Following a successful launch event on Friday, July 31, word is getting out that the DGTX token is the only exchange token that offers a passport to zero-fee trading. With ringing endorsements from the crypto community, technical indicators show that DGTX has found a new higher support level. Several critical metrics also reveal that the price could climb even further this year, given what’s to come.
Industry Leaders Give DFE Vote of Confidence
During Friday’s mega public launch event, several prominent figures in the cryptocurrency industry were outspoken in their support for Digitex, underscoring the solid fundamentals of the Digitex offering. Trader Cobb, a well-known technical analyst, affirmed that DFE’s ladder system brought something to the crypto space that was missing. He maintains that this platform gives professional traders the ability to use the right tools to profit from the cryptocurrency market.
“Digitex Futures Exchange has given us something that did not exist. I traded through the 2017-2018 boom. I have traded for 15 years now. I have traded the foreign exchange, bonds, commodities. I have ran funds. I have been involved in trading my whole life. The frustrating thing that I had through 2017-2018 was the lack of orders, the lack of professionalism as far as trading tools go. What Digitex Futures Exchange has replicated is fantastic, not just for me as a retail user, but it is really important to give professional traders the ability to use the right tools that they used to. When you trade futures in the S&P, you use a ladder. Digitex Futures Exchange has created a ladder for cryptos. I’m stoked. I’m bloody happy for what DFE has done,” said Cobb.
Along the same lines, Mika, a scalp trader and Digitex community member, said that Adam’s trading strategy is what made him a profitable trader. He affirmed that due to the success that he has had as a scalping trader, using DFE to implement this strategy is a no-brainer.
“I was trading horse racing bets on Betfair using [Adam’s] BetTrader trading ladder software and heard through a group of traders that you were opening a zero-fee exchange based on the same ladder interface. After hearing this news, I bought the first token of my life. I started trading on the DFE testnet and had a 60-day run without making a loss. I don’t care if I’m trading Bitcoin, bananas, or whatever else – scalping works with any medium,” affirmed Mika.
Meanwhile, Ready Set Crypto’s Doc Severson stated that he would personally have been happy if the DFE would have launched last year. But he admitted that, in light of the booming demand for crypto futures, now is the perfect timing given that the market readiness is there.
Sitting On Top Of Massive Support
So in light of the general enthusiasm for the DFE, what next for DGTX? IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that in the event of a bullish impulse, the most significant resistance barrier ahead of this cryptocurrency sits between $0.094 and $0.097. Here, approximately 60 addresses had previously purchased over 63 million DGTX.
In some cases, a massive supply barrier could prevent further price traction. But if the buying pressure behind DGTX is significant enough, it may slice thought this resistance level and aim for new yearly highs.
In the case of DGTX, the IOMAP cohorts show that there are no major supply barriers ahead of the $0.095 mark that will prevent the price from surging towards $0.15 or higher.
Another Bull Run on the Way?
As positive sentiments among market participants began to run high in anticipation of the Digitex Futures Exchange official launch, DGTX entered a bull rally. The bullish momentum behind saw the price skyrocket nearly 250% between June 22 and July 27. The upswing was significant enough to push this cryptocurrency to a new yearly high of $0.123.
On July 29, only two days before the launch event, IntoTheBlock registered a significant spike in the volume of large transactions on the DGTX network. Roughly $2.66 million worth of this altcoin were transferred on this day alone. Despite weekend price volatility, two clear positive signals have emerged.
Firstly, DGTX has found a new critical support level, according to the Fibonacci retracement indicator. The 61.8% Fibonacci retracement level, which was previously acting as stiff resistance between June 2019 and July 2020, absorbed the price pressure and means DGTX is now seeing a healthy rebound.
Bouncing off this critical support level can be considered a bullish sign. The 61.8% Fibonacci retracement level is regarded by some of the most prominent technical analysts as the ‘golden’ retracement area. Thus, the recent drop to this hurdle could result in a further upward advance and may lead to new yearly highs.
The second positive indicator is that smaller investors have continued to rush to buy DGTX over recent days. Santiment’s holder distribution chart reveals that the number of addresses holding between 0.01 to 10,000,000 DGTX has surged since last week, helping to distribute DGTX over a broad base of investors.
From here, things are looking bright for Digitex. During Friday’s event, Adam teased some of what we can expect from Digitex over the coming year, with a new white paper and roadmap due out over the next month or so. With so much optimism around what Digitex Futures Exchange has to offer, it seems to be a matter of time before DGTX breaks above the overhead resistance and climbs to new higher highs.
With Ali’s analysis in mind, there has never been a better time to get your hands on some DGTX. As Adam said last week, you won’t see these prices again once all our plans are unveiled. Spread the word, and be there when DGTX reaches a new ATH!