- The rally was cut short as DGB bulls battled key resistance at the $0.1148 high
- Digibyte announced its partnership with LCX
Digibyte (DGB) has been building up its momentum since its bounce off the $0.058 low on March 25. The April 14 surge above the key resistance at $0.1089 suggests that buyers are gaining confidence while aiming for new highs. The rally was cut short as DGB bulls battled key resistance at the $0.1148 high. South-heading momentum on the daily chart and the RSI pointing downwards from the 70 reading adds to negative signs that the bulls may have run out of steam.
DigiByte, an open-source blockchain and asset creation platform, has a current market cap of $1.4 billion, with $468 billion in trade volume over the past 24 hours. Digibyte attained record highs of $0.14 in Jan. 2018. DGB traded few steps below this mark on April 15, reaching highs of 0.1148 before paring intraday gains. As of press time, DGB was trading at $0.1011, still up 9.81% in the last 24 hours and 19.53% weekly.
On April 14, Digibyte announced its partnership with LCX, a regulated cryptocurrency exchange. LCX will not only list DGB but will also implement DigiByte Blockchain at the LCX ecosystem. This will include running a blockchain node and integrating wallet support. The Digbyte team believes that the partnership should serve as a bridge to link DGB to the corporate enterprise world.
The DigiByte Foundation is proud to have partnered with @lcx https://t.co/nGPNMBZgY3
Next to the listing of $DGB, LCX is going to be the strategic partner for our mission to bring #DigiByte #blockchain technology to a next, corporate enterprise, level.https://t.co/XPC9HnnYvI
— DigiByte Foundation (@DGB_Foundation) April 14, 2021
DGB price daily chart: Ranging
The DGB/USD pair pierced the resistance zone above the $0.10 level on Apri1 14. However, the following day’s surge was stopped by the $0.1148 resistance level and DGB retraced back down to $0.0990 to seek support.
Near-term action is expected to remain biased higher above $0.0950 (April 5 barrier now turned support) while break lower would expose support at $0.080 ahead of $0.074 support and the MA 50 located at $0.070. The MA 50, which had reached $0.070 on Thursday, could provide the required support to restart the rally. The bullish scenario requires a lift above the MA 50 to challenge the $0.010 level ahead of the $0.11 level, a break of which would accelerate recovery.
A surge past the $0.11 level could once again attempt to reach the $0.1148, where the April 15 high levels are located. A continuous break above this level could lead to a test of the psychological levels of $12 and $13, setting up a retest of the all-time highs of $0.1429 set in January 2018.
- Supply Levels: $0.140, $0.130, $0.120
- Demand Levels: $0.095, $0.080, $0.070
Overall, as long as Digibyte price is above the base of the recent rally ($0.097), the bias will remain bullish. The RSI still has room to grow, hovering below the 70 reading.