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DigiByte Price Analysis: DGB Playing Out In Spades

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DigiByte
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Last week, we brought readers of Global Coin Report to the attention of DigiByte (DGB), where we noted, 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.”

We also went on to state, “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”, which now appears to be playing-out in Spades as we can witness from the daily Chart below:

When viewing the recent action of DGB above, things are working as we suspected last week with DigiByte consolidating the recent move higher via some side-ways grind and now finds itself trading comfortably above its 20 SMA (yellow line) and flirting with its 50 SMA (blue line), which continues to suggest a favorable technical posture from a short-term perspective.

While additional work remains in order for DGB to reach our referenced short-term price objective at .04 (60% move from initiation) derived from the measured move, it certainly appears that we’re on the right path and things are playing out in spades – so long as DGB is capable of exhibiting its recent relative strength.

Thus, moving forward, both investors/traders may want to utilize the following levels as a guide as well as providing further evidence/clues with respect to direction.

If, at any time in the days ahead, DGB is capable of clearing the .034 level, such development, should it materialize, would likely set the stage for a run for the roses at our referenced .04 price objective, which just so happens to coincide with the 200 SMA, resulting in a 60% move in the past week.

With respect to the potential short-term support, both investors/traders may want to utilize the .025 level from a trading point of view, while the .02-.021 should provide for longer-term investor support.

Nevertheless, the action in DGB continues to follow our script from last week to a ‘T’ and now we just wait to register the points on the scoreboard should DGB find itself touching down at the .04 level in the days/weeks ahead.

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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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DEXes
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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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