The month of March was total stress for the DigixDAO (DGD) investors after the token dipped eroding all the gains it had made since January this year.
The token went down from $553.57 to hit $123.11 in just one month leaving investors regretting even ever investing in the coin. This was a shock to many especially since the coin had shown quite some form of resilience during the 1st quarter of the year even as the rest of the coins took a hit from what was happening around the world and especially the Asian countries like south Korea and China.
DigixDAO (DGD) had set quite a good pace during Q1 to an extent of providing a good haven to Bitcoin investors. Since Bitcoin has drastically dropped, investors had found a better altcoin to invest in, since the coin showed the oomph to go against all odds not even what was happening within Asian crypto markets. In two months, the coin had appreciated by $500, which is unlike any crypto coin this year.
But the month of March took everything away bringing down the coin to trade below $150. Investors could not believe seeing the coin drop day after day and there were even fears that the coin may go below $100. Thanks to the market forces, the coin hit a support.
What had really caused the drop?
Due the sharp increase in value over the first quarter of 2018, the DigixDAO (DGD) became overbought and the pressure was too much for the market to bare and it had to give in. the unfortunate thing is that after the coin gave in, hell broke loss and the value came crumbling down almost to the floor.
However, it is normal for markets to ‘loosen up’ after becoming overbought. There is nothing too unusual to what happened to DigixDAO in March.
So, should investors continue holding DigixDAO token?
The DigixDAO coin has started appreciating again and this time round the moon will be the limit. It is already to $166.45 up from $123.11 which translates to a 35.20% increase in less than a week.
The coin has already stabilized from the effects of being overbought and it is on its way back to the top again. It would be wise to hold the tokens instead of selling them off at a loss now and the coin has very great signs of rising again.
The coin has proved it is prone to most of the negative things that are happening around the world of cryptocurrencies like hacking, resulting to exchange platforms undergoing scrutiny in some countries and some cryptocurrencies being banned in some countries.