Several weeks ago, June 27th to be precise, we penned a piece entitled, Where To From Here? Get Ready, where we noted the potential for, as well as anticipated, a large counter-trend rally throughout the entire cryptocurrency space.
At that time, we suspected that we may experience some further downside action, but that the potential for a large move into higher ground was nearing when we noted, “While the daily time-frames continue to portray potential for lower levels, not everything is bleak. When zooming-out to both the Weekly and perhaps more specifically, the Monthly time-frame/s, we’re nearing an important inflection point from which we suspect that the bleed lower subsides/pauses and in turn, results in a massive counter-trend rally that may begin as early as the next 2-3 weeks,” which has yet to play-out thus far despite the recent recovery in price/s.
While we now find ourselves in the third (3rd) week of such prognostication and although we’ve yet to witness the anticipated large counter-trend move thus far, we’re beginning to see some signs of health from a technical perspective throughout the landscape.
More specifically, as we can witness from the Daily charts below, Bitcoin; Bitcoin Cash; Ethereum as well as LiteCoin have recently recaptured their 20 day SMA’s for the first time since early May, whereby those who have been following our work, are well aware of the emphasis that we’ve placed on the action surrounding the 20 day SMA for some time now with respect to short-term direction.
As we can observe from the Daily charts above, BTC; BCH; ETH as well as LTC have cleared their 20 day (yellow line) SMA’s and now appear to have their sights set on doing battle with their 50 day SMA (blue line).
Although further work is required and it’s a bit premature to declare the ‘Coast Clear’, the recent action is encouraging, at least from a short-term perspective. And, while we suspected that the large counter-trend move that we anticipated several weeks ago would commence from lower depths (BTC 5400/5000/4400), such has not been the case thus far.
Nevertheless, while our Timing may be off a bit (or perhaps not if the recent action does indeed morph into the beginnings of our anticipated large counter-trend rally), we continue to believe that a rapid/sharp/vicious move, that may catch many off guard/balance and travel to levels far beyond what many may anticipate, awaits in the offing.
In the meantime, all of the above aforementioned (BTC; BCH; ETH and LTC) have work to attend to at their 50 day SMA’s.
Thus, if at any time in the days/weeks ahead, Bitcoin (BTC) can clear the previously noted 6900 (Neckline of the inverted H&S) level and ‘stick’, such would likely be the trigger/signal for both Investors/Traders, that the party is about to begin. On the flip-side of the ledger, should BTC find its way back to the 6000 level and it ‘gives way’ and unable to hold, such development, should it materialize, would suggest yet another disappointing failure for higher levels.
While the overall action is indeed better, we’re not there quite yet.
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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
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…