DigiByte (DGB) was first conceived on 10th January 2014, Jared Tate, the founder of the blockchain aimed to provide a digital platform, which was both safe and lightning fast. In the turbulent world of cryptocurrency, where the market is characterized by volatility and frequent price movements, stability is a huge factor when it comes to choosing a currency. As far as cybersecurity is concerned, only a few coins can beat the tight security protocol offered by DigiByte.
QUICK REVIEW OF DGB:
Age 4yrs 4mos
Marketcap (current) $358.14M
Price (USD) 3.46 cents
Price (BTC) 448 sats
24hr Change (%) +1.73%
24hr Trade Volume $2.91M
All Time High 14.29 cents
All Time High Date 2018-1-7
% down from ATH 75.80%
Digibyte is based on bitcoin and it is a "global blockchain with a focus on cybersecurity for digital payments & decentralized applications".
Digibyte is a proof-of-work based coin with continuously decreasing emission resulting in maximum supply of 21 billion DGB in 2035.
Developed as a proof of work (PoW) coin, DigiByte is supported by a system that regulates ‘denial of service’ attacks and various service abuses. This is usually done by prompting the service requester to take necessary actions. DigitByte didn’t instantly become famous and took some time to come to the limelight. Tracing its market response, the recent developments are largely responsible for its sudden rise to fame. As for the notable upgrades on the blockchain, mention can be made of its listing on the global digital wallet app known as Abra. Interestingly, Abra is associated with some of the big names in the crypto world, such as Stellar (XLM) and Bitcoin Gold (BTG).
Besides this, the coin has also been on Coingate, a renowned digital platform that permits payment integration on different sites.
DigiByte is one of the most underrated currencies in the cryptoverse. Discernibly, it strives to deliver much more than it promises. This currency has been greatly rewarding for the early investors, who have managed to cash in at the right time, especially in the initial days when it had not gained so much popularity. Considering the growth it has witnessed over the years, it comes across as a dynamic cryptocurrency in the market.
Bitcoin, the largest and hyped-up blockchain project, has a single mining algorithm, but DigiByte, a comparatively new currency in the market, boasts as many as five mining algorithms. The altcoin, which ranks 51 by market capitalization, is 40X times faster than Bitcoin. Also, the coin’s transaction fee is lower than BTC, which makes it an affordable alternative to overpriced options.
Tracking the coins’ price movements, DigiByte’s performance has been disappointing, as it is still trading in the red. The coin which has slipped -0.12% from its earlier position is trading at $0.034165 and 0.00000445BTC as of JUNE 7th, 2018. The price slump came as a severe blow to many investors, but it is unlikely to be a cause of worry at the moment. presently, the entire market has witnessed a drop, sending many top market players in the red. With a market capitalization of $345,343,733,457.
To determine the price movement, charts pattern will be used:
THE CUP&HANDLE PATTERN
The cup&handle pattern perform nearly as well and substantially more than other chart pattern, just as its name is so is its shape.
The pattern can last from seven weeks to as long as a year, but most are three to six months. The decline is usually 12% to 35% from the coin's high.
PREVIOUS MARKET RESULT PERFORMANCE
Break even failure rate: 5%
Average rise: 34%
Throwback rate: 58%
Percentage meeting price target: 50%
Price trend Upward leading to the pattern. Price should rise by at least 30% leading to the cup. A rounded turn that looks like a cup with a handle on the right.
The cup should be U-shaped, not V-shaped.
Handle The cup must have a handle on the right( Looks more like a symmetrical triangle).
Cup duration From 7 to 65 weeks
Handle duration 1 week minimum but usually lasts 1 to 2 weeks.
Handle Forms in upper half of cup.
The handle looks like a bullish flag pattern.
Technicals suggests that price is consolidating inside the trianglar shaped handle and waiting to breakout.
SELL: 0.0000650sats, 0.00000772sats up to the ATH 0.00000830sats
STOP LOSS: 0.00000429sats