In our analysis yesterday, we suggested that some coins were on a roller coaster while others were falling down an elevator shaft.
Based on what we saw last night, it would appear as though Ethereum price and Ethereum Classic price are both hurtling down that shaft in search of the basement floor. But keep an eye on this. That sort of dynamic can change in a heartbeat.
- High: $284
- Low: $250.84
- 24-Hour Volume: $1.98B
- 7-day Percent Change: -34.72%
Ethereum (ETH) has been a poster boy of underperformance, barely flinching to the upside during the cryptocurrency asset class-wide bounce during the month of July, and then rolling through a sloped support level without a blink after rubbing off a declining 50-day simple moving average.
That is led to a steady downward trend in ETH, which in turn led to a break of the coin’s April lows. Now, we are in search of more important lows, and last night’s action may be starting to probe the areas we want to see.
Most importantly, with the 14-day RSI measure already signaling massive oversold extremes, we have to look at the $275 level as potentially a key line in the sand for Ethereum (ETH).
Ethereum Classic (ETC)
- High: $11.9516
- Low: $10.1156
- 24-Hour Volume: $264.49M
- 7-day Percent Change: -43.51%
Ethereum Classic (ETC) is an interesting case. It was only a week ago that everyone on the planet was touting this as the coin that would avoid this leg of the bear market.
But, as we discussed in some of our analysis, headline-driven rallies are not secure during bear market contexts. And that’s exactly what we saw with Ethereum Classic (ETC).
It was rallying a few days ago because the coin had been picked up by some major exchanges. But that’s exactly the kind of catalyst that can lead to a quick “suck them in and spit them out” kind of bear market rally, destined to roll over and wield severe pain for those sucked in at the highs.
Ethereum Classic (ETC) powered itself higher during that news-inspired craze, only to be rebuffed by resistance at a declining 200-day simple moving average in confluence with the $20 level.
At this point, all eyes are on the support between $9.50 and $10.00.
To trade cryptocurrencies, sign up with Binance!
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
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
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 been…