Will DigiByte (DGB) Recover From the 3 Months Long Downtrend?

DigiByte is one of the oldest blockchains which claims to be better than Bitcoin. The first block was mined in 2014, and the ecosystem is still running. The developers of DigiByte focus more on the security and user-friendliness of this network. 

It consists of three distinct layers that separate decentralized applications and smart contracts. Cross-chain compatibility is an advanced feature that makes the coin more valuable. It works as a proof of work network with a maximum supply of 21 billion. 

Jared Tate developed it to develop a decentralized, secure, and widely adopted cryptocurrency. Now it has experienced teams of marketers, community representatives, and different crypto professionals with an aim to commercialize the coin and protect the overall growth of this network. 

The blockchain consists of three distinct layers- the app layer, public ledger layer, and global network layer. There are two types of nodes on the network- full nodes and light nodes. Full nodes validate transactions and maintain the activities on the network. On the other hand, light nodes verify transactions using Simplified Payment Verification. 

The DGB coin was developed from a Bitcoin hard fork. Later it changed three times and added three features- Digi-shield, Multi-algorithms, Multi-shield. Getting DigiByte is very easy; you can either buy it from the exchange or mine it like other cryptocurrencies. 

It outperforms its competitors by solving the following issues

• It has the fastest block generation speed.
• It implements SegWit to maintain higher efficiency and processing speed.
• DigiShield and Multi Shield provide better stability and protection from malicious attacks.
• It implements more forward-thinking strategies that hope to combine blockchain with AI to deliver better automation, analytics, and cyber security technologies.

DigiByte Price Analysis

When writing this post, DGB/USD is trading around $0.023. It has been in a downtrend for almost a year, and now it is struggling at the support level. We think it may not break this level further, but it is hard to predict when it will take a bullish momentum.  

On the daily chart, the MACD is neutral, though RSI is stable around 50. The Bollinger Band lacks volatility, and the candlesticks are forming just above the baseline. We do not think it is the right time for investment. Based on DGB price prediction and our analysis, you should put your money in DigiByte when the price breaks the $0.04 level. 

Until then, it will be a risky trade and not suitable for short-term investment. If you understand the fundamentals and you know that it will hit another all-time high, then you can invest for the long term. Overall, it does not show any bullishness, and it is just in consolidation. Please follow our website to get the latest update on cryptocurrencies.