Decred Sees Record Active Addresses Amid Positive Price Trend Indicators

Decred Price Analysis – Active Addresses Reach All-Time Highs

According to a recent analysis by Brave New Coin, the monthly active addresses (MAAs) for Decred (DCR) surged dramatically in August 2019, reaching record highs. This increase in on-chain metrics is a positive indicator of the network's fundamental value, as it suggests a strong rise in on-chain usage and interest.

Decred, which was launched in 2016 as a fork of Bitcoin's source code, has seen its price fall by 90% from its all-time high of $118 in May 2018. Currently, the market capitalization stands at $135 million, with a trading volume of $1.68 million recorded in the last 24 hours.

"A sudden and continuous increase in active addresses is a positive signal, typically indicating a strong increase in on-chain usage or interest," the report states.

In terms of governance, Decred employs a hybrid consensus system that combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms. This approach aims to address the weaknesses of both models, allowing PoW miners to create the blockchain while PoS participants validate blocks and engage in network governance.

In summary, the increase in active addresses and the hybrid governance model are key indicators of Decred's potential for growth and stability in the cryptocurrency market.

Decred Price Analysis – Trend Indicators Turn Positive

Brave New Coin reports that Decred's market capitalization has risen to $287 million, with a trading volume of $5.8 million in the last 24 hours. The price of DCR has decreased by 79% from its all-time high of $118, but the recent uptick in active addresses suggests a positive trend.

The hybrid consensus mechanism of Decred, which integrates both PoW and PoS, aims to mitigate the centralization risks associated with traditional mining models. Currently, the inflation rates for DASH and DCR are 5.67% and 6.31%, respectively, with annual staking yields of -0.19% for DASH and 2.79% for DCR.

As of now, Decred has 58.7% of its total supply of 21 million coins in circulation. The PoS participants can vote on code updates and budget proposals through a blockchain-based public proposal system called Politeia, which went live in October 2018.

In conclusion, the positive trend indicators and the governance structure of Decred suggest a potential for future growth, especially as the network continues to evolve.

Decred Price Analysis – Daily Cloud Metrics Bullish

The Hidden Hydra update for Decred, released in January, has positioned the DCR price trend to remain bullish as long as it stays above the cloud at $50. Currently, Decred's market capitalization is approximately $1.47 billion, ranking it 49th in the Brave New Coin market capitalization list.

In the last week, DCR's price has increased by 8.31%. The daily price chart indicates that the 50-day EMA and the 200-day EMA crossed bullishly on November 19, suggesting a potential upward trend. The support level is now at $47, while the visible range volume profile shows support at $30 and stronger support at $16.50.

Overall, the bullish cloud metrics and the recent price movements indicate a favorable outlook for Decred, provided it maintains its position above critical support levels.

Sources:

• Decred-Preisanalyse – Aktive Adressen erreichen Rekordhochs – Mutige neue Kryptowährung
• Decred-Preisanalyse – Aktive Adressen erreichen Rekordhochs, Trendindikatoren drehen ins Positive
• Decred Price Analysis - Daily cloud metrics bullish