Digatrade Financial Corp (OTCMKTS:DIGAF) Finally Breaks Out off ICO

Digatrade Financial Corp (OTCMKTS:DIGAF) exploded higher to start the week. Traders are scrambling to understand the source of the move. However, we would simply point to the specifics of the company’s release back in September, paired up with its adjustment to its November 6K that hit this week.

This is a cryptocurrency play that has set up the means for players to access an ICO launching off the Ethereum base in China. You cannot possibly congeal a sentence with more buzz in this market than that. The fact that the company is following through with that plan and the market finally believes it, is plenty to account for a breakout like the one we saw to kick off this week.

Digatrade Financial Corp (OTCMKTS:DIGAF) bills itself as a global Digital Asset Exchange Platform, blockchain development, and distributed ledger financial technology services company. The proprietary trading and matching engine manages high volume, high throughput, and low latency trading and was modeled on the same technology recently leveraged by the world’s largest Investment Banks.

DIGAF offers an easy, secure, and affordable platform to buy and sell Bitcoin and other digital assets 24/7 online and provides the instant automated matching of orders between its registered members and it strives to be your digital asset connection by making the experience as effortless as possible. It is Digatrade mission to promote a healthy eco-system by providing value-added digital exchange services to the public. Digatrade is also lowering the barriers to digital assets and blockchain development adoption by increasing ways for consumers to acquire and access digital assets.

DIGAF operates as a digital asset exchange platform in Canada. The company offers blockchain development services and distributed ledger technology. It manages a trading and matching engine that offers multi-currency settlement, and real time FX pricing and risk management. The company was formerly known as Bit-X Financial Corporation and changed its name to Digatrade Financial Corp. in October 2015. Digatrade Financial Corp. was founded in 2000 and is based in Vancouver, Canada.

According to company materials, “DIGATRADE is a global digital asset exchange and blockchain development services company located in Vancouver, British Columbia, Canada. The Company is owned and operated 100% by Digatrade Financial Corp which is publically listed on the OTC.QB under the trading symbol DIGAF. DIGAF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission “BCSC” and in the United States with the Securities Exchange Commission “SEC.” Digatrade operates as a registered Money Service Business “MSB” in Canada with FINTAC under Registration Number: M15954395.”

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As noted above, this is a cryptocurrency play that has set up the means for players to access an ICO launching off the Ethereum base in China. And this week’s adjustment to November’s 6K filing would seem to suggest that the company is going to make good on its promises, at least in terms of the basic mechanics. This does not guarantee that this story works out in the end. But it does suggest this stock should be trading above its recent range.

And that’s exactly what we saw to start the week’s trading, with shares blasting through resistance in the $0.35-0.40 area, eventually trading as high as $0.68/share. The stock closed dead at the highs, further suggesting a very strong chance of technical follow-through in the days that ensue.

We’ve witnessed 280% added to share values of the company over the past month of action. Market participants may want to pay attention to this stock. DIGAF has evidenced sudden upward volatility on many prior occasions. Furthermore, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed greater than 190% over what the stock has registered over the longer term.

Traders should note this as important with the stock trading on a float that is relatively small at just 16.4M shares. As savvy traders are well aware, a restricted trading float and a jump in trading volume can crimp supply and push share prices higher.

Earning a current market cap value of $31M, DIGAF has about $85K in cash on the books, which is balanced by roughly $364K in total current liabilities. The company is pre-revenue at this point, which is probably the most important hole in the story. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $DIGAF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $DIGAF, either long or short, and we have not been compensated for this article.