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EOS Litecoin (LTC) Price Analysis: Sheer Magnetism

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EOS

Some people seem to believe that technical analysis somehow doesn’t apply fully to the cryptocurrency complex. Such a theory betrays a lack of understanding of the point of technical analysis. The idea here is not simply about using tools that other people use as a way of getting ahead of those people using those tools.

In fact, the art of technical analysis is centered on the notion that there is more information betrayed by the collective behavior and decision-making of a group of people than simply the behavior of those people.

In other words, patterns of decisions made by groups of people tend to hold consistency through time, leading to the potential that one can begin to make projections to those patterns given that they all represent the same thing: a bunch of people.

This is just as true for cryptocurrencies as it is for stocks or fiat currencies or commodities or any other market. Consider this as we examine the charts today for EOS and Litecoin (LTC).

EOS

Price Analysis

  • High: $8.4451
  • Low: $8.2748
  • Major Resistance Level: $9.00
  • Hourly MACD: Tight Consolidation

Chart courtesy of tradingview.com

When looking at a chart of EOS, one may see a trading range. That’s a perfectly valid interpretive stance at this point, particularly when considering the past 4 to 6 weeks.

EOS has in fact been trading in a range roughly defined by support at the $7 level and resistance at the $9 level.

However, one may also see the relatively flat top to this pattern and the recent trend of rising lows. That suggests that we have the possibility of coming into a place of a bullish ascending triangle pattern in EOS.

If so, that could immediately bring into play – upon triggering of the bullish trigger level – a breakout to test the 200-day simple moving average, which would also occur in confluence with the psych $10 round number resistance level. That area could well act as a “price magnet” above the current market.

Given all these factors together, that appears to be a relatively predictable flow of events if we do in fact see the initial bullish trigger to this setup.

Litecoin (LTC)

Price Analysis

  • High: $84.904
  • Low: $83.968
  • Major Resistance Level: $100

Chart courtesy of tradingview.com

Litecoin (LTC) exhibits many characteristics that are similar to EOS, as described above. However, one of the most striking differences is that Litecoin (LTC) does not have a flat top to its recent pattern beginning with its pivot at the lows in late June.

Instead, Litecoin (LTC) has something that we would have to see, on a closing basis, as a series of rising highs and lows that will either resolve itself as the beginning of an upward trend or as a bearish pattern formed as a rising wedge in a downward trend.

One factor leaning our interpretation of the pattern slightly in the bullish direction is the fact that one can see – on a closing basis – the rough outlines of a double bottom in late June and early July that also includes a very clear bullish divergence on the 14-day RSI oscillator.

Conveniently, for traders wishing to play along with this thesis, we can easily set risk as a break of the sloped support defined by the low pivots we have seen come into place over the course of this month.

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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