DGB Technical Analysis: Price Above Resistance Level of $0.036, Look for Breakout of $0.037 and $0.038

July 22, 2021      Ankita Awasthi

Digibyte is an innovative blockchain project that facilitates the development of smart contracts, decentralized apps, and digital assets. It is a high-speed tamper-proof network. It is also considered the longest and most decentralized ecosystem. DGB is the in-house token of this ecosystem. Let us look at the technical analysis of DGB.

Past Performance

On Jul 15, 2021, DGB opened at $0.039. On Jul 21, 2021, DGB closed at $0.034. Thus, in the past week, the DGB price has decreased by roughly 15%. In the last 24 hours, DGB has traded between $0.034-$0.037.

https://s3.tradingview.com/snapshots/r/REobZMY7.png

https://s3.tradingview.com/snapshots/r/REobZMY7.png

Day-Ahead and Tomorrow

Currently, DGB is trading at $0.036. The price has increased from the day’s opening price of $0.034. Thus, the market seems bullish.

READ  DGB Technical Analysis: Price Below the First Fibonacci Pivot Point of $0.06

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect intermittent price pullbacks amidst an overall bullish trend.

Currently, the RSI indicator is at 52%. It faced rejection at 50% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the DGB price.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further.

In short, when we look at all three oscillators together, we can say that the overall market momentum is bullish, but intermittent price pullbacks may occur. Moreover, the possibility of a bullish trend reversal cannot be ruled out.

READ  DGB Technical Analysis: DGB/BTC Price Has Broken Out of the 3rd Resistance Level of $0.00000214

DGB Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $0.036. The price may soon break out of the second and third resistance levels of $0.037 and $0.038, respectively.

Currently, the price is above the 23.6% FIB retracement level of $0.036. It may soon break out of the 23.6% FIB extension level of $0.038. If the price retests and falls below these levels by day end, the bearish trend is probably strong enough to sustain till tomorrow.

#DGB #DigiByte
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.