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Ethereum Classic (ETC) Technical Analysis – Bear Flag Developing

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Ethereum Classic

While Ethereum (ETH) finds itself displaying fairly constructive technical characteristics trading within a triangle hovering at its 200 day moving average (red line), while also trading above its 50DMA (blue line), both such attributes resonate a decent technical posture as we can observe below.

Chart courtesy of www.tradingview.com

Despite the present action in ETH that suggests a somewhat favorable technical position, Ethereum Classic (ETC) on the other hand, portrays an entirely opposite picture from a technical perspective.

One may be wondering, why such disparity between the two?

While we don’t possess the answer to the question above, as technician’s, we can only work with the evidence provided and in the case of ETC, we can see from the chart below that the action in ETC differs entirely from that of its brethren ETH, in spades.

Chart courtesy of tradingview.com

As we can observe from above, ETC currently trades beneath all of its important moving averages (20/50 & 200DMA’s) depicting and unfavorable technical posture.

We can also see that after attempting to recapture its 200DMA (red line) earlier this month only to surrender such position within two (2) trading days in a sharp; rapid manner, ETC now finds itself building-out a potential bear flag observed in the shaded box.

While the potential bear flag set-up remains in the development stage, both investors/traders may want to pay particular attention to the action in ETC in the days/weeks forthcoming for additional clues as to whether such pattern materializes in its entirety.

Thus, present conditions continue to weigh heavily on ETC as it’s a negative that Ethereum Classic currently trades below it 20; 50 and 200 day moving averages. Furthermore, it’s also not encouraging that ETC finds itself in the process of a potential bear flag that should such pattern materialize and break southbound, the move would inflict considerable additional technical damage.

While it certainly appears that all of the evidence, from a technical perspective, continues to suggest unfavorable conditions persisting for ETC, there are but a couple of caveats that may turn the tide.

At present, despite the ominous technical posture, ETC presently finds itself at potential support from November of last year as well as both February and March of this year (albeit minor support). In addition, should its brethren ETH pop up-and-out of its triangle pattern and head for greener pastures, ETC may just find a lifeline and be able to follow behind and as a result, avoid further potential downside and ride the coattails of ETH.

Nonetheless, moving forward, let’s take a look at the following levels that may provide both investors/traders clues with respect to direction.

If, at any time in the days/weeks ahead ETC is capable of clearing the 19.75 and perhaps, more importantly, the round 20 figure, such development, should it materialize, would surely go a long way in alleviating the heavy pressure currently weighing on ETC. With respect to potential short-term support, both investors/traders may want to consider monitoring the 16.30 level as well as the 15.45 area to lend potential support.

Needless to say, ETC remains in a vulnerable technical position and while it has yet to break-down, thus far, the action requires close attention from a short-term point of view.

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 Ethereum Classic via Flickr

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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