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

Digibyte is an innovative blockchain network that facilitates the creation 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 native token of this network and its technical analysis is as follows:

Past Performance

On May 24, 2021, DGB opened at $0.06. On May 30, 2021, DGB closed at $0.06. Thus, in the past week, there has been no change in the DGB price. In the last 24 hours, DGB has traded between $0.058-$0.062.

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Day-Ahead and Tomorrow

Currently, DGB is trading at $0.059. The price has decreased from the day’s opening price of $0.06. Thus, the market seems bearish.

The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the DGB price to go up further.

Currently, the RSI indicator is at 63%. It faced rejection at 44% and rose to this level. Thus, buying pressures are high. In other words, like the MACD indicator, the RSI oscillator has also indicated a price rise.

The OBV indicator had fallen steeply but has been rising steadily for the past few minutes. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the DGB price.

In short, all three oscillators have given bullish signals. Thus, the price is expected to increase further.

DGB Technical Analysis

Currently, the price is below the first Fibonacci pivot point of $0.06 and is expected to break out of it soon. Thereafter, the price may break out of the first and second resistance levels of $0.061 and $0.062, respectively, if the bulls remain strong.

The price has tested and broken out of the 23.6% FIB retracement level of $0.058. It may soon breakout of the 38.2% FIB retracement level of $0.059. Thus, as of now, the price uptrend is strong and likely to continue tomorrow as well.