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Basic Attention (BAT) BitShares (BTS) Technical Analysis – Round 2

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BAT

Back in May, we brought readers of Global Coin Report to the attention (no pun intended) to both Basic Attention (BAT) as well as BitShares (BTS). While neither ‘Triggered’ for possible entry at the time, both subsequently took the southbound train lower with the entire cryptocurrency market.

To refresh reader’s memory, Basic Attention is an open-source, decentralized digital advertising platform based on Ethereum (ETH)BAT held its ICO over a year ago on May 31, 2017, raising approximately $35M in less than 30 seconds, no small feat. The Token itself is designed to correctly value and price user attention within the platform.

The Basic Attention Token digital advertising platform is comprised of various components, including a digital advertising exchange, attention measurement systems, analytics dashboards and machine learning algorithms. Integration of BAT into a given host application involves implementing BAT Ads, a system that matches and displays ads to users based on locally stored data. Ad targeting is performed wholly on-device, removing the need for third-party tracking.

With respect to BitShares, BTS is an open-source, public blockchain-based, real-time financial platform. It provides a decentralized asset exchange similar to the NYSE, but for cryptocurrencies and without the need to trust a central authority to handle all the funds that facilitate trading using an international network of computers, in which anyone can take part.

According to the developers, the platform is capable of processing 100,000 transactions per second (tps) and even more with minimal optimization. For comparison, Visa (NYSE: V), one of the largest financial providers in the world, handles, on average, 2,000 tps with a maximum capacity of 24,000 tps.

That being said, let’s revisit both BAT and BTS to see what the technical picture may be portraying at this time via the charts below:

BASIC ATTENTION

As we can observe from the daily chart above, BAT rode the slippery slope lower since our mention in May after a non-trigger, thus, no trade was taken at that particular time.

However, we can also see that BAT appears to be stabilizing at present and currently finds itself trading above both its 20 (yellow line) and 50 (blue line) day simple moving averages, which depicts a favorable short and intermediate-term technical posture. Although BAT remains below its 200 (red line) SMA and requires further work, we’re beginning to see some signs of technical health with BAT residing above both its 20 and 50 SMA’s in a challenging tape/market.

Thus, moving forward, both investors/traders may want to utilize the following levels as a guide for further evidence/clues with respect to direction.

If, at any time in the days/weeks ahead, BAT is capable of clearing the .30 and perhaps more importantly, the .32 hurdles, such action, should it materialize, would likely signal that a move up and into its 200 SMA (and possibly beyond), presently at .36, becomes a viable objective.

On the flip-side, both investors/traders may want to utilize the .23 figure as a primary level of trade support with the .20 figure offering a secondary level of potential support.

Nevertheless, BAT appears to be shaping-up technically and deserves further monitoring moving forward.

BITSHARES

When viewing the action of BTS above, we can see that like BAT, BitShares is also trading above both its 20 and 50 SMA’s, yet below its 200 day moving average as well with further work required.

However, BTS also appears to be putting in an inverted H&S pattern and although its has yet to ‘Pop’ thus far, such action requires the attention of both investors/traders as we suspect that should volume start to come into the name, we may just witness a replay of our recent DGB run for the roses which have produced a fantastic 84% (thus far) in a week’s time.

Therefore, moving forward, if, at any time in the days ahead, BTS can go top-side of the .20 level, such development, should it materialize, would likely set the stage for a move up into the .27 area where we find its 200 day SMA and possibly into the .32 – .33 zone.

With respect to the potential support, both investors and particularly Traders may want to utilize the .15 level as your line in the sand with the .12-.13 zone acting as potential longer-term support.

Nevertheless, both investors/traders may want to put both BAT and BTS on their radars for further monitoring as we believe that both require attention at this particular juncture.

Finally, for those who were/remain involved in our recent initiation of DigiByte (DGB) last week, which has had a remarkable 84% run this past week, Congratulations and you may want to trail a Stop to protect trading profits at this time.

Happy Trading!!

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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 Pexels

Charts courtesy of tradingview.com

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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