Decred Should More Than Triple In Value

On the 25 of October, Decred finally managed to break above the triangle pattern, and at the same time went above the 200 Moving Average. This was the first sign of a potential beginning of a long-term uptrend continuation.

After the breakout, it corrected down and rejected the uptrend trendline two times, after which it went above both the downtrend trendline and the 200 MA. Today it broke above the previous resistance at $37 and this is the second sign of an emerging wave up.

There is only one price target where two Fibonacci retracement levels meet at the same spot. 261.8% and 661.8% levels are exactly at the same price, at $116. This appears to be a key resistance and a potential upside target for DCR/USD. If it will be reached, Decred would more than triple in value, while moving from the current price $37.

At this point only break below the $20 psychological support could invalidate this outlook, but at currently, the trend is very bullish.

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