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- The rally for DGB was cut short as bulls battled resistance at the $0.16 ATH.
- DGB announcing its partnership with LCX stimulated the parabolic momentum.
On diving deep into the daily time frame, we can see that DGB price has been unstoppable ever since it broke out towards the upside from the ascending triangle chart pattern. The massive green candle formed on the apex was backed by tremendous volume. After smashing the ATH of 0.16, the bulls faced pressure in carrying the upward momentum, which led to a decline of 33% in one day. The price of this asset flipped the resistance level 0.10 as support by retracing down to that level in today’s selloff. The bull run was triggered by the golden cross at the beginning of this year and still has room to grow.
SHORT TERM TREND DEPICTING BULLISH ENGULFING
On bouncing back from the support level of $0.10, DGB price appears capable enough to pace itself for another ATH, as suggested by bullish engulfing on the 6-hour chart. The April 14th barrier turning into support today is going to act as a catalyst in pushing the price of this asset further upwards. DGB must sustain above this significant support level.
Currently, the price of this asset is hovering above all major EMAs, representing short-term bullishness. A dip from below the suggested support level of $0.10 could expose $0.101 (50 EMA) support ahead of $0.08 (100 EMA). The bullish scenario requires a lift from the 9 MA to challenge resistance levels of $0.14 and $0.16.
The RSI is lingering in the 56.70 range, implying its scope to enter the overbought category. On the other hand, the 4-hour chart demonstrated that the MACD line has already crossed from above the signal level, indicating short-term bearishness.
CONCLUSION
DigiByte has been one of the most promising crypto projects and still has many potentials to boost. If the overall market led by the crypto gold standard does correct the upside very rapidly, we might see a significant growth spurt in DGB as we know the impact of bitcoin dominance on altcoins. DGB has some terrific momentum going right now, but only time will tell whether we’re heading upwards or downwards in the next few days. There’s no reason why DGB can’t reach $1, especially if a major exchange such as coinbase decides to list the asset.
SUPPORT: $0.11, $0.10, and the EMAs mentioned above.
RESISTANCE: $0.14 and $0.16
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
