When we presented our analysis last week, we suggested that some coins were more technically vulnerable while others would be tough to break down. The two coins we have on tap for today’s analysis – IOTA and Cardano (ADA) – represent one of each of these classes.
But, as many long-time HODLers know, when it rains it pours. No matter which class you have been in, the action over the past few days has been blood red. Now, it’s time to take a look at what comes next.
- High: $0.65276
- Low: $0.60641
- 24-Hour Volume: $70.50M
- 7-day Percent Change: -30.2%
As noted above, IOTA represented one of the most technically vulnerable coins to us in our analysis last week. The key here was the very clear descending bearish triangle that had come into place on the charts since late June.
IOTA began creeping down towards what is known as the bearish trigger line earlier this month. When that trigger line snapped, we saw some gyrations and, ultimately, down the drain it went.
As technical analysts are fond of saying, prior support becomes new resistance. All that really means is this: if we see a bounce, it may be awfully difficult for IOTA to climb back above the $0.90 level.
That said, those hanging onto this one would be awfully glad to even get the chance to watch it fail at that level at this point. Principal support in place right now in this chart is at the $0.60 level. A break underneath that could really empty things out for IOTA.
- High: $0.11578
- Low: $0.11277
- 24-Hour Volume: $79.04M
- 7-day Percent Change: -16.59%
Cardano (ADA) had been trading with at least a mild degree of relative strength during the majority of trading in June.
However, once things rolled over, clear support levels such as the coin’s 50-day simple moving average were taken out relatively easily.
The decline that we have seen off of the July highs in Cardano (ADA) is now a relatively clear Elliott wave impulse formation, separated into five waves that may be nearing completion or already completed.
That meshes well with our read of support, which comes in at the June lows at a pivot around the $0.11 level. We splashed below that briefly yesterday in ADA, but are trying to claw back now into positive territory. If we get some momentum coming on the upside, look for the $0.13 level to provide resistance.
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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
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.
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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.
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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.
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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.”
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