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DigiByte Price Analysis: DGB Playing Out In Spades
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
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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