DigiByte News

DigiByte Retains Complete Support & Correlation from Social Media

DigiByte is one of the altcoins that is shilled the most by altcoin investors these days and has been one amongst the trending altcoins due to the rampant growth and traction. Moreover, DigiByte is now listed on Binance—global premier exchange for trading in cryptocurrencies, which is likely to aid DGB coin and attract the networkers of Binance exchange as well who were not a part of DGB network previously. Additionally, in the ongoing alt season DigiByte, along with Quant, Nimiq, VI-D, TomoChain, Utrust, and Celsius Network, are forming the crest of the global crypto market and are the topmost gravitating cryptos.

With an increase in price and market traction, DigiByte is gaining ground on social media as well, which shows that price and social media interaction are at par. The coin has lured a massive group of investors, while in the Bull Run and the social media is exhibiting complete correlation (5/5) based on posts, activities, engagements, contributors, and shared links. Interesting to note that the social volume has ramped up by 64.8%, which has boosted the social engagement by 93% in one week.

With this, DigiByte is now the most preferred and traded crypto by Uphold trading platform in the US after Bitcoin and XRP. The recent hype created is real and not illusionary for certain altcoins, which include DGB.

DigiByte Price Analysis

DigiByte News
DGB/USD Chart By TradingView

On the 24-hourly chart, DigiByte is exhibiting a different wave of momentum against the USD, which is unlike the one seen in altcoins like Ethereum, XRP, Cardano, etc. On the other hand, DigiByte is oscillating between 38.20% to 100.0% Fib Retracement level.

The important and the most stupefying thing to point about DGB/USD price trend since the start of the year until the time of writing is that the coin was lacking momentum until mid-April 2020. Whereas, the other altcoins of the market were spiking and fetching high returns then. Moreover, it was just when Bitcoin had hit $10k after experiencing a sharp bottom at the end of the previous year.

DigiByte, in comparison to the market trend, is observed having a different wavelength and price movement. The technicals laid are drawing an intraday bullish picture as the candlewick of DGB/USD is trying to move above 61.80% Fib with no volatility projected as per the 20-day Bollinger Bands.

The MACD of DigiByte was bearish until the coin experienced an intraday blow of traction, and therefore, the MACD chart now holds a bullish divergence. The RSI of the DGB coin is at 56.50 and holds no trading extremities on the 12-hourly chart.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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