DigiByte has seen a minor 0.2% price decline over the past 24 hours of trading. The cryptocurrency is currently trading at a price of$0.029 after seeing a well received 19.42% price increase over the past 7 days of trading.
DigiByte is commonly describes as a forward thinking, faster and more secure blockchain. It is more secure due to its 5 different mining algorithms available to mine coins on the network. This ensures that not one entity can dominate the market as they would have to do it with 5 different mining algorithms.
DigiByte is currently ranked at 33rd position in terms of overall market cap across the entire industry. The 55 month old coins currently has a total market cap value of $311 million after suffering a 21% price decline over the past 30 days of trading.
Let us continue to analyse price action over the short term.
Price Analysis
DGB/USD – SHORT TERM – DAILY CHART
https://www.tradingview.com/x/G9dXubJc/
Analysing the market from the short term perspective above, we can see that the market has recently rebounded from support identified in our last analysis, highlighted by the short term .786 Fibonacci Retracement priced at $0.023 and the rising support trend line drawn in black.
Over the past few days, we can see that the market has been making gains against the USD as the bears incite a small rally. Price action has recently found resistance at our first expected resistance zone marked by the short term .618 Fibonacci Retracement level priced at $0.029. We can see that as the bulls approached this level, the momentum within the market began to slow down causing the market to roll over to where it is currently trading at $0.028.
If the bullish momentum can continue to push price action back above the $0.029 handle, we expect immediate resistance to be located at the 100 day moving average which is currently hovering around the $0.031 handle. Further resistance above this handle is expected at the short term .50 Fibonacci Retracement level priced at $0.033 followed by the .382 Fibonacci Retracement level priced at $0.038. IF the bulls can continue to make gains beyond this point, we expect the final area of resistance to be located at the long term highlighted resistance trend line priced at $0.050.
Alternatively, any negative pressure within the market is expected to initially be supported by the short term .786 Fibonacci Retracement level priced at $0.023. The support at this handle is significantly bolstered by the long term .886 Fibonacci Retracement level (drawn in blue) priced within the same area.
Further support expected below this level is then expected at the long term rising trend line drawn in black. IF price action can break below this trend line then the last level of expected support is located at the short term .886 Fibonacci Retracement level priced at $0.01986.
The technical indicators within the market are beginning to show signs that would favour the bulls. The RSI has recently broken above the 50 handle indicating that the recent bearish pressure has faded and the bulls are beginning to regain control. If the RSI can remain above the 50 handle we expect the bullish presence to remain within the market.
Similarly, the moving averages are beginning to provide favour toward the bullish case as the shorter moving average looks to cross up above the longer term moving average. If the 7 day EMA (blue moving average) can cross up above the 21 day EMA (purple moving average) then this will signal a bullish crossover indicating that the bullish pressure is strongly building within the market.
