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Litecoin (LTC) Binance Coin (BNB) Price Analysis – Two Very Different Pictures

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Litecoin

While the cryptocurrency complex remains dominated by Bitcoin, and while the popular view continues to be dominated by a cognitive association with the concept of widespread correlation among major cryptocurrency trading vehicles, the fact of the matter is that we do see clear and tangible technical differentiation among a number of highly liquid cryptocurrencies.

Today, we will focus on two coins that have been on very different trajectories over the past four months.

While this also serves to prove a point – that the crypto complex represents far more than just Bitcoin and Ethereum, and their respective gravitational effects – it also provides us with an opportunity to examine in closer detail two very different charts that are frankly both quite interesting at present: Litecoin (LTC) and Binance Coin (BNB).

Litecoin (LTC)

Chart courtesy of tradingview.com

Litecoin (LTC) has just completed what technicians often call a “round-trip”, in that the coin just overshot on the downside taking out the stop orders for those traders and investors hypothetically involved from a cost-basis that immediately preceded the extraordinary spike higher that began on December 8, 2017 at just above the $90 level and culminated on December 19, 2017 at an intraday high just under the $370 level.

LTC closed June with a break back under the $90 level, and a slide that nearly touched support at the $72.50 level.

For technical analysts, this provides something like a sense of closure and the possibility of the establishment of an endpoint to a corrective decline. In a sense, the idea is that the correction must hunt down and kill everyone still hanging onto the idea that the initial breakout was sustainable.

The action last month successfully completed that objective and also sliced under what had been a major advance and the establishment of new all-time highs logged in August and September 2017 just under the $100 level.

In addition, with the break to complete the round-trip and the run of hypothetical stop orders, LTC also printed an RSI score (14-day) under 25. That represents the most extreme oversold reading in the history of this coin’s chart.

This fact underscores the idea that there is a statistical potential – according to the precepts of standard technical analysis – that LTC may well be marking out the lower boundaries of this corrective phase.

This pattern is consistent with an idea that LTC may be starting to flash signals that it could be an excellent “Phase Three Coin” candidate – a term that refers to those coins situated for emerging leadership as the new bull cycle begins to carve out its existence possibly over coming months.

Binance Coin (BNB)

Chart courtesy of tradingview.com

Binance Coin (BNB) provides an exceptional contrast to the concept that all coins trade together. The chart above is a calculation of Binance Coin in US dollar terms. Using a similar standard, most coins that we look at have not managed to remain in an upward trending environment over the past four months. However, as should be clear from the image, BNB has managed to do just that.

Binance Coin has also remained above its 200-day simple moving average for the entirety of 2018. This also stands in stark contrast to the majority of the cryptocurrency complex. This is relative strength, plain and simple.

However, it should be noted that BNB is now testing the trendline defining its upward action since forming the pivot at its year-to-date low on February 5, 2018.

BNB recently checked resistance in late June around the $17.50 level, which roughly matches the closing lows of the interior range that defined the coin’s action in its gyrations near its all-time highs in January of this year.

Where we do see similarities to the rest of the crypto complex is in terms of the distribution of trading volume: we have seen a gradual tapering of average volume over the past four months despite the coin’s grinding upward action during that period.

Given all of these factors, it is imperative that BNB does not now proceed to break underneath both its upward trend line of the last five months and its 200-day simple moving average (ie, a confluence technical breakdown). This would be a sign suggesting Binance Coin could still play catch-up on the downside with the rest of the crypto complex.

However, at this stage, one has to give the benefit of the doubt to BNB just in terms of relative strength and the mechanics of price action displayed on the chart.

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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