DigByte is the longest blockchain created in 2014. It is one of the first altcoins running even in 2022. The blockchain consists of three different layers to process smart contracts and decentralized applications. The three layers are:-
App Layer: Users can use applications.
Public Ledger Layer: It enhances the security of the platform.
Global Network Layer: It supports the network infrastructure and operations.
It also supports cross-chain compatibility but runs on a 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 that includes Qubit, SHA 256, Scrypt, Skein, etc. This protocol makes block creation faster, which greatly benefits the users. This multi-algorithm and PoW consensus make the network more secure because all activities are 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 big investors are not interested in investing in DGB for the long term.
Jared Tate is the main figure behind this development to prepare a strongly decentralized and secure cryptocurrency. He was the main person behind the creation, but there was a dedicated marketing team to commercialize the coin.
We do not think it is an ideal time to invest for the long term because it does not have proper use cases, but you can read our DigiByte price analysis for short-term investment.
At the time of writing this post, the price of DigiByte is trading around $0.00923, which is around the baseline of the Bollinger Band. The last six daily candles are red, and today’s (10th Oct) candle shows a trend reversal, which means it might break the support of $0.009, so we do not think it is an ideal time to invest for the short term. Moreover, all the other technical indicators are either neutral or bearish. Should you invest for the long term? We have to analyze the weekly chart.
On the weekly chart, the last few candles are consolidating within a range of $0.01 and $0.009 in the lower range of the Bollinger Bands. Most other technical indicators are bearish, with fewer volumes, which suggests investors are not interested in the DGB coin. So, we do not think it is an ideal time to invest for the long term until it crosses the level of $0.015.