DGB Technical Analysis: Price Likely to Fall Below $0.5648, $0.049, and $0.044
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DGB Technical Analysis: Price Likely to Fall Below $0.5648, $0.049, and $0.044

June 8, 2021      Ankita Awasthi

Digibyte (DGB)  is an open-source blockchain creation platform. It was started in 2014 on the nodes of bitcoin. It was originally built to improve security, capacity, and transaction speed than blockchain. DGB uses five separate algorithms to maintain privacy and miners getting too much power. The DGB technical analysis is as follows:

Past Performance

On June 01, 2021, DGB opened at $0.07. On June 07, 2021, DGB closed at $0.06. Thus, in the past week, the price has decreased by approximately 14.28%. In the last 24 hours, DGB has traded between $0.055-$0.074.

https://s3.tradingview.com/snapshots/w/wcqCjcmQ.png

https://www.tradingview.com/x/wcqCjcmQ/ 

Day Ahead And Tomorrow

Currently, DGB is trading at $0.057. The price has decreased from the day’s opening price of $0.06. Thus, it seems like bears have taken control of the market.

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The MACD and signal lines are entering into the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.

Currently, the RSI indicator is at 33%. It faced rejection at 60% and has fallen straight to this level. Thus, it indicates that the selling pressure is high in the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal for DGB.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DGB price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal.

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DGB Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.6125. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.5648, $0.049, and $0.044, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $0.607. It may soon fall below the 23.6% FIB retracement level of $0.564. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

#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.