DigByte is the longest blockchain created in 2014. It is one of the first functioning altcoins even in 2022. The blockchain consists of three different layers to process smart contracts and decentralized applications. The three layers are:-
Application layer: Users can use applications.
Public ledger layer: It strengthens the security of the platform.
Global network layer: It supports network infrastructure and operations.
It also supports cross-chain compatibility, but operates on proof-of-work consensus with a total market supply of 21 billion DGB coins.
It is one of the highly decentralized protocols with multi-algorithm mining which includes Qubit, SHA 256, Scrypt, Skein, etc. This protocol speeds up block creation, which greatly benefits users. This multi-algorithm and PoW consensus makes the network more secure as all activity is stored on public ledgers.
Still, DigiByte is not as popular as Bitcoin because it does not have a wide range of use cases, which is why many large investors are not interested in investing in DGB for the long term.
Jared Tate is the main figure behind this development to prepare a highly decentralized and secure cryptocurrency. He was the main person behind the creation, but there was a dedicated marketing team to market the piece.
We don’t think this is the perfect time to invest for the long term as it doesn’t have suitable use cases, but you can read our DigiByte price analysis for short term investing.
At the time of writing, the price of DigiByte is trading around $0.00923, which is the baseline of the Bollinger Band. The last six daily candles are red and today’s candle (October 10) is showing a trend reversal, meaning it could break the $0.009 support, so we don’t think now is the perfect time. to invest in the short term. Additionally, all other technical indicators are either neutral or bearish. Should you invest for the long term? We need to analyze the weekly chart.
On the weekly chart, the latest candles are consolidating in a range of $0.01 and $0.009 in the lower range of the Bollinger bands. Most of the other technical indicators are bearish, with less volumes suggesting that investors are not interested in the DGB coin. So, we don’t think it’s the perfect time to invest for the long term until it breaks the $0.015 level.