The Digibyte price history for the past few weeks has been interesting. In July, it has seen a resurgence and is currently up by 22 per cent. However, in the early days of the month, the crypto did not look poised to make gains in the month, and at one point, it was down by almost 10 per cent. However, with the cryptocurrency industry as a whole moving aggressively upwards, the result has been other altcoins such as Digibyte also following the trend.
Digibyte has also had the advantage of continually growing in traction for the past few months. The platform, which makes it easy for users to send and receive DGB coins in irreversible and permissionless transactions, has made it easier for the crypto community to carry out transactions easily and inexpensively.
Looking at the chart below, we can see the Digibyte price continuing to rise, with today’s trading session showing a 2 per cent price gain. However, I have reason to believe that the current growth will likely come down sooner.
Digibyte trading volume has continued to fall for the past few trading sessions. On July 16th, Digibyte had a $35 million trading volume. However, looking at the past 24 hours, the Digibyte trading volume was only $9 million. This is a drop of 74 per cent in trading volume. Although the drop has not yet been translated into the markets, there is a high likelihood that we may see markets start to respond to the low trading volume.
The impact will see Digibyte price begin to fall. The crypto market is currently in a bull trend but is still not yet stable. Therefore, there is a high likelihood we may see a reversal in the current trend. The result will be a continued fall in the price of Digibyte.
Therefore, I expect the price to start falling in the next few trading sessions. However, if the prices move past the $0.013 price level, my bearish analysis will be invalidated. At that point, it will be clear that the trend is bullish.
This post was last modified on Jul 22, 2022, 15:30 BST 15:30