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DigiByte (DGB) faces a steep drop as sentiment in the market slows

DigiByte (DGB) has seen a decent change in trend over the last 24 hours. The coin has managed to see double-digit gains but despite this, there are still a lot of downsides to keep in mind. The coin is in fact staring at a steep drop. More on this later but first, here are some highlights.

  • DGB remains in a bearish long term trend despite recent rallies

  • The coin has however tried to consolidate as it tries to find demand

  • But is unlikely to maintain this momentum for long

Data Source: TradingView 

DigiByte (DGB) Price analysis and prediction

The new week appears to have brought new life for DigiByte (DGB). The coin has managed to gain around 10% over the last 24 hours and looks to be consolidating. However, as we have seen in the past few weeks, most rallies in crypto these days don’t last. In fact, it is likely that the current uptrend on DGB is driven by short-term traders. 

As soon as the coin hits a decent enough price, investors will lock in profit and as a result, DGB will flatten. We expect the current uptrend to continue for a few days. However. DGB will likely get rejected at the $0.016 resistance zone. This will lead to a sharp fall that takes the coin closer to $0.01. 

However, if bulls can somehow manage to push DGB above $0.016, then more upside could follow.

Should you buy DigiByte (DGB)

If you plan to buy and hold DigiByte (DGB) for a short time, then you can buy now. The coin will trend upwards for a few days before it retreats at $0.016 or thereabout. 

As for long-term investors, DigiByte (DGB) is already heavily discounted as we speak. There is a real chance to unlock its full value in a few months or so.

The post DigiByte (DGB) faces a steep drop as sentiment in the market slows appeared first on CoinJournal.

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Polygon MATIC price prediction: Ripe for a breakout

The Polygon MATIC price has been in a consolidation mode even after the important milestones in the network. The token is trading at $0.6375, which is about 32% above the lowest level this month. The coin has a market cap of over $4.3 billion.

Polygon milestones

Polygon has had important milestones in March. The most notable one was the launch of Polygon Nightfall Mainnet, which is a blockchain solution that leverages cutting edge optimistic zero-knowledge technology to give businesses an accessible blockchain network. 

Nightfall solves a major challenge that many enterprises face. The challenge that many companies like JP Morgan that want to leverage blockchains have had to create permissioned or private technologies that are not decentralized. 

At the same time, if they leverage popular platforms like Ethereum, the gas fees becomes incredibly high. Therefore, nightfall is able to solve some of these challenges since it uses the zero-knowledge technology. 

The MATIC price has also moved sideways even after Tether decided to launch on Polygon. The addition means that over 8,000 teams building on Polygon will be able to leverage the flexibility of Tether’s stablecoin. This means that it will eliminate the challenge caused by using volatile cryptocurrencies. In a note, the CTO at Tether said:

“We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

The Polygon MATIC price has been in a consolidation mode because of the weak performance of its DeFi ecosystem. Data shows that its total value locked (TVL) has dropped to $2.6 billion.

MATIC price prediction

The four-hour chart shows that the MATIC price has been in a tight range in the past few weeks. As a result, the coin is slightly above the 25-day and 50-day moving averages while the Relative Strength Index has moved close to the overbought level. It has also formed a symmetrical triangle pattern.

Therefore, the Polygon price will likely remain in this range this week. With the triangle pattern nearing its peak, however, there is a likelihood that a bullish breakout will happen soon. If this happens, the next key resistance level to watch will be at $0700.

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MoneyGram to partner with Stellar blockchain for stablecoins remittance

MoneyGram, one of the world’s largest money transfer services, is preparing for a partnership with Stellar blockchain to allow its users to send and convert stablecoins into fiat currency.

MoneyGram CEO, Alex Holmes, view on the crypto industry was optimistic saying:

“Crypto industry is here to stay and it’s going to be here for a long time despite recent selloffs and volatility.”

MoneyGram to establish a bridge between crypto and fiat

During a recent interview with Bloomberg News, Holmes said that since fiat and crypto are ‘’not really compatible today’’ the company’s main goal is to establish a bridge between them.

Meanwhile, the company offers Bitcoin services to clients and with its partnership with Stellar, it will allow its users to carry out USDC remittances. Additionally, customers can also use the MoneyGram network to cash out their holdings.

Dante Disparte, Circle (the company that issues USDC) CSO, noted that de-pegging will not occur like in TerraUSD since the stablecoin will be fully backed by safe liquid assets.

Dante said:

“We’re not taking the dollar and putting it in the reserves and then lending it out. Instead, the reserves are strictly cash and US Treasuries.”

MoneyGram support for Crypto adoption

Despite the ongoing crypto market crash, Holmes said that he is optimistic about the future of crypto which he sees as a key feature of the financial network saying:

“I think adopting it, bringing it into the mainstream is important.”

Additionally, he addressed El Salvador’s move of making Bitcoin a legal tender as his company continues with the discussions with the authorities to boost the adoption pace:

“If a country like El Salvador is going to make Bitcoin seamless with US dollars in-country, I think that consumers, through MoneyGram, should be able to transfer Bitcoin to El Salvador or transfer dollars and convert them to Bitcoin. If that’s where the world is going, let’s participate in that world, and let’s see how we can help fulfill that opportunity.”

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