After a decent uptrend movement, DigiByte has finally met strong resistance. As a result, price action in DigiByte has been fairly consolidating in the last week. While it is not falling from the baseline, there is a strong selling sentiment creeping in every time DGB reaches close to the 8 cents mark.
The amazing fact about DGB being a fork of Bitcoin mined back in 2014 confirms the shared DNA of DGB and BTC. The difference is with the ideology behind DigByte. Just as any hard fork, the newer cryptocurrency is the most evolved one. DGB founder Jared Tate has been the cornerstone who oversaw the transformation of this cryptocurrency as we know it today.
Digitbyte developments are overseen by a group of developers and the DigiByte Foundation, which essentially administer the preservation of this blockchain project. In addition, another dedicated team is directly responsible for its Marketing and Promotional activities.
DigiByte Price Analysis
DigiByte cryptocurrency has been on a clear growth path since the last drop we witnessed on July 20. After giving a return of over 131%, DGB price has fallen by more than 15% in the previous couple of days. The positive aspect of consistent volumes with sudden spikes and a decent RSI level provides a better perspective of the bullish sentiment that is helping Digibyte move higher.
DGB faces strong resistance at $0.08 and has strong support at $0.06. Ideally, after such a strong run, there should be some consolidation before further price action, preventing the probability of sudden crypto crashes. However, over the last couple of days, RSI has entered neutral zones, which, combined with the consolidating price action, re-affirms the halt in trending movements.
The higher volume and price action witnessed on August 31 was some sort of freak trade, as DGB price went up by more than 20% in an hour, which returned to the starting level within the next four hours. We have been witnessing rising volumes on hourly charts, and one should expect DGB to become trending for small gains. Thus the DGB outlook seems optimistic, but one should avoid buying higher levels and wait for profit booking to increase their holdings.
