Digibyte surges 12% as DGB signals strong bullish momentum
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DigiByte (DGB) price is up 12% in the past 24 hours, signalling strong bullish momentum as buyers take charge across the market.
Per data from CoinMarketCap, DGB has seen a 220% increase in trading volume at over $11.9 million.
The daily range of $0.008074 and $0.009438 means DigiByte is hovering at levels seen in early March.
DGB is currently priced at $0.0091, with its uptick outpaced by Cronos (CRO), Story (IP) and Berachain (BERA) among other top altcoins.
But are bulls about to delete another zero? Gains this past week stand at 13%, suggesting another leg could offer notable encouragement to buyers.
DigiByte price chart outlook
The price outlook for DigiByte on the daily chart has the Relative Strength Index (RSI) at 56, currently hinting at bullish strength.
As the RSI is not yet in the overbought zone, the potential for upward continuation is there.
Another indicator supporting buying pressure is the Moving Average Convergence Divergence (MACD).
On the daily chart, the MACD shows a bullish crossover and the histogram is rising.
Meanwhile, the Stochastic Oscillator, which compares the closing price to the high-low range over 20 days, currently shows bullishness.
The indicators, coupled with market conditions and potential upward catalysts in coming weeks and months could be in favour of DGB buyers.
However, the key level traders might want to watch is the $0.0095 zone.
The supply wall aligns with the 1-month support/ resistance zone on the daily chart.
A breakdown from this area saw bears push DGB to lows of $0.0077 earlier this month.
If price breaks high amid broader market upside, DigiByte price could retest $0.011 and see bulls target $0.014.
DigiByte gains momentum amid Taproot activation
While overall buyside pressure has helped DGB price higher in the past 24 hours, the proof-of-work mining coin has benefited from a key network development.
DigiByte is a public, open-source, decentralized network. It uses a PoW consensus mechanism and utilizes the UTXO model of accounting. A derivative of Bitcoin with some improvements, it’s known for its speed, security, & innovation. Of the people, by the people, for the people.
This week, the DigiByte announced that the network has begun Taproot activation.
DigiByte Awareness Team member Jose Trejo says Taproot is a “game-changer” for the blockchain network.
Key benefits include speed, security and lower fees.
Its also about enhanced privacy and new opportunities, while helping the network retain the key feature of decentralization.
“One of the standout benefits of Taproot on DigiByte is the potential for lower fees. P2TR leverages Schnorr Signatures, a clever cryptographic trick that makes transactions more efficient,” he wrote in a Medium post.
DigiByte’s network update and broader market outlook suggest the $0.0095 resistance area may not hold for long.
On the other hand, a negative flip could bring $0.0070 into view as a key support level.
The post Digibyte surges 12% as DGB signals strong bullish momentum appeared first on Invezz
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