Trade Recommendation: DigixDAO

September 30, 2018

 

The DigixDAO/Bitcoin pair (DGD/BTC) came off lows of 0.005045 on September 12, 2018. At this price, the market was down by over 93% from the 2018 high of 0.081. This puts DGD/BTC on the list of the worst altcoin performers in 2018. While it is tempting to write off DGD/BTC, the reality is that the market is now trading at a very affordable price. This is one of the reasons why we kept the pair on our watchlist. We wanted to see if someone will start accumulating positions. We got this signal on September 14 when volume spiked to over 516% of its daily average. Such a surge in volume is definitely not a blip. Technical analysis shows that DGD/BTC is carving a bottom at 0.0054. This price area is the market’s historic support. Thus, we can expect bulls to fight tooth and nail to defend this territory. So far, they’ve been successful. The market has managed to stay above this support for a couple of weeks now.

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