Wednesday, December 7, 2022

DigiByte faces a steep drop as sentiment in the market slows

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DigiByte (DGB) has seen a decent change in trend over the last 24 hours. The coin has managed to see double-digit gains but despite this, there are still a lot of downsides to keep in mind. The coin is in fact staring at a steep drop. More on this later but first, here are some highlights.

  • DGB remains in a bearish long term trend despite recent rallies

  • The coin has however tried to consolidate as it tries to find demand

  • But is unlikely to maintain this momentum for long

Data Source: TradingView 

DigiByte (DGB) Price analysis and prediction

The new week appears to have brought new life for DigiByte (DGB). The coin has managed to gain around 10% over the last 24 hours and looks to be consolidating. However, as we have seen in the past few weeks, most rallies in crypto these days don’t last. In fact, it is likely that the current uptrend on DGB is driven by short-term traders. 

As soon as the coin hits a decent enough price, investors will lock in profit and as a result, DGB will flatten. We expect the current uptrend to continue for a few days. However. DGB will likely get rejected at the $0.016 resistance zone. This will lead to a sharp fall that takes the coin closer to $0.01. 

However, if bulls can somehow manage to push DGB above $0.016, then more upside could follow.

Should you buy DigiByte (DGB)

If you plan to buy and hold DigiByte (DGB) for a short time, then you can buy now. The coin will trend upwards for a few days before it retreats at $0.016 or thereabout. 

As for long-term investors, DigiByte (DGB) is already heavily discounted as we speak. There is a real chance to unlock its full value in a few months or so.

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