Over the past couple of days (December 8th and 9th), Litecoin has made a major price breakout through its all-time high of $93.62 established on September 17, 2017.
Litecoin first approached and surpassed its all- high on November 28th, where it met some price resistance causing it to hover about the high for about 10-days.
Litecoin then exploded to the upside on December 8th making a strong upward surge on very strong volume, and setting a new all-time high of $158.50 the next day on December 9th.
This accounts for a 74% upward move of $69.48 to the upside for Litecoin over a 2-day period.
Chart #1: Daily Price Chart
In technical analysis, the price chart patterns that typically emanate after a price move as the one displayed in the above daily chart (Chart #1) are Flag Pole patterns (Labeled in Chart #1).
Look for a period of price consolidation which will form a triangle or a pennant pattern that give clues as to whether price will continue increasing to new highs, or give back the gains that have been made.
More often than not, these types of moves are followed by new highs. Especially in light of what is currently happening in the Cryptocurrency sphere.
With Bitcoin making new all-time highs on a daily basis on the back of unprecedented market volatility, the “B” word (B for Bubble) is now being bandied about by market media pundits.
When the so-called “Bubble” does burst, (or when Bitcoin simply experiences an extended price retracement) traders and investors will be exiting Bitcoin and looking elsewhere for profit-making opportunities while Bitcoin stabilizes.
This will in all likely create some movement in all the other popular cryptocurrencies, including Litecoin.
Chart #2: 30-minute Price Chart
The 30-minute chart is already starting to show some indication of continued upward momentum.
First, the current price retracement, although it did come close, it did not exceed the 50% Fibonacci price retracement level, as noted in the chart above by the shaded areas.
Second, price did briefly dip below the 9-day moving average in the 30-minute chart on two separate occasions, but price immediately recovers back above the moving average.
The next few daily bars will tell the tail.
The daily chart is showing very strong volume.
The savvy trader will watch to see if the next series of price swings on the 30-minute chart exceed the high or low of the last two.
If price exceeds the high of the last upswing, then a new all-time high is very likely.
We will be watching closely.
We will be updating our subscribers as soon as we know more. For the latest updates on LTC, sign up below!
Image courtesy of coinmarketcap.com
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
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.
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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%.
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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.
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.”
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