Fibonacci Ratio Analysis — What's Next for DGTX?
On October 12, DGTX exceeded 10 cents per token, easily surpassing the level outlined in my previous report, DGTX Outperforms Major Cryptocurrencies. As you may recall from the report, I included a series of Fibonacci numbers used to pinpoint the future price direction of DGTX. The original report was released on October 3. During the past three weeks, DGTX has easily exceeded all Fibonacci numbers contained in the report.
So, where do we go from here? Of course, it’s impossible to accurately forecast the future price direction of any speculative investment. However, we can use the Fibonacci ratio to form an educated guess concerning the price movement of DGTX.
Before we examine the next level of Fibonacci numbers, let’s briefly examine why Digitex Futures is perfectly positioned to capture a large chunk of the cryptocurrency futures volume as we move into 2019 and beyond.
Digitex Is Poised to Become a Market Leader in Cryptocurrency Futures
From a macro level perspective, all signs are pointing to a major shift away from traditional assets(e.g. stocks, bonds, commodities) into cryptocurrency investments. This includes everything from altcoins and tokens to ICOs and companies involved in blockchain technology.
Investors are beginning to realize the huge benefit of diversifying a portion of their assets into cryptocurrencies.
Even though this transfer of wealth is in its infancy stage, the transfer is occurring must faster than most people realize. By the end of 2018, for example, cryptocurrency trading volume will exceed the trading volume of US corporate bonds.
This is a huge development. It reinforces the fact that cryptocurrencies and blockchain technology are entering the marketplace at a rapid pace.
Trading volume for cryptocurrency futures has risen sharply throughout 2018. Digitex will capture a large portion of this volume based on its innovative features.
For example, Digitex will offer the first-ever commission-free futures trading exchange. This is perfect for active traders who prefer large tick sizes, a state-of-the-art user interface, low margin requirements, and commission-free trading.
Digitex will separate itself from the competition when the exchange begins live trading in December. Why? Because Digitex offers a superior product.
It’s the only cryptocurrency futures exchange with commission-free trading AND its own native token, DGTX. Additionally, Digitex has captured the power of blockchain technology to ensure that the exchange never holds onto its users' funds.
These two key features alone make for a revolutionary, highly liquid, and secure exchange that traders of all stripes will flock to.
Now let’s take a look at the likely price direction of the DGTX over the next few weeks.
Fibonacci Levels for the DGTX Token
On October 3, I released a series of Fibonacci numbers designed to track the price movement of the DGTX token. DGTX easily exceeded each Fibonacci level. While it’s technically impossible to forecast the future price direction of DGTX with certainty, we can use the Fibonacci numbers as a guidepost.
These numbers are derived using a Fibonacci calculator based on the historical trading range of DGTX. The most important number is Level #4 at .2391. If DGTX can exceed .2391, it should open the door to higher prices based on momentum traders entering the market.
Of course, there’s no guarantee that DGTX will exceed .2391. The Fibonacci calculator is simply another tool we can use to form an educated guess on the price direction of DGTX.
In terms of key support levels, it’s very important for DGTX to remain above .0679. A drop below .0679 would cause DGTX to lose its positive momentum, which could encourage traders to liquidate their positions, thus applying more selling pressure to DGTX. Therefore, from a technical perspective, DGTX needs to stay above .0679.
The most exciting aspect of Digitex Futures is the incredible opportunity that awaits it. There has never been a time in the history of the modern financial era where there’s so much investment capital available for the taking.
During the past decade, global central banks have created a mountain of investment dollars through their quantitative easing programs. Traders and investors are looking for a new home to park their money. Digitex has a perfect opportunity to turn these traders and investors into customers. The timing is perfect for Digitex!
And don’t forget about the Malta Blockchain Summit this week. Adam Todd founder and CEO of Digitex will be delivering a keynote speech and the Digitex team will be unveiling the demo of the trading platform for the first time!
Digitex Futures writers and/or guest authors may or may not have a vested interest in the Digitex Futures project and/or other businesses mentioned throughout the site. None of the content on Digitex Futures is investment advice nor is it a replacement for advice from a certified financial planner.