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Ethereum (ETH) LiteCoin (LTC) Price Analysis – Battle Royale

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Ethereum

While overall market conditions have improved somewhat over the past week or so as the bleed lower has subsided for now and many cryptocurrencies enjoying a respectable bounce from lower depths, the struggle continues within a challenging environment.

In particular, numerous, if not the majority of coins/tokens continue to trade below their 20; 50 and 200 day moving averages, which paints an unfavorable technical picture as well as confirming the primary trend, which remains lower.

During the past several months, we’ve attempted to provide readers with some clarity as well as levels that both investors/traders could monitor and may find beneficial in attempting to navigate the landscape in the hopes of avoiding the tripping of landmines that have littered the field with an emphasis on risk management via the strict adherence to suggested levels of potential resistance and support of various names.

More specifically, we’ve made it very clear that from a short-term perspective, the 20 day moving average has proved to be a reliable guide throughout these past several months with regards to direction and nothing has changed or altered despite the bump in prices from their recent lows.

With that behind us, let’s take a look at the action of both Ethereum (ETH) and LiteCoin (LTC) in which both continue to demonstrate and validate our reference to the importance of the action surrounding their 20 day SMA via the charts below.

ETHEREUM

As we can observe from the chart of Ethereum above, ETH continues to trade below its 20 (yellow line); 50 (blue line) and 200 (red line) day simple moving averages. In addition, we can also witness that since mid-May, ETH’s 20 day SMA has provided headwinds/resistance on four (4) separate occasions indicated via the shaded boxes with ETH unable to clear the hurdle and ‘stick/HODL’, thus far.

Therefore, as we’ve noted in numerous previous articles, both investors/traders would be wise in further monitoring of the action surrounding the short-term 20 day moving average, not just for ETH, but for any and all names that investors/traders may be following or have a current position in, for further clues/evidence with respect to direction. Until or unless such conditions/developments change or alter, we’ll continue to place emphasis on the 20 day SMA for short-term purposes.

Moving forward, the following levels may provide both investors/traders with some clarity with respect to direction and may want to utilize as a guide.

If, at any time in the days/weeks ahead, ETH is capable of clearing its 20 day moving average, presently residing at 470 and can ‘stick’, such development, should it materialize, would be and encouraging short-term start. Perhaps more importantly, should ETH go top-side of the 493 figure, such development may then open the door for a potential run into the 500-545 zone, which is where we find the declining 50 day SMA (534ish).

On the other side of the ledger, both investors/traders may want to utilize the 440 as primary as well as the 400-420 zone as secondary levels of potential support.

Nevertheless, ETH remains in a battle for control of its 20 day moving average as we stroke the keys on the keyboard.

LITECOIN

Without being redundant, much like ETC, LiteCoin continues to trade in similar fashion with LTC trading below all of its moving averages and continuing to do battle with its very own 20 day SMA at present evidenced via the daily chart above.

Similarly, LTC has failed on three (3) separate occasions thus far to clear its 20 day SMA since mid-May and finds itself in a struggle as we write.

Moving forward, potential resistance resides at the 90 as well as the 97 and 103 levels, while potential short-term support can be found at the 77-78 as well as 70-73 zone.

Needless to say, both ETC and LTC are presently engaged in a battle royale and continue to find headwinds/resistance at their 20 day SMA’s. Until or unless they can clear that initial hurdle, it will be difficult for either to gain traction as well as upside momentum.

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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