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Cardano (ADA/Tether) Technical Analysis: Ride The Bull
Cardano, along with most of the popular cryptocurrencies, hit its most recent low of the crypto bear market on or about the last week of March 2018. Since then the cryptocurrencies have been on a rebound that marks the first indication that the cryptocurrency market may be stabilizing, and once again turning bullish. However, one bounce off the bottom does not mark a reversal. Cardano bounced off its local lowest close of $.14266605 on March 29, 2018. Over the entire month of April, it has traded in a steady upward trajectory with very light dips to a high of $.38845159 on April 29, 2017, as displayed in Chart #1 below.
CHART #1: ADA/Tether Daily
Another notable attribute of the daily chart is the diminishing volume as price increases from the bounce off the low to the current price. An upward price movement of this type accompanied with increasing volume would be a strong long entry setup. This situation, as tempting as it may seem to enter long on the next dip, may be setting up for a short position. Chart #2 below displays a 60-minute price chart and delves into a more in-depth analysis that serves to confirm the upcoming retracement.
CHART #2: ADA/Tether 60-minute
Chart #2 included a moving-average convergence-divergence indicator (MACD). On the last two price swings for Cardano, the MACD indicator has accurately picked up convergence for the downward price swing and is currently displaying the price/MACD divergence pattern that the price action for Cardano is in the midst of completing. This price pattern, along with the diminishing volume is a very strong indication that the current upward price movement is about to “run out of steam.” This is a good short signal with a profit target of about a 50% retracement, from the low where the upward price move commenced, and a stop-loss of a 1-to-1 ratio or tighter.
Once the retracement begins, careful ongoing inspections of the volume patterns should be conducted. If the retracement stays at least 25% above the last local low of $.14266605, then the possibility that a genuine reversal is taking place becomes more realistic. As the volume patterns begin to favor upside movements, and indicators begin triggering long entry setups, taking a long position will be a prudent move. Cardano is still priced very low at $.373398 in spite of the fact that it’s currently ranked #6 on the list of cryptocurrencies in terms of Market Capitalization with a market cap of $9.681Bil. It is also ranked 9th in terms of trade volume as of May 2, 2018. When the Crypto Bull Market returns, Cardano is well positioned to “Ride the Bull.”
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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 Mike Langhorst via Flickr
Chart courtesy of tradingview.com
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…
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…
Altcoins
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…
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