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Stellar (XLM) Cardano (ADA) Price Analysis – Different Ways to Show Strength

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Stellar

Examining the recent strength of the cryptocurrency complex can provide some interesting insights. First of all, the space can clearly be divided into the leaders and laggards. Such should be defined on merely technical grounds when making comparisons based on an asset class-wide dynamic.

Today’s pair of coins – Stellar (XLM) and Cardano (ADA) – provide excellent examples of this set of concepts.

Stellar (XLM)

Price Analysis:

  • High: $0.3443
  • Low: $0.3323
  • Major Resistance Level: $0.35
  • Hourly MACD: Recent Overbought Extreme

Chart courtesy of tradingview.com

Stellar (XLM) has been on fire, up as much as 75% since the middle of this month.

For those who have been buying into the pullback in Stellar (XLM) off of its May highs, this action is decidedly welcome.

The coin has blasted off through its major moving averages, to test and even exceed the 200-day simple moving average on an intraday basis.

This brings into play the potential for a run at very important resistance at the $0.50 level, but it will need to get through the $0.35 level on a closing basis to set that in motion first.

Cardano (ADA)

Price Analysis:

  • High: $0.176
  • Low: $0.171
  • Major Resistance Level: $0.20
  • Hourly MACD: Emerging Trend Change Potential

Chart courtesy of tradingview.com

Cardano (ADA) is coming off of the recent stronghold of support in the $0.12 area.

Recent action has included a higher-low pivot point following a lower-low test of the March lows. This is an extremely compelling combination of swings because it suggests weaker hands have already been kicked off the bus before stronger hands came in and started to support the pattern with resolve.

This is exactly the type of dynamic that we look for when reviewing any chart from a technical standpoint.

In addition, following a nice RSI divergence at the lows, the establishment of a higher low, and a breakout above the key 50-day simple moving average, we now see a clear and sharp rise in average trading volume over the past few days.

At this point, all the signs are in place for a possible run at a fresh test of the territory above the $0.20 level for Cardano (ADA).

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

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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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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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:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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