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EOS (EOS) Digibyte (DGB) Technical Analysis – EOS And Digibyte Require Close Attention

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EOS

While the cryptocurrency landscape has witnessed some short-term reprieve over the course of the past several days and many have enjoyed a nice bounce higher from lower depths, there are some that have yet to partake in the festivities and continue to lag.

In particular, we have been scouting the entire cryptocurrency universe in search of actionable technical set-up’s that may be displaying both favorable as well as perhaps vulnerable characteristics from a technical perspective and after scanning numerous (hundreds) names, there are two (2) that have caught our eye and that we believe require your close attention, at least from a short-term time-frame.

While we harbor no biases when conducting our scans and or analysis, it is our job as Technicians to merely seek out the very best potential risk/reward opportunities from a probability standpoint and to monitor the action of such for potential action, whether that be entry on the buy-side or perhaps closing-out and existing position and preserving capital. In essence, always engaging in risk management assessment.

With that said, after combing through our scans, both EOS (EOS), as well as Digibyte (DGB), have caught our eye and feel as though both investors/traders would be wise in the close monitoring of the action in the days ahead.

Let’s take a look at the charts of both to see what may be in store moving forward.

EOS

As we can observe from the daily chart above, EOS presently trades below both its 20 (yellow line) and 50 (blue line) day moving averages, while resting on its 200DMA (red line).

In addition, EOS appears to be building-out a potential bear Flag formation that both investors/traders may want to continue to monitor in the days ahead for resolution.

Nevertheless, EOS, while certainly not broken from a technical perspective, surely finds itself in a potentially vulnerable position should the pattern materialize to the down-side.

Thus, if at any time in the days ahead EOS were to violate the 9.00 level, such development, should it materialize, would most likely signal and perhaps trigger a move to its next potential support area located at the 7.80 figure.

If however, EOS is capable of bouncing off its 200DMA and perhaps more importantly, capable of clearing the 11.65 level, such action would be a positive development.

Therefore, both investors, as well as traders, may want to focus their attention on the action should either the 9.00 or 11.65 levels come into play in the days ahead.

DIGIBYTE

When viewing the action of DGB above, we can see that Digibyte is trading below all of its important moving averages 20/50 as well as its 200DMA’s, respectively.

Additionally, much like EOS, DGB also appears to be building-out a potential bear Flag formation and requires close attention with respect to its development in the days ahead.

Therefore, both investors/traders may want to pay particular attention to the following levels for further evidence/clues with respect to direction in the days forthcoming.

If, at any time in the days ahead DGB can clear the .03 hurdle and sustain, such development, should it materialize, would be a positive. On the flip-side of the coin, should DGB violate the .023 figure, lower prices are likely in the offing.

Nonetheless, both EOS as well as DGB find themselves in a potentially vulnerable technical posture at present and require close attention moving forward.

Happy Trading!!

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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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

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

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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…

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