DigiByte (DGB)
Market Cap: $361.82M
Circulating Supply: 10.30B DGB
Max Supply 21B DGB
Volume (24h) $2.05M
Technical Analysis
DGB/USD changed little today and seems undecided in the short term. Price has found a temporary support and now is struggling to stay higher even if the selling pressure is still high. The rate increased in yesterday’s trading session and closed above a dynamic resistance.
It is still premature to say that the rate will start another upside movement. Only a false breakdown is enough for us to go long again. We still need a confirmation that the rate will increase significantly again.
The price has started a corrective phase, after the failure to make a valid breakout above the median line (ML) of the ascending pitchfork. DGB/USD has turned to the downside also because the crypto market has plunged in the short term
The rate has reached the lower median line (LML), which represents a crucial dynamic support. A valid breakdown below this level will open the door for more declines. As you can see, the rate has made a false breakdown below the LML and now stands above this downside obstacle.
DGB/USD has shown some oversold signs where it has failed to reach and retest the sliding line (sl) of the descending pitchfork. The next days will be crucial for the DigiByte because a valid breakdown will invalidate a potential upside movement.
Conclusion
Personally, I believe that a rejection from here followed by a valid breakout above the upside sliding parallel line (sl1) will bring a great buying opportunity. The next major upside target remains at the median line (ML) of the ascending pitchfork.
You should know that it remains under selling pressure as long as it stays below the upside sliding line (sl1).
