Many cryptocurrencies are in the market, trying to reduce the problems of mainstream cryptocurrencies such as Bitcoin and Ethereum. Digibyte is one such coin seeking to provide better speed, faster transactions, and more security.
It claims to have a faster network than all the public UTXO blockchains. It has implemented Segregated Witness to limit the size of transactions for better processing capacity.
The Digibyte developers claimed to have better security than a global-level decentralized network. It also implemented DigiShield and MultiShield technologies to enhance security-related problems and prevent malicious attacks.
It also focuses on three parallel blockchain developments such as artificial intelligence, the Internet of Things, and cyber security. Moreover, it aims to renovate the system to make it more user-friendly.
It has become one of the largest networks since its community members created 100,000 nodes from all the corners of the globe. The architecture mainly focuses on developing scalability, security, speed, and decentralization systems.
Digibyte’s digital assets are digital versions of the data that cannot be counterfeited or duplicated. DGB is mainly created by mining, and the developers try to make it fully tradable for goods and services in the real world.
When writing this post, DGB was trading around $0.016. DGB has already broken the support level of $0.018, and the coin is in a continuous downtrend.
The MACD indicator is bearish; RSI is also in the oversold zone. Candlesticks are forming in the lower band, which suggests the market is highly bearish for DGB.
It is not the best time for a short-term investment, but we have to analyze the long-term chart before making any investment decision.
Bearish Trend Persists; Avoid Long-Term Investment
In this consolidation phase, the candlesticks have been forming lower lows which is not suitable for long-term investment.
After making a high of $0.175, it has been in a downtrend. Though the MACD line is still bullish, RSI is around 40. We suggest not to invest in this coin currently because candles are in the lower range of the Bollinger Bands, which suggests extreme bearishness.
On this weekly chart, $0.07 is a strong resistance level, and we do not think it will cross it this year. You should not invest in this coin for the long term at this price point and wait for a few more months until it shows a bullish reversal.
