After trading in a consolidation zone for an entire week, buyer action has pushed Digibyte coin close to a breakout. If the signals combine forces with price action, the coin can reach the price band above $0.050 within the next few days. There is a strong buyer sentiment with an increase in trading volumes pushing this asset to reclaim some of its lost values.
But even with the breakout, the sentiment is not that strong to reach its all time highs. However, a long term buying at current levels is a good investment opportunity.
Digibyte Technical Analysis
This technical analysis is combined with consolidation zones, a sudden spike in volumes, as compared to the last two weeks, and MACD momentum of a positive swing. Although the swing has lost some of its momentum as indicated by light green candles on MACD charts, there is still hope for a decent price momentum in the days to follow.
The chart is creating an uncertain candle followed by a red Heikin Ashi candle, which provides us some clarity into the upcoming possibilities. Traders should look out at the resistance of $0.050 and support at $0.040. It gives a leeway of 25% based on technical indicators. Since Digibyte price has been falling from the resistance level of $0.050, it will be wiser to make a fresh entry above the mark for a decent profit rally.