Taking the spot as the week’s biggest mover is recently-created Tagcoin. After trading without much movement at the end of December, prices have doubled over the past few days to a recent high of 0.0022 BTC ($2.15).
Tagcoin is a cryptocurrency issued by Tagbond, a company specializing in customized marketing and rewards plans for businesses. The company created Tagcoin as a cryptocurrency targeted toward loyalty and rewards programs. Once in circulation, the currency can be used even independently from these programs or their users. It also advertises the benefit of earning 1.5% interest on holdings.
The company touts the currency as a more fair, sustainable and transparent mode of trade versus other digital currencies. According to Coinwarz, the digital currency is highly profitable to mine relative to other digital currencies. Recent demand may have been triggered as a result.
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The currency has been trading only for a month and it has been highly volatile. The chart shows a downtrend from its inception until December 18th, followed by narrow channel thereafter and an upward trend since January 5th to its high of 0.0022 BTC ($2.15). Volume has been particularly high during the past 72h.
Looking at chart for the most recent period, we observe an attempt to breach the resistance level of 0.0022 and possibly challenge the all time high set on its first day. If it fails to establish new highs, support may be found in the 0.00165 range.
(Chart source http://www.cryptocoincharts.info)