Is the DGTX Token on the Road to 10 Cents?
Despite the bear market all-round, 2018 has been a great year for the Digitex Futures Exchange and its native cryptocurrency, the DGTX token. Digitex enjoyed an incredibly successful ICO on January 15, when it released 700M DGTX tokens to the general public @ $0.01 per token. The entire ICO was so popular in fact, that it sold out in just 17 minutes.
During the past nine months, the excitement has been building as Digitex is scheduled to launch its commission-free exchange near the end of 2018. In the meantime, DGTX has been steadily increasing in value from its ICO price in January.
In fact, DGTX has easily outperformed all major cryptocurrencies throughout 2018. Let’s review the current trend of the major crypto markets versus DGTX. This will give us an idea of what we can expect from DGTX as the Digitex Futures Exchange prepares for real-time trading over the next three months.
DGTX Versus Bitcoin
In 2017, Bitcoin (BTC) experienced one of the most dramatic price moves in the history of investing. BTC began 2017 with a price of $952.96. The cryptocurrency exploded higher over the next 12 months, to reach an all-time high of $19,843 per coin, and finishing 2017 @ $14,492.85.
Bitcoin generated a percentage gain of 1,420.8%. Unfortunately, BTC has been unable to duplicate its success in 2018. Throughout the first nine months of 2018, the cryptocurrency has suffered a loss of 54.1%. Please review the 9-month chart of BTC (Chart #1) below. As you can see from the chart, Bitcoin recorded its all-time high on December 18, 2017.
Essentially, the market has been drifting lower throughout the entire year. The critical support level is 5,803. BTC must stay above 5,803 in order to avoid another leg to the downside.
In the meantime, the DGTX token has produced a substantial rate of return during the past nine months. DGTX has gone up from it’s ICO price of 0.0000007 BTC ($0.01 when Bitcoin was $14,000 on Jan 15th) to 0.00000660 BTC which is an increase of over 10x! Put simply, one Bitcoin bought 1,680,000 DGTX on Jan 15th (including the 20% bonus) and today one Bitcoin will only get you 151,515 DGTX. DGTX has increased against BTC 1108.8% in 2018. Why has DGTX achieved such a stellar return since the ICO in January?
Because crypto traders and investors are beginning to realize the huge upside potential in DGTX as we move closer to the launch date of the Digitex Futures Exchange in late-2018.
The DGTX token will be in constant demand by Digitex traders because the exchange requires all trading activity to be denominated in DGTX tokens. This includes all aspects of the trading process, including margin requirements, account balances, profit and loss, tick value and settlement process.
The DGTX token has huge upside potential based on how the token is integrated into the entire Digitex trading process.
DGTX Versus Ethereum
Ethereum (ETH) has suffered the same fate as Bitcoin in 2018. During the past nine months,ETH has declined by 70.2%. Please review the 9-month chart of ETH (Chart #2) below.
This chart looks almost identical to the BTC chart. Prices have been drifting lower throughout all of 2018. The important numbers to watch are 167.60 and 834.04. A close below 167.60 would create additional selling pressure for ETH. Conversely, a close above 834.04 would be quite bullish, opening the door to much higher prices.
What happened to the major cryptocurrencies in 2018? Why did they experience such brutal declines? The most likely reason is that the entire cryptocurrency universe turned into a speculative frenzy in 2017. The market simply became overheated as speculators bid up prices to unsustainable levels.
As a result, all cryptocurrencies have returned to a more normal level in 2018. In the long run, it’s much healthier for the cryptocurrency universe to undergo a sharp sell-off in order to remove the excessive speculation.
The DGTX token has easily outperformed ETH in 2018 by over 30x! In January’s ICO 1 ETH bought 156,000 DGTX (including the 20% bonus) and today 1 ETH only buys 5,000 DGTX. That means that DGTX has increased against ETH by 3120%.
All Roads Lead to 10 Cents for DGTX
On September 8, DGTX traded @ $0.0457 per token. This price marked the highest level in the token’s brief trading history. Based on data provided by CoinMarketCap, September 8 also marked the largest number of tokens traded in a single day valued at @ $646,203.
During the past few weeks, DGTX has traded consistently above $.03 per token. The average daily trading volume has been well over $300k. Today the 24 hour volume of DGTX is over $550k. It certainly appears that DGTX is building a base, preparing for another leg to the upside. Please review the following table.
One of the most popular ways to examine the future direction of an investment vehicle is to calculate price levels based on the Fibonacci ratio. The above table displays the next eight price levels for DGTX. If DGTX can manage to trade above $0.0542, the token could be on its way to $0.10.
Of course, it’s impossible to accurately predict the future price level of any asset class. However, the Fibonacci ratio does provide a good starting point.
Based on my 29 years of trading experience, I believe DGTX is on the verge of generating another sizeable move to the upside. Why? Because the price behavior has been very bullish during the past few weeks.
DGTX has been building a strong base slightly above $0.03 per token, along with increased volume. Typically, this is a recipe for higher prices. Obviously, I don’t have a crystal ball. It’s impossible to provide a forecast with 100 percent accuracy. However, the recent price action does suggest higher prices.
In order to maintain the momentum, however, it’s important for DGTX to remain above $0.0297. Always remember, “the trend is your friend.” At least for now, the trend is forecasting higher prices for DGTX.