Since the beginning of March, the Digibyte cryptocurrency has made three attempts at rallying above the 0.0000007 price level, but so far there doesn’t seem to be sufficient momentum. So, why is price having such a hard time at this area?
If we examine the 30-minute chart during the first half of February, it becomes obvious why 0.0000007 is of technical importance. This area acted as support during the rally that took place on the 12th of February, and once price plunged underneath this area on the 13th, 0.000007 then turned into resistance. This is why Digibyte is having a hard time getting above 0.0000007 today!
The 30-minute chart is also showing that an ascending triangle pattern has been forming since the 1st of March. These triangle patterns are indicative of a pressure build up and very frequently occur just prior to big breakouts. A similar triangle pattern on the Monero digital currency showed up just a few days before today’s big move.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_dgb
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
No Responses