Today's Decred Analysis
Following yesterday's listing on Bitmart and the overall influx of funds into the cryptocurrency sector, Decred saw its price surge by 30% at one point.
Looking at the market data, borrowing reached 18,168 DCR, while repayments totaled 16,678 DCR, resulting in a net borrowing position.
Ultimately, short sellers were unable to close their remaining short positions and ended up accumulating even more debt.
This figure clearly shows how desperately short sellers tried to halt this rally.
Such forced dumping driven by reckless borrowing cannot last long.
Looking at the interest rate level, we currently see an abnormal value of 70%.
This number indicates that nearly all available funds in the lending pool are being utilized.
Short sellers must maintain their positions while paying these high interest rates, likely breaking out in a cold sweat.
From a technical analysis perspective, things are looking good, and it appears to be following the best-case scenario route I predicted last time.
Since the short sellers' stop-loss levels are likely around $33, breaking above that level would signal the definitive start of an uptrend.
#DCR #decred