DREP’s Bullish Price Momentum Stalls: Is a Larger Correction Imminent?

Decentralized Reputation System (DREP) is a blockchain-based platform that aims to provide an infrastructure to measure, monetize, and share reputation value on online platforms. In this article, we’ll discuss how DREP is working on changing the way online reputations are tracked and provide an overview of recent DREP price movements and market sentiment.

The DREP Foundation is working towards creating a decentralized reputation protocol and blockchain infrastructure to enable existing internet platforms to harness their reputational worth and connect reputation data across the internet.

The project is looking to provide secure and transparent reputation data across the internet, eliminating any possible reputation manipulation activities, and making it easier to monetize and share reputation value. By utilizing blockchain and crypto infrastructure, DREP thinks it can ensure the privacy and security of the user’s data and reputation.

DREP to advance #DAAS (DID As A Service) in 2023.
DREP DID shapes a brand new #Web3 paradigm by enabli:

✅Persistent access for #KYC'd users
✅Trustless #DeFi interactions
✅Open-source social identity network
…
To be the propeller of the next Web3 bull run? pic.twitter.com/mC1dDtwd3h

— Official DREP (@DrepOfficial) January 28, 2023

DREP Price Prediction and Technical Analysis

DREP’s price absolutely skyrocketed on Thursday when it traded an unusually large volume of 153 million over its volume moving average at 9.891 M. At one point the DREP price was up by more than 160%, but it was immediately met with resistance when it approached the psychological level of $1. Ultimately, DREP’s price closed with a 58.45% gain at $0.5964.

The 20-day exponential moving average (EMA) is currently at $0.3990, which is above the 50-day EMA at $0.3637 and the 100-day EMA at $0.3601. The crossover of the shorter-term EMA above the longer-term EMA indicates a bullish trend for the asset.

The relative strength index (RSI) is currently at 71.77, which is above the overbought threshold of 70, indicating the asset is overbought, however. This may suggest a potential for DREP’s price to reverse in the short term, as we can see already today.

The moving average convergence divergence (MACD) histogram shows a positive signal, with the current day MACD histogram at 0.0175, higher than the previous day at 0.0122. This suggests the asset’s bullish momentum is strengthening potentially, which may be the case after the current correction stalls.

The trading volume for the current day is 22.735M, lower than the previous day’s volume of 154M. However, the volume moving average is at 10.8773M, indicating stable trading activity around the asset.

The current DREP price is at $0.5445, with a movement of -15%. This may suggest a short-term price correction. The immediate resistance for the asset is at $0.6879, which may pose a challenge for the asset to move higher. The immediate potential support is at Fib 0.786 ($0.4767), which may act as a strong support level for the cryptocurrency’s price.

Ultimately, DREP will likely follow the wider crypto market. If the wider market moves up, we may see further upside action in DREP’s price, while if the market stalls, we could see a major selloff. Investors should act accordingly and set tight stop losses while keeping an eye on macroeconomic conditions and crypto market sentiment.

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