It’s been a difficult and challenging environment throughout the cryptocurrency universe these past 5-6 months after a stellar 2017 trading campaign as selling pressure has dominated the action and in the process, inflicted meaningful technical damage across the board.
While the recent downside pricing pressure has left none unscathed and wrecked havoc from a technical perspective, whereby numerous names find themselves in a poor technical posture trading below their 50 and 200 day moving averages, we’ve been noting in recent reports that we suspected that some short-term relief would likely be in store and bring to a halt some of the recent bleed lower for the time being.
For example, just a few short days ago, we noted in our report of Monero (XMR) that, “while we certainly suspect some short-term price relief in the days/weeks ahead, the technical damage inflicted during the past several weeks throughout the entire cryptocurrency universe requires time and repair”, which remains the case today.
Nonetheless, both investors and traders alike are now finding that long-awaited relief at last as the slippery slope south has seemingly subsided where we are now being treated to some upside action as can be witnessed from the Charts of BTC; ETH; LTC and BCH below:
As we can see from the daily Chart of Bitcoin (BTC) above, BTC is once again forming a potential mini inverted H&S formation and attempting to move up-and-out. Although BTC remains well below its 50 (blue line) and 200 (red line) day moving averages, the short-term action is somewhat encouraging.
While the inverted H&S formation requires further work, both investors/traders may want to utilize the following levels as a guide in order to garner further clues/evidence with respect to direction.
If, at any point in the days ahead, BTC can go top-side of the 7730 figure and ‘stick’ and perhaps more importantly, clear the 8020 level, such development/s, should they materialize, would certainly be a welcome relief and begin to repair some of the recent technical damage despite still trading below both its 50 and 200DMA’s.
On the flip-side, if BTC is unable to overcome the 7730 level and ‘stick’ and subsequently ‘takes-out’ the 7260 level at any time in the days/weeks ahead, such would likely suggest that the potential inverted H&S formation would once again be a failure and would also more than likely precipitate additional selling pressure.
Thus, while the recent short-term action is encouraging as well as providing some much-needed relief, further work remains before we can declare that BTC is out of the woods and in the clear.
Moving on to Ethereum (ETH), we can see from the Chart below that, much like BTC, Ethereum is also forming a potential mini inverted H&S formation and attempting to move up-and-out.
While Ethereum also finds itself trading below both its 50 and 200DMA’s, representing a poor technical posture as we can observe above, ETH is not nearly as far beneath its moving averages as that of BTC.
Moving forward, if, at any time in the days ahead, ETH is capable of clearing the hurdle located at the 650 level and can ‘stick’, which coincidentally is where we find the 50-day moving average, such development, should it occur, would certainly be a positive development. On the other side of the ledger, should ETH breach the 538 figure, such occurrence would likely render the inverted H&S formation null-and-void.
Looking at the Chart of Litecoin (LTC) below, much like both BTC as well as ETH, Litecoin finds itself in a similar position attempting to move up-and-out of its mini potential inverted H&S formation as well as trading well below both its 50 and 200-day moving averages.
When viewing the action of LTC above, it’s apparent that it finds itself in a similar technical posture as that of both BTC and ETH.
Thus, moving forward, both investors/traders may want to monitor the following levels for additional clues/evidence with regards to direction.
If, at any point in the days ahead, LTC is capable of going top-side of the 129.30 level and perhaps more importantly, the 141 figure, such development, should it occur, would surely be a positive step for LTC. Whereas, if LTC should happen to breach the 114.25 level at any time in the days ahead, such development, should it occur, would suggest that its potential inverted H&S formation would be a failure.
Last, but certainly not least, we take a look at Bitcoin Cash below, as BCH may just find itself in a better position presently than the aforementioned above.
As we can observe from the action above, BCH, like BTC; ETH and LTC also find itself in the process of forming its very own potential inverted H&S formation.
However, unlike BTC; ETH as well as LTC, which have yet to clear their respective initial hurdles and ‘stick’ – thus far, BCH has indeed cleared and is holding its initial hurdle located at the 1153 level.
Moving forward, if BCH can continue to hold the 1153 figure and perhaps of more importance, can clear its 50DMA, presently located at the 1244 level, such would certainly go a long way in repairing some of the short-term technical damage that has been inflicted over the past several weeks. On the flip-side of the coin, should BCH lose the 941 level at any point in the days ahead, such would more than likely suggest that lower prices are in the offing.
Thus, of the four names we’ve focused on in this report, BCH presently finds itself leading the way, while BTC; ETH as well as LTC have further work in order to complete their potential inverted head-and-shoulders formations.
While the present overall climate finds itself reaping some welcome short-term relief in the absence of storm clouds, as we have suspected, further work remains before we can declare the coast is clear.
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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
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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…