Cardano and Digibyte Price Analysis For Friday, December 18, 2020
The digital asset market is currently enjoying great gains as the day progresses with Bitcoin smashing all-time high records at will. With Bitcoin moving in leaps and bounds, the altcoin market is following its pace and making records in progress. While other altcoins have been making a little bullish run in the market, Cardano and Digibyte are few of the digital asset that investors have taken an interest in on the back of Bitcoins bullish move.
Priding itself as the eight largest digital assets according to market capitalization, CARDANO witnessed a huge prove jump as Bitcoin breached the $20,000 price mark before moving to the $21,000 price region. CARDANO was again the star of the crypto market as it further recorded another bullish run as Bitcoin eventually beat $22,000 to rest around $23,000.
The series of bullish run witnessed by Cardano came at a perfect time for its investors as they have been forced to endure a natural price correction that the digital asset underwent earlier before the bullish run began. Cardano has witnessed a massive prove move of about 19% and is currently trading at a price region that was last seen in 2018.
Despite Cardano making a massive move in the market, its on-chain market reading is showing an entirely different move. While the on-chain move is showing that the asset could swing anywhere in the coming days, its price candles are showing that the asset is set for another bullish run. Presently, its year to date profit is now above 400%, and the digital asset was in the news for its recent collaboration with Nervos.
Like all other altcoins in the crypto market, Digibyte reacted to the bullish momentum that is currently moving across the crypto market. Even though Digibyte recorded moves, it was not like the move that occurred in the Cardano market.
Presently, analytics are saying things look like the Digibyte market is currently undergoing a small market price correction. Despite the price correction, Digibyte is currently trading outside its resistance figure with the digital asset currently moving close to its support level.
The MACD line and the signal line are showing that the market will soon be overcome by bearishness. In contrast, the Relative Strength Index shows that the digital asset is gradually moving between the oversold and overbought zone. Even with a dip incoming, investors will be comforted in the fact that Bitcoin is gradually steadying, which means that the digital asset would have enough room to move to new heights.