You’re probably sick of hearing that the cryptocurrency market has been going down since last December. Many neutral observers thought we were close of hitting bottom at last. Then came November 14th and it brought the market down strepitously. That should have been it, right? Wrong. On Monday it plummeted yet again.
Fasten your seatbelts because there is no guarantee that we have finally reached the lowest we could go. The signs are still bearish.
In this article, we’re going to share with you the conclusions that can be drawn from the technical market analysis, without delving into all the dirty details. No lines, no graphs, we’ll use plain English only.
After a long stability period, BTC broke down on Wednesday last week, and then again on Monday this week. The expected behavior in these conditions is for the coin to bounce back briefly (it’s yet to happen, as we write this as the crypto-king still trades in red numbers concerning the last 24 hours) but only to fall again. Yes, Bitcoin can go lower (even to 3k), and chances are it will, don’t be deceived by the current rise, it’s not here to stay. Remember to follow the moving averages.
It’s getting very close to its support level (which is $100, the price is $132 as we write this). This is one to watch closely because of that. The support level is the price at which buyers come back to the market. Then the volume increases and the market bounces back. The next support level would be $55.00. Planning for both scenarios would be wise.
It’s at $34, and it’s been fluctuating over the last 24 hours. The signs give the day to the bears, but a small reaction is expected to occur soon.
It’s lost a lot of support. The level was at $0.015, and it’s been so close to it that it could bounce back anytime now. In fact, it traded in green numbers till last night before going into red-pool this morning again. If it goes further down, which is likely, then the next support level would be at $0.01 (stands at $0.012 currently). Digibyte should rise again at that point.
It’s been the most stable coin lately but it’s still had some fluctuation. If XRP reaches the $0.50 mark, it could go all the way up to $0.80 quickly, but if the market doesn’t follow through then, it will drop again.
The next support level is $0.38. If there is no buying pressure at that level, then XRP could go as far down as $0.30. Both things could happen so it will be essential to follow the trend. As we write this, it’s at $0.436 and trading in the red.
Please remember that we are not offering you financial advice of any kind, we just try to keep you updated with the market’s latest tendencies.
The current market is not exactly enticing, but it is, nevertheless, a rare opportunity to observe it, study it, and learn from it so that you can take advantage of similar behaviors in the future. Learn your market analysis and observe.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.
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. One of the ways to have a successful trading…
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…