It is that time of year when Bitcoin seems to be making some strides. The big question is what this means for the numerous altcoins on the market. Looking at the DigiByte price, there may be some room for cautious optimism.
DigiByte Price Tries to Move up
In recent years, it has become apparent that a rising Bitcoin price isn’t necessarily beneficial for altcoins. In fact, the alternative markets often tend to lose value, as Bitcoin “sucks up” liquidity quickly. The opposite effect, on the other hand, is much rarer to come by these days. As far as the DigiByte price is concerned, there may be somewhat of an uptrend building.
Over the past week, DGB has made notable progress in the USD, BTC, and ETH departments. A remarkable push, yielding a 16% increase in value. Sustaining such a level of growth will pose many challenges. Weekends often yield bearish momentum, and altcoins will not escape that fate.
Social Sentiment can Boost the DigiByte Price
Glancing at the statistics provided by Lunarcrush, DigiByte seems to be “crushing” it. It ranks 4th of all viable altcoins, which is a fairly good ranking. Part of this comes from the increase in social sentiment. Engaging a community is crucial for altcoins to survive, and DigiByte is no exception.
The increase in social volume, engagement, and bullish sentiment can be beneficial to the DigiByte price. While a near 50% decrease in news articles is not great, it’s not something to be concerned about either. A rising DGB value will undoubtedly attract some media attention.
Liquidity Remains Very Healthy
Obtaining a cryptocurrency is a crucial aspect for any future price increases. Buying DigiByte can be done from many platforms, thanks to its sufficient liquidity. With $354 million in liquid marketcap to go around, there will be no immediate shortage of DGB anywhere.
Although this only puts DigiByte in 45th position, the project is still performing quite well. Many projects struggle to generate over $100 million in liquidity under the current circumstances. There is a good chance DigiByte may overtake OKB and Celo in the coming days, if this rate keeps up. It would be beneficial to the DigiByte price as well
DGB/USDT Technical Indicators
It is always worthwhile to take a closer look at the DigiByte price chart. Whether one believes in indicators and analysis or not is completely irrelevant. There is always a lesson to be learned, and for the DigiByte price, things are starting to shape up in an interesting manner.
The MA20 remains above the MA50, with the Bollinger Bands narrowing. This can indicate an accumulation period will begin, although the bearish candles are growing smaller in size. A price outbreak is within the realm of possibilities as well. Pushing to $0.03 is certainly possible, but nothing is ever guaranteed in this industry.
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