Digibyte’s Outlook Seems Negative; Will DGB Recover Soon?

Digibyte has an old history of creation and ideation dating back to 2014, when the first DGB token was mined as a fork of Bitcoin. It attempted to improve Bitcoin’s code in terms of scalability, security, transaction speed, and capability. 

Since this blockchain operates on a proof of work validation process, which is cherished mostly by traditional miners, the outlook for this token has turned dim. DGB has been left with a diminishing market capitalization of $189 million despite having similar capabilities as BTC. 

DGB has a peak market valuation of $2.75 billion, considering its high value of $0.18 in April 2022. Since then, DigiByte has just delayed its downtrend but confirmed the possibility by hitting fresh lows with the completion of each swing. Ranking 148th in terms of market capitalization and with the presence of other promising blockchains, the outlook for this token might have some positive bearings. 

Digibyte Price Analysis 

DGB has been under a pressurized zone since its low in June 2022. The price action seems to be defunct a buying rally in the last three months. The lone expectations are soon followed by massive selling pressure, and holders are struck on this token without a positive outlook considering its red-lining price action.

DigiByte chart

The current price of DigiByte attempts to breach and consolidate above the 100 EMA curve, but the resistance following this level is impacting the buyer’s part. The outlook for this token on immediate duration is negative, with the long-term outlook also looking dim. Traders can explore the DGB forecast to find more information about the possible price momentum in the coming time. 

The movement of the token on August 09 surpassed 45% of positive buying but soon retraced back to its previous level, creating another pump and dump scenario for this token. RSI indicator is entering into a state of decline with MACD following a bearish crossover price action. 

After a week of repeated attempts to trade above the 100 EMA curve, DigiByte finally created a bearish engulfing candle on August 17 and confirmed a state of decline in the coming days. The resistances for DGB in the short term are $0.01315, followed by $0.01525 and $0.01850.

DigiByte price chart

Digibyte tokens on weekly charts confirm the negative outlook, with the price declining since its breakout attempt in March 2022. The wick created on last week’s candle confirms a higher resistance level that can damage the token possibilities even on a longer duration outlook. The last peak for DGB was witnessed during the April 2021 bull run, and since then, this token has failed to initiate any positive price action. Technical indicators such as RSI and MACD are already in a sorry state.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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