Decred Price Prediction: DCR Flat at $13.15 – What's the Market Sentiment?

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Decred DCR has shown signs of a price decline in the last 24 hours. Its trading price at 4:26 am EST is $13.01, representing a slight decline within this period. Also, DCR is down by 9.7% in the last seven days, reflecting the general retracement in the crypto market.

Its trading volume is down by 61.24% in the last 24 hours, indicating fading investor interest and a possibility for a further price drop. Despite the price drop, the Decred Ecosystem thrives with a CPU mining proposal announced.

Soon-to-launch Decred CPU Mining May Boost DCR’s Adoption, Price

Decred combines a Proof-of-Work and Proof-of-Stake algorithm in its Ecosystem. The Proof-of-Work helps to secure the Ecosystem, while the Proof-of-Stake gives the community governance rights.

On August 14, Decred developers announced that the CPU miming would launch soon. They posted a YouTube video with a step-by-step tutorial for potential miners.

Decred CPU Mining is coming!

Welcome to this step-by-step tutorial on CPU mining the new Blake3 algorithm set to be activated at block 794,368 (Late August 2023).

Solo mining presents an opportunity to potentially mine a few blocks and earn Decred.https://t.co/phyvOqiopS pic.twitter.com/8o9NA2w2Yh

— Phoenix Green (@DecredSociety) August 14, 2023

According to the announcement, the new Blake3 mining algorithm will be activated at block 794,368 sometime in August.

The solo CPU mining feature allows individual miners to mine a few blocks and earn DCR tokens easily. They don’t need to go through the hassles of GPU mining which is usually cost-intensive and technical.

This more accessible mining approach will likely boost the Ecosystem and DCR’s price in the market.

Cryptopower Wallet Likely to Boost DCR’s Utility

Cryptopower proposal is up! A multi-coin desktop and mobile wallet for DCR, BTC and LTC. We aim to deliver a fast, light and truly cross-platform wallet (even the BSDs!).

Compare to existing wallets and let us know what you think!https://t.co/xPm20kzi2y

— Kennedy (@dreacot) August 16, 2023

On August 16, a developer proposed a new crypto wallet to hold DCR, BTC, and LTC tokens. Cryptopower is a new multi-coin wallet created for desktop and mobile platforms. It aims to be more efficient, secure, and easy to access and utilize than the existing Decred wallets.

According to the proposal, the developers will add new features to the wallet, including coin control for all assets, instant exchange between assets, and an Android application.

Also, users can add a description while sending transactions, enhance their privacy and select custom fees for crypto wallets. Additionally, the proposal aims to add DCRDEX support and expand coin options available to users for a better trading experience.

This wallet upgrade is another addition to the Ecosystem and will likely boost user interest in Decred which might positively affect its token price.

Furthermore, Decred operates a decentralized exchange that enables swaps between Bitcoin and Ethereum with no trading fees, intermediary coins, and no middlemen.

This exchange boosts the overall Ecosystem’s utility due to its impressive features, which might attract more traders and increase DCR’s usage and price.

DCR Price Chart Shows Limited Trading Activity

DCR has formed small candles on the daily chart, indicating limited trading activity and a fading interest from investors due to factors such as general market bearish sentiment.

The bears at the $14.6 resistance resisted further price gains for the asset driving it to the $12.1 support level.

The fading interest makes DCR trade below its 50-day and 200-day Simple Moving Average (SMA), a bearish sentiment. Also, the Stochastic Oscillator is 25.82, close to the oversold region, confirming the fading interest from traders.

The Moving Average Convergence/Divergence (MACD) is below its signal line showing some traders’ determination to dump their assets due to rising FUD levels. These indicators confirm that traders are reserved about committing to the crypto based on the August 17 bearish reversal.

Sideways Trend Still Persists, But $12.8 Resistance Will Prove Critical

DCR remains in a persistent sideways trend, with neither the bulls nor the bears able to take control of the market. The $12.1 support level has proved critical to prevent a drop below the price channel. A significant level to watch for traders is the $12.8 resistance level.

If the August 17 candle closes above this level, an uptrend will likely occur for the asset. However, it will likely continue in the sideways trend in the short term.

Is DCR Alternative yPredict Worth the Money?

While DCR struggles to break out of its sideways trend, investors can take advantage of yPredict, a platform that gives users an edge in trading.

yPredict was designed for developers, traders, quantitative analysts, and other crypto enthusiasts. It provides traders with reliable signals powered by AI to improve trading profitability.

This AI conducts technical analysis and can recognize over 25 unique trading chart patterns keeping a trader in tune with market moves around the clock. Also, yPredict is a diverse ecosystem where quantitative analysts and developers can offer their predictive models to other users on a subscription basis.

According to the whitepaper, financial markets such as cryptocurrencies and stocks are volatile and difficult to predict since advanced algorithms execute most trades.

These algorithms make it difficult for regular traders to keep up with the fast-paced nature of automated trading and lightning-quick market adjustments.

yPredict provides the necessary analytics and predictions to give a trader control over their financial adventure. With a team of individuals passionate about trading and the community, the project will likely change the landscape.

yPredict Offers 45% Passive Income Through Ecosystem Staking

YPRED tokens are the gate pass to grant users access to the numerous benefits available within the Ecosystem. The ecosystem support staking, setting aside 45% quarterly rewards for users who commit their tokens to a liquidity pool.

These rewards are from 10% of tokens paid as subscriptions on the platform, thus increasing scarcity and reducing inflation. Also, YPRED holders get discounts on products in the Ecosystem and the trading terminal, among other benefits.

YPRED Presales

YPRED is on presale, and each token is worth $0.1, increasing to $0.12 soon. Its listing price is $0.12, granting paper rewards to early investors who seized the opportunity.

The presales have been a massive success, with investors committing over $3.55 million out of the target of $4.58 million. Users can purchase these tokens by linking a secure crypto wallet and completing the purchase with ETH, MATIC, BNB, or Bank Cards.

Crypto analyst and vlogger Jacob Crypto Bury gave an exciting review of yPredict’s Ecosystem on YouTube to his over 20,000 subscribers.

With over 20,000 users on a waitlist and its total supply capped at 100 million, yPredict might rank among the top performers in 2023 after its eventual launch. Also, the seamless integration of AI technology and Machine Learning, trending niches, further increases its chances of succeeding.