DigiByte price has gained over 4% over the last 24 hours amid a general crypto market mid-week rally. On Wednesday, the Federal Open Market Committee (FOMC) eased the pressure it has been putting forth to curb inflation after the Consumer Price Index (CPI) returned lower-than-expected figures.
In other words, although inflation is still relatively high, it went down in November compared to October. Bitcoin price has, since the beginning of the week, steadied its uptrend, where it nearly brushed shoulders with $18,400.
The second largest cryptocurrency, Ethereum, was not left behind as it climbed to a five-week high of $1,352. Meanwhile, ETH has retreated to trade at $1,29; a move suggests that further declines are still apparent.
DigiByte Price Forecast: Assessing the Possibility of DGB Rallying To $0.014
DigiByte price extended its up leg on Wednesday during the American session as bulls capitalized on positive pressure emanating from the Fed news. The cryptocurrency market will likely keep the week’s positive momentum intact now that the FOMC has acknowledged that inflation is easing.
November’s selloff triggered by FTX collapse left no stone unturned, with DGB spiraling from $0.011 to $0.006. A recovery ensued immediately, allowing DigiByte to lift above a confluence resistance at $0.0079 – formed by the 50-day Exponential Moving Average (EMA) (in red) and the lower falling trend line, as shown in the daily chart below.
Another break above $0.0087, highlighted by the 100-day EMA (in blue), increased investor confidence in the mid-week rally to $0.011. DigiByte must step and hold above the upper falling trend line to activate a sustained uptrend.
From the above daily chart, DGB is, to a large extent, safe in the bulls’ hands. For instance, the Moving Average Convergence Divergence’s (MACD) positive outlook affirms buyers’ increased presence in the market. With the MACD setting camp in the positive region and above the signal line, the path with the least resistance will likely remain to the upside.
However, traders hoping to get into long positions must be patient until DigiByte cracks the resistance at $0.011 – close to the upper falling trend line. Some potential take-profit positions from here lie at the 200-day EMA (in purple), currently holding the ground at $0.0122, the next hurdle at $0.014 and $0.018, respectively.
Meanwhile, the four-hour time frame chart shows that short positions could turn profitable in the current and upcoming sessions. The MACD, as seen below, suggests that the trend has flipped bearish, especially with the indicator’s histograms, changing color from green to red.
Sell orders triggered marginally below $0.009 could mature as DigiByte seeks support at $0.008, an area reinforced by the 50-day EMA (in red) and the 200-day EMA (in purple). The expected retracement is unlikely to last long because sidelined buyers may consider buying DGB as the price drops.
A glance at the social volume data reveals that DigiByte is gradually becoming an interesting topic in crypto cycles, especially on Twitter. The spike in the chart below shows discussions surrounding the token rising in tandem with the price. Therefore, DGB could resume the uptrend to $0.014 as long as it remains an interesting topic across social platforms.
DigiByte Alternatives Promising Short-term Gains
DigiByte price rallied to recoup losses it suffered following the FTX debacle. Its recovery and that of many other cryptos piggybacked on positive sentiment emanating from the Fed news on interest rates as well as the US CPI figures.
However, the uptrend’s viability remains doubtful, given the recent occurrences in the market. Hence, investors should consider some selected tokens currently in their presale stages for quicker gains upon listing on exchanges. Some of the tokens listed below are way ahead of schedule.
Dash 2 Trade (D2T)
Dash 2 Trade is a software platform that provides traders with actionable trading signals to take advantage of market opportunities. This top-tier cryptocurrency ecosystem supports all essential trading tools while providing access to the most recent on-chain metrics.
Dash 2 Trade functions on a subscription structure comprising three tiers. The basic free tier does not require users to hold D2T tokens, but the starter tier comes with a monthly subscription costing 400 D2T tokens. A premium tier offers access to all the services on Dash 2 Trade – it is priced at 1,000 D2T tokens.
RobotEra is a robust Sandbox-style metaverse platform that blends entertainment and interaction. TARO is the token that drives this ecosystem. It is used for various in-world transactions, including making purchases, getting tickets to events, and playing games.
The platform also supports robot NFTs that function as user characters. Since it’s a metaverse, users can buy land to build properties and sell amenities. RobotEra is an all-inclusive platform for creating assets, playing games and growing value through several in-world interactions.
Through a play-to-earn battle card game, the Calvaria crypto initiative hopes to hasten the acceptance of cryptocurrencies by the wider populace. The team’s goal is to create the first practical gateway between the “real world” and the digital world, and they aim to develop an engaging and comprehensible game played on PCs and mobile app stores.
RIA’s presale is at an advanced stage, with $2.45 million raised. Only 21% of the tokens floated for the five presale stages are left. Therefore, glancing at the website could help you secure an early bird ticket ahead of RIA’s listing on exchanges.