DigiByte technical Analysis: DGB Remarkable Recovery, Posts Over 20 percent In Gains
September 17th, 2020
The breakout from the dips encountered in September found the right boost following news that DigiByte was partnering with PAC Global Platforms. The partnership will see PAC Global’s Masternodes added to the robust DigiAssets platform. Not long ago, DigiByte announced the launch of a Ren Wrapped DGB, which gives the platform entry into the DeFi space.
DigiByte enjoys total support from its community, and the above developments have seen the crypto’s social mentions shoot up. Besides, the fundamentals seem to have been supported by a technical breakout, resulting in remarkable gains.
The 4-hour chart shows the formation of a descending wedge following a retreat from August highs at $0.0381. The downtrend was unstoppable until DGB/USD embraced support above $0.02 at the beginning of September. Consolidation swept in, leaving things pretty silent for the past two weeks.
DGB/USD 4-hour chart
Consequently, a breakout above the 50 Moving Average, in conjunction with the partnership news, gave DGB/USD a massive boost past the 100 MA. The bullish leg continued with the upward moment, with gains hitting levels slightly above $0.026.
In the meantime, a treat is underway, although the price is teetering at $0.0252. The Relative Strength Index (RSI) has been rejected at 70 (overbought region) as it changes course downwards, it shines a light on the increasing sellers’ grip.
Support above $0.025 will go a long way to save the bulls a trip back to $0.02. It is essential to realize that 50 SMA is still below the 100 SMA. In other words, selling influence is present, and if not tackled, it could push DGB/USD to the primary support ($0.02).
DigiByte Intraday Levels
Spot rate: $0.0252
Relative change: -0.0008
Percentage change: -2.7%
Trend: Short term bearish bias