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DigiByte (DGB) Price Analysis – DigiByte Feeling Some Love

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DigiByte
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While DigiByte (DGB), as well as the entire cryptocurrency universe, has felt the wrath of Mother Market in the prolonged and slow bleed bear market that has been ongoing for six months now, DGB appears to have potentially found its footing, at least in the short-term and in the process, is feeling some much welcomed love in the form of price appreciation.

Although it’s premature to declare that either DGB or the vast landscape of cryptocurrencies are completely out of the woods just yet, nevertheless, the recent day’s action in DGB may be foreshadowing what’s to come for the entire space in the weeks ahead with DigiByte setting the tone.

That being said, let’s take a glance at the technical posture of DGB to perhaps garner some clues/evidence as to what may be in the offing in the not too distant future via the Charts below:

When observing the daily chart of DGB above, we can see that DigiByte recently tagged an important figure at the .017 level that acted as a ‘Floor’ back in April. Although DGB continues to trade below its 20; 50 and 200-day moving averages, depicting a poor technical posture, DGB has enjoyed a nice bounce off of that .017 level and now finds itself pressing its 20 DMA (yellow line).

Thus, from a short-term perspective, while DGB requires additional work, it has recaptured the .023 level, which acted as potential short-term support (now turned resistance) on the way down, which is a positive development.

In addition, if DGB can hodl the .023 figure in the days ahead and or better yet, put in some side-ways grind and consolidate the recent move into higher ground via forming a potential right shoulder of an inverted Head-and-Shoulders (H&S) formation, we may have the making’s of something to look forward to in the weeks ahead, should such development indeed materialize.

When zooming-out on the time-frame to the weekly action below, we can observe that DGB moved right into the low zone created in Spring of this year and thus far, has since put in a nice reversal candle.

When we move out to the Monthly duration below, we can witness that DGB appears to have found its footing at prior recent support as well as buying interest evidenced via the recent push into higher ground off of the Spring-time lows (.015-.017 zone).

Moving forward, both investors/traders may want to utilize the following levels for further clues/evidence with respect to direction in the days/weeks ahead.

If DGB can begin to put in some sideways chop and consolidate the recent thrust (build cause/energy), such action would certainly be a positive and in the process, potentially build-out a right shoulder of a possible inverted H&S formation.

That said, if at any time in the days ahead, DGB can move top-side of the .0264 level and perhaps more importantly, the .03 figure, such action, should it materialize, would likely trigger a run to the .04 area, which represents a 60% move from current levels.

With respect to potential short-term support, both investors and particularly Traders may want to utilize the .019 level as your line in the sand, with the .015-.017 zone providing longer-term support.

Nonetheless, we may just be witnessing the very beginnings of a bottom for DGB in this long drawn bear and the forthcoming action in the days/weeks ahead should prove interesting.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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