The Decred (DCR) is a crytocurrency project described as a self-funding, community driven governing blockchain. In another word, it strives to become the most democratic digital currency in the world.
The blockchain deploys a hybrid of proof-of-work and proof-of-stake protocol. With these, they hope the project can prevent the miners became overpower over the network.
The Decred website procides the detail on the governance issue they trying to address in a great deal, please click here for more info.
ite the great idea and capable development team, the price is underdeveloped compared to other altcoins white similar ideas like DASH or Ethereum Classic.
Why Is DCR Undervalued?
Decred has been really always flying under the radar of most investors. One of the possible reasons is that most its application and updates are very much on the ‘backend’ level. The project still lacks any visible usage except as a medium of payment. Most of the devs attention still on improving the network usability.
The lack of Asian presence, most of DCR trades are concentrated in two cryptocurrency exchanges, Bittrex and Poloniex combined dominated 99% of the daily trade. Peers such as Monero and DASH enjoyed sharp price spike from the biggest Asian exchanges. Monero saw its price tripled in days after Bithumb, the biggest Bitcoin exchange in the world which is based on Korea announce the listing of Monero.
Moreover, there are more popular investment options, like DASH or Ethereum Classic. and others. The current hype of ICO has also diverted investors into newer coins which could bring higher returns.
Why do I think DCR Could Pump?
One of the main reason is the number of coins in circulation. There are only 5 million DCR tokens currently available to the market. These represent only 28% of the maximum DCR coins supply.
They also just announced they are working on a cross-chain direct and automatic swapping with Litecoin. These definitely will alleviate DCR usability in the future.
— Litecoin News (@LTC_AGGR) August 27, 2017
Decred tweeted three days ago of the visit of Binance, one of the fastest growing exchange in China. This fueled the potential listing of DCR in Binance soon.
— Decred (@decredproject) August 23, 2017
There also talk of Trello adding support for Decred in their ledger.
They also have the very proactive community behind the project, their slack has been enjoyed buoyant engagement, especially their official twitter and slack group.
Decred (DCR) Technical Analysis
Decred DCR/BTC daily chart
The price reversed from the previous support zone, which also a double bottom. The last time Decred reach such level back in March 2017. The price was riding high around $40. It also just past the descending bearish pattern. This could open the opportunity for it go further breach the kuno cloud in the coming days.
If DCR price trend moves in similar to Ethereum, we could see the price breakout.
Ethereum ETH/BTC daily chart
The Ethereum price moved after reaching the floor at $133 and gained more than double.
The recent overall price and marketcap bump in altcoins are similar to the previous cryptocurrency mega rally back in March. If the market did move, Decred poised to make further gain and possibly reaching new high soon.
But i am more bullish about Decred in the longer term.
Where to buy Decred,
✘ The most direct way perhaps is with Changelly.
Beside, you can buy through exchanges, Bittrex and Poloniex.