Blogs
Ethereum Technical Analysis – Uptrend Continues
In our last analysis of Ethereum dated November 13, 2017, we pointed out the Symmetrical Triangle pattern that was forming and coming to completion. It appears that Ethereum is showing indications of an upward price movement.
First, before delving into the technical analysis, we should mention some important recent news that may be driving the technical indicators.
During a recent Ethereum developer meeting, Ethereum founder Viatlik Buterin announced that the proof-of-stake protocol under development known as Casper, with which Ethereum hopes to eventually replace the currently proof-of-work protocol used by the nodes in the network to come to agreement on a correct transaction history to be added to the blockchain, is ready to be tested. This could be a significant factor for the recent price actin exhibited by Ethereum.
Chart #1: Daily Price Chart
On the technical analysis side, Chart #1 above shows clear indication that Ethereum has broken out of the triangle to the upside.
Some noteworthy indications that the breakthrough is credible is the fact that price has been fluctuating completely above the 9-day moving since the breakout.
What makes this observation notable is that all four data points of the daily bars are above the moving average, suggesting strong upside momentum. Couple that with the fact that that the breakout has already exceeded the high of the last price upswing in the triangle pattern as labeled in the chart, and you have positive signals that the potential for an extended upward price movement is likely.
Chart #2: 5-minute Chart
The daily chart on Chart #1 does show some indication of increasing volume on the latest bar.
Chart #2 above displays the 5-minute price chart which shows a much better view of how volume is increasing in tandem with the most recent upward price movements (shown in the shaded area).
Volume is always the final deciding factor on whether or not technical indicators are credible. In this case, the breakout seems to be gathering interest (volume) and momentum.
Savvy traders that are already holding long positions will continue to hold them, and possibly even add to them on price-dips. Those that don’t have positions may consider taking long positions on price dips.
A protective stop should be place no lower than the point of the low of the last downward price swing in the triangle pattern near $280.00.
Traders that have short positions should consider re-evaluating their current trades.
We will be keeping a close watch to see how the breakout progresses.
We will be updating our subscribers as soon as we know more. For the latest updates on Ethereum, sign up below!
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. One of the ways to have a successful…
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…
Altcoins
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…
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