DigiByte, which was otherwise seen trading with great strength from the YTD low marked at $0.00143 to hitting YTD high at $0.0390 with a spike of over 2600% recorded in 5-months. Alongside it, it was just at the onset of the week when a blockchain-focused investment bank, EGW Capital helps its clients with security token offerings and exchange listings. It was just recently when this massive investment bank announced to launch of its the US $100 million Diversified Blockchain Fund.
The major catch here is that this fund will be registered with the SEC, and just like an Initial Public Offering of a specific stock that is set to be listed for public trading, this fund will be open for a subscription but only by the accredited or wealthy investor class. Additionally, this fund will allocate 45% of its raised capital in DigiByte and the remaining in Polkadot.
Well, this remains clear that although the price is dumping, the platform is lucrative enough to draw investor’s attention. Also, EGW’s investment in DGB will draw them enough liquidity, and if this fund turns out to be capable enough to raise the desired capital and the fund will lead to drawing 13% of the total supply of DGB coins.
As per the CEO of EGW capital, Rahul Kumar, the firm will also perform market operations for DGB coins. The ultimate goal is to make DigiByte available for massive adoption.
And the cumulative price movement may appear bearish, but the intraday has been a gainer where DGB price gained over 6%. Therefore, it is the number 1 altcoin of as per LunarCRUSH Social Listening for Cryptocurrencies. The increment in social mentions and engagement has led to gaining enough impetus.
With strengthening social + market activity, Digibyte has moved up 176 spots today to the #1 AltRank™ on @LunarCRUSH!
6.5% price change
1,464 social mentions
2,210,577 social engagementshttps://t.co/Hlldluxhls $dgb #digibyte pic.twitter.com/RQVGZUUJYD
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) October 28, 2020
DigiByte Price Analysis
On the daily chart, the YTD movement of DGB/USD clearly reflects a dip in price from trading around $0.0390 to currently descending below $0.025 and trading close to major support at $0.021. On the same YTD chart, the price trend of DigiByte is already breaching the lower band, and alongside, the intraday bullish candlewick is clearly visible as well.
However, the bearishness prevails, and therefore, the coin is holding no support from MA50 & MA200 after having slipped from $0.025 & $0.023. The MACD of DGB shows a clearly bearish divergence, and the RSI is also inclined towards the oversold region, but with an intraday rise in price over 6%, the RSI is now at 42.76.