News for the cryptocurrency market, in general, seems bleak. Headline after headline seems to paint a miserable outlook for the crypto market.
Lest not we forget that Bitcoin hit its all-time high of $19,666 on December 17, 2017. That was ONLY about 5-weeks ago. At that time, the media, and most people familiar with the crypto market could not believe the gains that it was making. And for the most part, most people had no idea what the cryptocurrency market was.
Now that Bitcoin is back near $10,000, the media hysteria is the exact inverse of a month ago. Market sentiment in the cryptocurrency market is very fluid, and can change “overnight.”
As the cryptocurrency market slump continues, Ripple is beginning to show early signs stabilizing. Chart #1 below, the daily price bar for January 23rd closed slightly up to $1.34366 with both a higher high and a higher low than the prior day. Moreover, the day’s high briefly went above the 9-day moving average after testing a support level at $1.17709, as indicated on the daily chart.
Chart #1: Ripple Daily
Chart #2 shows a 15-minute chart with volume and momentum. The support level at $1.17709 shown in purple was tested three times. The third time was followed by an upward price move to $1.36570.
More importantly, the move was accompanied by a surge in volume, and an increase in momentum, as displayed in the chart. By mid-day, price retraced to $1.17889 approaching the support level again, and then made another upward move to the day’s high of $1.44653.
This second upward move was also accompanied by momentum and even more volume. Ripple is beginning to show indication of hitting a bottom.
Chart #2: Ripple 15-Minute
For the savvy investors and traders, dips in markets are not something to panic about. Quite the contrary, a price dip to an investor is synonymous with a “sale” to a compulsive shopper.
The key is to catch the prices at their lowest. When markets seem at their worst, according to the market media pundits, this is akin to “black-Friday” for savvy investors (refers to the first shopping day of the holiday season).
The one sure fact we can come away with is that the cryptocurrency market is very “unconventional,” and things happen “very , VERY, FAST!” It took Bitcoin 15-days to reach its all-time high of $19,666 from where it was trading at the same price as it is trading now at $10,730.
What will we be saying a month or two from now?
Difficult to predict.
But the one thing we traders/investors don’t want to say is that we “missed out on an opportunity.” For those that don’t have positions in cryptocurrencies now, this significant market dip is an opportunity to NOT get into the crypto market at the high.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
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.
Image courtesy of coinmarketcap.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.
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…
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 been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…