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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

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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