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Ripple (XRP) Bitcoin Cash (BCH) Price Analysis – An Unfamiliar Problem
Cryptocurrency traders have an interesting problem in recent action: at long last, needing to make the adjustment from bearish assumptions to bullish assumptions as far as near-term technical action is concerned.
This can actually be a bigger problem than it sounds. Our minds get trained to extrapolate our recent experiences. This is called a “recency bias”. And it can be a major hurdle for those seeking to profit from tried and true technical setups such as the ones we will look at below.
Today, we’re going to take a look at the recent action and longer-term patterns for Ripple (XRP) and Bitcoin Cash (BCH) with an eye on determining near-term potential.
Ripple (XRP)
Price Analysis:
- High: $0.46364
- Low: $0.45829
- Major Resistance Level: $0.50
- Hourly MACD: Emerging Upside Momentum Potential
Chart courtesy of tradingview.com
As we take a look at the chart for Ripple (XRP), the most salient factor is unquestionably the broad supportive pattern along the $0.45 level.
The other key factor to note here is the upside potential if we are to see this coin break through the $0.50 level from here.
Support has been well-established between $0.42 and $0.45. We have a variety of different indicators supporting that hypothesis, including oscillator divergences and candlestick patterns – just take a look at the chart above and note all of the long-tailed doji’s sticking to the downside at support in both April and over the past month.
At this point, Ripple (XRP) is in a face-off with the $0.50 level, where it has strong pattern resistance as well as a declining 50 day simple moving average at chart confluence.
If we see a punch above this level, it may well be off to the races for Ripple (XRP).
Bitcoin Cash (BCH)
Price Analysis:
- High: $842.10
- Low: $831.10
- Major Resistance Level: $875
- Hourly MACD: Emerging Upside Momentum
Chart courtesy of tradingview.com
Bitcoin Cash (BCH) is clearly tagged along with recent strength in Bitcoin – its older brother. The most notable recent development for Bitcoin Cash (BCH) is the punch above the key 50-day simple moving average in confluence with the all-important $800 level.
The move above this level and above the moving average constitutes a potential pattern break that pushes this chart into a new bullish context.
It will be critical to see Bitcoin Cash (BCH) maintain this new tone and not slide back under the $775 level, where sloped support could bring about a flush of newly minted long side traders.
If this is a trading range in play in 2018, then the potential here is extraordinary, with the next level resistance miles above at the $1200 level.
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
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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