a good position to shoot up in value once more people get to learn about it. Now that Decred is coming to Binance, more people will take an interest in its fundamentals, hence pushing up its demand. Simply put, Decred is getting a major boost in marketing by getting listed on Binance, marketing that could see its value rise significantly in the future.
From the charts, Decred is clearly gaining bullish momentum. It has pumped from 600 satoshis to it’s a high of 797 satoshis in the last 24 hours. But in the last 6 hours, it has retraced, with 747 satoshis acting as key support.
Once it gets listed on Binance, it could gain momentum that could push it to 1068 satoshis in the day. That’s the next key resistance level on the day chart. If it pushes above this price, Decred could test weekly resistance at 1403 satoshis. It’s definitely a good time to be invested in Decred, as it is likely to continue gaining going into the foreseeable future.