Digibyte is a blockchain network that provides a robust platform for the development of digital assets, decentralized apps, and smart contracts. It is a high-speed and hack-free ecosystem. It fosters innovative thinking among users and is a fast-growing open-source public blockchain network. DGB is the in-house token of this network. Let us look at the technical analysis of DGB.
Past Performance
On Jul 19, 2021, DGB opened at $0.039. On Jul 25, 2021, DGB closed at $0.045. Thus, in the past week, the DGB price has increased by roughly 15%. In the last 24 hours, DGB has traded between $0.039-$0.047.
Day-Ahead and Tomorrow
Currently, DGB is trading at $0.046. The price has increased from the day’s opening price of $0.045. Thus, the market seems bullish.
The MACD and signal lines are turning negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling.
Currently, the RSI indicator is at 52%. It faced rejection at 45% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the DGB price.
The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may start declining soon.
In short, when we look at all three oscillators together, we can say that the overall market momentum is bearish. The market is in a correction phase. Moreover, the possibility of a trend reversal cannot be ruled out.
DGB Technical Analysis
Currently, the price is above the first Fibonacci pivot resistance level of $0.047. The price may soon fall below it and further below the Fibonacci pivot point of $0.044. Thereafter, we have to wait and watch if the bearish forces remain strong or a trend reversal occurs.
The price may soon retest and fall below the 23.6% FIB retracement level of $0.045. It may further fall below the 38.2% FIB retracement level of $0.044. By day end, if the price retests and breaks out of these levels, a price uptrend has probably set in. In that case, the price may continue to rise tomorrow as well.
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.
