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Will the DigiByte Crypto Keep Thrusting Upward or Dig Lower?

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DigiByte Crypto
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The DigiByte crypto continued losing ground for the fourth consecutive session and lost nearly 4.75% by the time of writing. The DGB crypto was trading close to $0.015 and headed towards the south to retest the 20-day exponential moving average (EMA).  

The bears continued to dominate in the recent sessions, but the price still hovers in a neutral to bullish region. On the lower side, the 20-day EMA may act as a dynamic support and prevent further falls. 

The long-term trend outlook is bullish, which may invite more buying volumes at the highs. Moreover, the earlier sessions saw a vertical rise in the DGB crypto price. It shows the need for a short-term correction. 

DigiByte Crypto Volume Analysis

The DigiByte chart shows the relationship between the DGB token’s volume and price. The chart shows the volume received was low, and the crypto asset’s price lowered from December to January. That signified a lack of interest and activity in the market for the DGB token till January. 

However, the volume and price both saw a significant rise in February, marking increased demand and excitement about DigiByte crypto price. The trading volume exceeded $20 million after rising from $7 Million, and the price rose significantly from $0.008 to $0.012. 

Moreover, the Intraday volume was 13.818 Million, and the market capitalization is $260.22 Million. It ranks 277th in the overall crypto market. The current circulating supply is 16.88 billion DGB tokens, which is 80% of the total supply.

DigiByte Price May Drop as Sentiments Turned Negative!

The above-shown DGB sentiments chart showcases the change in users’ sentiments from buying to selling or vice versa. The weighted sentiment was positive till February 2024. However, the negative sentiments rose in March 2024, due to which the overall sentiments of DigiByte crypto turned negative.

DigiByte Crypto Social Dominance Rose in February!

The DigiByte crypto’s social dominance chart reflects how much it is talked about, valued, and sought after by the community. The above-given chart spans from December 2023 to March 2024. It shows how famous, active, and in-demand the DGB crypto is among the users. 

The past data in the chart shows that social dominance had been fluctuating between 0.02% and 0.1% from December 2023 to January 2024. However, the crypto gained popularity in February 2024 as the Social dominance surged to 0.25% by the end of the month. The popularity of DGB crypto again dropped in March and was currently at 0.043%. 

The whale holding data displays the change in holdings of the large wallets. The whale holdings data obtained from the app.santiment.com website illustrates that the whales held nearly 49% of the total supply, which remained constant from December to mid-February. However, the holdings saw a significant increment in February 2024 and March 2024 and are currently at 56.9%. The price has also noted a substantial increment in the period. 

DigiByte Crypto Price Prediction 

The price prediction of the DGB token shows that the crypto may drop lower as a pullback is pending. On the lower side, the 20-day and 50-day EMAs may act as a support, and the price may take a bounce back.

If the bounce-back triggers from dynamic supports, the short-term traders and Investors may target $0.017 and $0.019 as the higher targets. 

Conclusion.

The DigiByte crypto is on a four-day losing streak and is nearing the 20-day EMA. The bears are making attempts to reclaim their dominance at the top. However, the bulls are still controlling the trend as the price trades higher above the key EMAs of 20 and 50 days. 

The whale holdings saw an increase in the previous month. However, the sentiments have turned negative in the last couple of sessions, indicating a possible correction in the price. 

Technical levels:

  • Support levels: $0.0144 and $0.012
  • Resistance levels: $0.0174 and $0.0199

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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