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.”
1/#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. pic.twitter.com/QLr2bRSU6S
— _Checkɱate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) December 1, 2020
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 outperforming top DeFi coins today.
DCR is up over 50% in the past 24 hours while top DeFi coins have only gained 10-15% over that same time period.
It is unclear if this trend will continue, though DCR is almost outperforming some of the top DeFi players since October’s lows as it begins its ascent.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: dcrusd, dcrbtc Charts from TradingView.com Decred (DCR) Surges 50%, Outperforming DeFi Coins and 2017-Era Alts