Does Digibyte Coin’s Technical Superiority Support its Current Investment Decision?
Digibyte is an open-source blockchain created in 2013 and released in 2014 by Jared Tate. Digibyte coin is said to be 40 times faster than Bitcoin, and also faster than the rest of the public UTXO blockchains. The digital asset seeks to offset the weakness of Bitcoin in terms of scalability, security, speed, and decentralization systems.
In order to ensure a better processing capacity, it has implemented Segregated Witness to limit the size of transactions. It has also beefed its protection against malicious attacks and other security-related problems through the implementation of DigiShield and MultiShield technologies. Its developers claim the security of Digibyte is better than the global level decentralized network. Also, Its implementation focuses on parallel blockchain namely artificial intelligence, the Internet of Things, and cyber security.
Digibyte coin, the native token of the open-source blockchain can neither be counterfeited nor duplicated. Just like any other crypto, digibyte coin can be mined and traded for goods and services. Tate has always maintained his position that the Digibyte coin is the next Bitcoin. In 2020, he pointed out that the new 0.19 version of Bitcoin core and its updated fee policy was way behind. He labeled the fees as “ridiculously expensive” and stated that it takes weeks for a transaction to be confirmed. However, it takes approximately two minutes for a Digibyte transaction to be confirmed despite having a cheaper fee policy.
The Digibyte founder on record stated that traditional banks could be better than Bitcoin.
“Seriously, who would ever send a #Bitcoin transaction that takes 7 days to confirm? Might as well go back to the bank’s ACH system takes 2-5 business days. Or just use $DGB,” he tweeted.
Digibyte Coin Price Analysis
The Digibyte coin is heavily undervalued considering the technical advantage it has over other cryptos. On May 1, 2021, it recorded its all-time high of $0.18. It has since experienced a continuous decline as it is currently trading at $0.015 as of press time.
Analysts have observed that the Moving Average Convergence Divergence MACD indicator of this digital asset is bearish. Candlesticks are said to be forming in the lower band and the Relative Strength Index (RSI) is in the oversold zone. In as much as it is a bad decision to consider it for the short-term investment, analysts suggest that it is not currently advisable to consider it for the long-term investment either as the candlesticks have been forming lower lows in the consolidation phase. It was further disclosed that its resistance level is $0.07, and this cannot be broken this year, so investors must wait for a couple of months to see a bullish reversal before making a move.
Another price prediction platform has also indicated that the maximum Digibyte coin can go this year is $0.031. Its average price for the year is $0.027, and its minimum price is $0.026. However, it was stated that its price in 2023 could be better with a minimum of $0.041, and a maximum of $0.047. Either way, its investment is not currently supported by technical analysis despite its speed and security.