DigiByte broke out of a falling wedge with a 25% gain and very high volume.
It holds above $0.00970 and could squeeze soon toward $0.01618.
A cut above $0.01200 might bring in even stronger buying, adding upward extension of the rally.
DigiByte has confirmed a breakout after months of trading sideways, with a price point of $0.01115 following an abrupt 25% spike. The chart reads strong bullish breakout from falling wedge patterns, which are structures that are typically leading to sustainable upward momentum. This breakout followed DGB clearing an important horizontal resistance holding little ceiling to several failed rallies prior. The price has crossed back above this critical zone, shows signs of further upside, and the next target is projected around $0.01618-another 35% move, if momentum holds.
Falling Wedge Breakout Confirms Bullish Trend
Price action leading up to this breakout produced an unmistakable falling wedge pattern coupled with consistent lower highs and lower lows in terms of closing action. A strong green candle put this breakout up and over key resistance , thereby confirming bullish strength. Statistically speaking, most breakouts from falling wedge formations lead to strong rallies sustained for several weeks, and it appears that there is much volume backing this price move. The target breakout aligns subsequent movements with previous price action, making it realistic for $0.01618 to be the next level toward which fresh buyers would push.
The most critical level at present is the support just regained at $0.00970, which used to act as resistance. If DGB stays above this level, then strong bulls will continue pushing the price to the next major resistance. The very strong momentum is additionally reinforced by a breakout confirmation tweet, demonstrating that this rally is drawing interest throughout the market. However, anything above the $0.00970 support will consider retesting the upper trendline of the wedge again prior to it continuing up.
Potential for an Extended Rally as Bulls Gain Control
DGB has already gone 25% ahead and, thus, the only portend success is going to push through the $0.01200 point to ignite buying for many more investors to flood the market with fresh traders. If the buyers pump energy into it, then there might be a possibility of moving towards $0.01618. A good structure indicates that as long as DGB holds the reclaimed support, this breakout could just lead to a much larger trend shift. The coming sessions would be critical for discerning whether the breakout will translate into a full continuation of the trend or if-profit taking deters the bid back down in the near term.
