Recently DigiByte found the support at 88.6% Fibonacci retracement. It has been trading there for 4 consecutive days, and although it tried to break below, daily close always stayed above that level.
At the same time DGB/USD reached the bottom of the descending channel and for the past 4 days price has been steadily moving up. Now DigiByte is approaching the 88.6% Fib resistance, that corresponds to the upper trendline of the descending channel as well as 50 Moving Average.
So, the $0.027 could be the key resistance level that could help to determine further price direction. Break above should result in the uptrend continuation, although the corrective move down first is likely. But on the other hand if resistance is rejected, DGB cold move down towards $0.02 support to form a double bottom and potentially even lower.
At the same time DGB/USD reached the bottom of the descending channel and for the past 4 days price has been steadily moving up. Now DigiByte is approaching the 88.6% Fib resistance, that corresponds to the upper trendline of the descending channel as well as 50 Moving Average.
So, the $0.027 could be the key resistance level that could help to determine further price direction. Break above should result in the uptrend continuation, although the corrective move down first is likely. But on the other hand if resistance is rejected, DGB cold move down towards $0.02 support to form a double bottom and potentially even lower.
Trade closed: target reached