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$8,350 is the mark Bitcoin (BTC) needs to assure to reattain bullish runs

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Bitcoin BTC

Price recovery for Bitcoin (BTC) and other coins is a thing that we as crypto enthusiasts were anxiously expecting for an extended period of time. Nevertheless, the wait paused for a while not so long ago as the market started to show some bullish moves and prices started to take a positive path one more time. In this sense, as it was to be expected amongst the coins that started the uptrend, it was, of course, the king of the sector Bitcoin (BTC), a crypto that managed to surpass the $8,500 mark in just a couple of days.

The results that the leader of the sector happened to achieved were actually astounding, a fact that immediately had a reaction by part of the community.

However, in the last couple of days, this bullish run has started to decrease slowly (yet again), and many are just wondering how will be the future days for the coin regarding price and performance. Are we looking at a situation where the uptrend is being reversed? This post responds to this question and others related to it.

The mark of the 8,350 dollars

According to technical indicators, Bitcoin (BTC) may actually regain its momentum with prices above the mark of the $8,350. Let’s recall that as this month started, the crypto leader lost impetuosity and got back below the level of 8,000 US dollars, a fact that created a cloud of doubts regarding the chances of the coin to be reversing the uptrend. Right now, during the last 60 hours the coin is yet to start its climb and trading in red, so how can we read this information?

Well, it results clear that the price of the token has not found a consolidation point yet. Still, this has resulted in the annulment of the bullish trend as per many crypto pundits, but regarding price analysis, this even doesn’t mean a reversal is on the way. In addition to this, there are reasons to believe that the $250 trading range may break and enter an upside turn, which in case of affirmative, would result into a generalized intention to buy by part of investors and enthusiasts.

At the moment of writing, Coinmarketcap indicates a price of $7,553 for the crypto, a trading volume of $4,509,240,818 in the last 24 hours and a decrease of -0.34 percent considering the same time yesterday.

Indicators

Just before this month started, most of the moving averages were oriented towards an upside trend for Bitcoin. In fact, the 50-candle, 100-candle, and the 200-candle MA were located parallel to the other in a north direction. The same way, the Relative Strength Index (RSI) stopped showing an overbought setting, which means there are substantial chances to see peaks above the recent highs of $8,500.

To conclude, a break above the $8,350 mark would represent the possibility of entering to a re-test phase between the Bitcoin price of $8,468 and the peak of July 24 of 8,507 dollars. Consequently, a bullish run would be confirmed with a daily close above the mark of the 200-day MA.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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