Over the years, DigiByte has been among the most promising blockchain projects. DigiByte allows users to send and receive DGB coins in irreversible and permissionless transactions. However, despite its growth in userbase and functionality, the project has continuously struggled in the markets. Since hitting its all-time price high of $0.1825 on May 1, 2021, its price has fallen by 93 per cent.
The struggle to recover from the recent price drops has continued to this year, with DigiByte losing 63 per cent of its value in 2022. This month, DigiByte is already down by 3 per cent. The month started with a push to the upside. However, the prices reversed, and at some point this month, DigiByte was down by 18 per cent.
The drop in June has also been a continuation of the long-term bearish trend that peaked in April and May, where DigiByte lost 43 and 31 per cent of its value, respectively.
In today’s trading session, DigiByte is up by a percentage point. Today’s price gains follow a strong bearish move yesterday, which saw the prices drop by 4 per cent. Looking at the four-hour chart below, we can see today’s trading session starting strongly, with a 2.7 per cent push to the upside. However, in the past few hours, the strong bullish move has reversed, and the current trend is bearish.
The chart below also shows the prices have been trading sideways within a descending channel that is not aggressively bearish. Therefore, combining the recent price action and the overall long-term trend, my Digibyte price prediction expects the prices to continue dropping. There is a likelihood that the prices will hit the $0.010 support level.
The current bear move may also push past the $0.01 support level and continue to set new price lows. However, should the prices close above the $0.013 price level, then my bearish trend analysis will be invalidated. It will also mean a likely price reversal to the upside.
This post was last modified on Jun 09, 2022, 14:32 BST 14:32