DigiByte is one of the oldest blockchains in the world that was created in 2014. Many experts suggest it offers features to make it more secure and decentralized than Bitcoin. It has three layers of processing for smart contracts and decentralized applications. It also offers cross-chain compatibility that adds extra value to this altcoin. There are some drawbacks to DigiByte, but the major one is it runs on a Proof of Work consensus that consumes more energy for mining the altcoin.
Jared Tate is the main figure behind the development of DGB altcoin. He created DigiByte to make it a widely adopted decentralized cryptocurrency by the users. The development started in 2013 and was first mined in January 2014. It can create a block in 15 seconds on a secure and decentralized network. Though it offers some great features, it is not so popular because it has fewer use cases when compared to major crypto networks like Bitcoin and Ethereum.
Do you want to invest in DGB? It is not such a popular altcoin, and the price is not bullish in the long term. You must keep a closer look at the news related to DigiByte and act accordingly. You can read this price analysis to learn more about it, but do not take it as a recommendation.
At the time of writing this post, DGB was trading around $0.009 and has been consolidating in the short term. $0.012 will work as a resistance level, and $0.008 will be a support level for the token. You can find two reverse hammer candles on the daily chart, which have broken the resistance level but could not survive for two consecutive days.
It also suggests that in the short term price may not cross the resistance level soon, and the consolidation phase will continue for a few months. Most of the technical indicators for DigiByte are bearish at this time, and candlesticks are forming just above the baseline of the Bollinger Bands. Overall, it is not a great time to try for short-term gain.
On the other side, the coin has been in a downtrend in the long term because DigiByte has been forming lower lows. Most technical indicators are bearish; even if it turns bullish, the price may not cross $0.012.
That suggests it is not a good chart for long-term investment. Instead of DigiByte, you should prefer long-term, less risky crypto assets like Bitcoin and Ethereum as they may provide better returns.
