DigiByte (DGB) Prediction 2019: No Support In Sight, Going Back To Old Bottoms (Early May Update)






Early May Update: Technicals

Just like we predicted in our last analysis, DGB is cemented in a descending channel and it loses value on daily basis. DGBBTC daily chart paints a bleak picture for DGB – it is stuck in a tight descending channel that started back in March. It is currently at 176 sats with good probability of sinking lower.

On the weekly diagram, DGB is dropped out of the descending triangle and the whole scenario played out like in a textbook. The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form asreversal patterns at the end of an uptrend, but they are typically continuation patterns.

We could see a sharp drop to the 111 sats zone.

http://captainaltcoin.com/

Trading volumes are not looking good with reported volume being a miserable $1 million and “Real 10” volume being $330k. What is good, though, is the volume overstatement is low, there is only 1.5x discrepancy between the reported and the “Real 10” volume (trading volume on the exchanges that prevent wash trading). This means that DGB’s poor liquidity is only slightly inflated which is not the case with the majority of other coins.

Moreover, DGB comparatively has a weak buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. DGB currently has meager $330k of buy orders measured with this method, which sets DGB buy support/market cap ratio at 0.30% which is an average figure for the crypto market. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively. This novel…

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