This article will analyze the DGB coin according to www.coinmarketcap.com data. First, we will discuss the DGB coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is DGB Coin?
DGB coin, also known as Digibyte, is a decentralized cryptocurrency that was launched in January 2014. It was created by Jared Tate as a secure and fast digital currency aimed at improving upon the shortcomings of Bitcoin.
Advertisement Banner
What are the projects of DGB?
Digibyte has several notable projects and features:
Digibyte Blockchain: The Digibyte blockchain is designed to be highly secure and scalable, utilizing five mining algorithms to prevent the centralization of mining power. It aims to provide faster transaction speeds and increased security compared to other cryptocurrencies.
Digi-ID: Digi-ID is a decentralized authentication system built on the Digibyte blockchain. It enables users to securely authenticate their identities and access various services without relying on centralized platforms.
DigiAssets: DigiAssets is a platform built on the Digibyte blockchain that allows users to create and manage secure, decentralized assets. It enables the tokenization of various assets, including digital and physical items, and facilitates peer-to-peer transactions.
DigiByte Gaming: Digibyte has been exploring applications in the gaming industry. It aims to provide developers with tools and infrastructure to incorporate blockchain technology into games, enabling secure in-game transactions and asset ownership.
Factors Influencing DGB Price
Factors influencing the DGB coin price can include:
Market Sentiment: Like other cryptocurrencies, DGB coin’s price can be affected by general market sentiment and investor perception of its potential value. Joyous news, partnerships, and developments can drive costs, while adverse events or regulatory concerns can lead to price declines.
Bitcoin and Cryptocurrency Market: As one of many cryptocurrencies, the DGB coin’s price can be influenced by the overall performance of the cryptocurrency market. If Bitcoin, the largest and most influential cryptocurrency, experiences significant price movements, it often has a cascading effect on other cryptocurrencies, including DGB coins.
Adoption and Use Cases: The adoption of Digibyte’s technology in real-world applications and its use cases can affect its price. Increased usage, partnerships with businesses or industries, and integration into existing systems can positively impact the coin’s value.
Technological Developments: The progress and advancements in Digibyte’s technology, including upgrades to its blockchain, the introduction of new features, and the successful implementation of projects, can influence the price. Positive technological developments can attract investors and increase demand for the coin.
Market Supply and Demand: The supply and demand dynamics within the market also play a role. The price may rise if there is a higher demand for DGB coins than the available supply. Conversely, the price may decline if there is an oversupply or decreased demand.
Please note that the cryptocurrency market is highly volatile, and the factors influencing the price of any cryptocurrency can change over time. It’s always recommended to conduct thorough research and consult with financial professionals before making any investment decisions.
DGB COİN TECHNICAL ANALYSIS
After seeing its historical high of $0.1840 in April 2021, DGB dropped 97% by November 2022, down to $0.0060. Although it goes up to $ 0,0130 with the purchases in the market in 2023, it is currently trading at $ 0.0090. According to www.coinmarketcap.com data, DGB, which has a size of $146,790,692, has had a volume of $1,874,739 in the last twenty-four hours.
DGB Chart Analysis
When we examine the weekly chart of the DGB coin, which fell from $ 0.1840 to $ 0.0060 with a loss of 97%, we see that it broke the falling trend it entered in 2021. DGB, which has been moving in a horizontal trend for the last year, is gathering strength to start its upward movement with the positive developments to be experienced in the market. Weekly, $0.0084 is a support zone, while $0.0137 can be followed as a resistance zone.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
You may be interested in:
Group Income Protection Explained: What You Need to Know
DAO Coin Weekly Analysis And Price Prediction
Cons of Hiring a Tax Professional: Why Is It Not Always a Good Idea? [2023]
