Connect with us

Blogs

Cardano (ADA) EOS (EOS) Price Analysis – Both Bear Close Attention

Published

on

Cardano

For traders and investors looking for advantageous and opportunistic timing in the cryptocurrency complex right now, the game is a very simple one: pay close attention, and it may pay off in the long term in a big way.

The justification for this view is exemplified well by both Cardano (ADA) and EOS. While these charts may look quite different at first glance, there are some similarities under the surface that we will explore. To make a long story short, the potential for a final purge and rebound that provides an extraordinary and low-risk opportunity in coins like these are growing by the day, and both of these coins bear close attention at present.

Cardano (ADA)

Price Analysis:

  • High: $0.134117
  • Low: $0.124657
  • Major Resistance Level: $0.14
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

Cardano (ADA) has begun to flash some very interesting signals, in technical terms, that traders should begin to appreciate at this point.

The pattern in Cardano (ADA) is something of a bearish trend tempered by the potential for seller exhaustion at current levels.

As the process of a bearish trend plays out, one may think of this as something like the process of exhausting a supply of fuel. In this case, the fuel for a bear market is “potential sellers”. As should be intuitively clear, a technician’s job in a potentially late-stage bear market trend is to monitor the market for signs that possibly signify that the market is running out of that fuel.

In this case, Cardano (ADA) has been testing important support established originally in mid-March around the $0.12 level, which is being either reaffirmed or retested in recent action with a break slightly back underneath that level toward the end of last month.

The lows at that time were accompanied by what verged on new possible all-time lows in the print for the 14-day RSI in Cardano (ADA).

At this point, the number one signal to suggest the possibility of an exhaustion of sellers, and the further possibility of a low-risk, high-probability longside entry set up, would be a divergence in the RSI indicator on a slightly lower low in coming action in July.

In other words, if you see Cardano (ADA) move down perhaps to test the dime level in US dollar terms, and as it does so, we see an RSI score that is above the levels printed in late June, and then we see a following move to rebound back above the levels seen over the last month – perhaps to test the $.15 level – that may work spectacularly well as a signal about an important inflection in the trend that has been defining this market.

EOS (EOS)

Price Analysis:

  • High: $7.4110
  • Low: $6.7500
  • Major Resistance Level: $9.00
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

EOS provides us with an interesting contrast to the pattern we just reviewed above in Cardano (ADA). This coin has actually been far more bullish over the past year in many ways, however somewhat more worrisome in the past 48 hours.

This is important to monitor closely at this point because we are in fact seeing the possibility of a break underneath a long-term bullish trend line that has defined this chart since last October.

With its low in late June – put in place around the $7 level – EOS signaled a potentially sustainable low given that it was checking a longer-term support line, holding the level, and then moving back higher.

At this point, however, we are starting to see weakness reemerge and substantiate the premise that the bearish momentum in the trend that defines EOS since it’s late April highs may have further to go, with the potential for retest of levels last seen in late March and early April, around the $4-$5 zone.

However, our premise here is that we are in the latter stages of bearish momentum for the crypto complex as a larger asset class phenomenon. This suggests that downside breaks of support may be precisely the most important times to be watching coins like EOS like a hawk as it may prove, in retrospect, to represent a very powerful long side opportunity.

Keep a close eye on this one if and when it moves below its recent levels.

Happy Trading!!

For the latest cryptocurrency news, join our Telegram!

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

Published

on

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…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

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…

Continue Reading

Altcoins

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

Published

on

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…

Continue Reading

Press Release