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Price Analysis: Ethereum and EOS Preparing for a Breakout

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The global cryptocurrency market situation has been quite depressing for past few days and investors have been in a sort of havoc. Since yesterday some of the top 10 cryptocurrencies have shown a positive trend after the news of BlackRock’s growing interest in Bitcoin.

Current Market Position of ETH and EOS

The total market capitalization of Ethereum, placed just next to Bitcoin is close to $47.72 billion at the time of writing. Its individual price has reached $474.8 and is increasing at the rate of 4.7%. EOS is going through the same path as Ethereum, rising at a rate of 7.7% with its current individual price placed at $7.93 making it the 5th largest cryptocurrency in the world. By the time of writing it has accumulated $7.1 billion worth of total market capitalization while its 24-hour exchange value has crossed $770 million worldwide.

Ethereum Analysis

Chart courtesy of tradingview.com

Price Analysis: (Data Feed Via Kraken)

High:      482.7

Low:      470.0

MACD:  18.9

RSI:        67.7

Key Highlights of Today’s Ethereum Price Analysis:

a. Ethereum price has managed to climb through important resistances against the US dollar such as $450 and $460. The current bullish trend line has encouraged the crypto community and investors have returned into their game. Ethereum has added 7% in the past hour which has got the ball rolling for the top altcoins of the crypto space.

b. The ETH/USD pair is currently following ascending channel and it is expected to correct lower towards $480 level. The charts and bullish signals are indicating a significant uptrend against US dollar and Bitcoin. The resistance area for today is close to $500.3 as buyers seem to dominate markets. This development was to pause if sellers take a short-term control of the market and start a correction towards the $453.24 support area.

c. Ethereum has nicely gained against the US dollar since yesterday as it closed above the resistance $455 correcting a few points near the $445 level. Buyers appeared and have pushed the price above the last swing high and now we can observe a nice short-term ascending channel formation. The currency pair is on its way to this month’s high and it’s more likely to increase the present positive trend at hand in the near future.

EOS Analysis

Chart courtesy of tradingview.com

Price Analysis: (Data Feed Via Bitfinex)

High:      8.14

Low:      7.84

MACD:  0.43

RSI:        65.9

Key Highlights of Today’s EOS Price Analysis:

a. If we look at the present situation of EOS, it has managed to add more than 10% to the markets within the past 24 hours. EOS has marked its growth on Monday and it seems as though the EOS market is still progressing by the will of its buyers. Although it’s far from July’s high, the EOS/USD pair is developing as we wait.

b. EOS’ flag pattern has been moving higher and the currency pair has successfully broken through the $7.65 resistance area but it seems as though that the pair has failed to reach the next resistance area of $8.29.

c. Whether it’s ETH or EOS, growth scenario is developing considerably well today. It’s clear to see that both buyers and investors are hungry for a bullish breakout and hence targeting July’s highs if the EOS/USD pair reaches the resistance area of $9.03. Bears are unlikely to gain control of the market. Even if they do, then it would supposedly target the support area to $7.10.

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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