When volatility increases, it is often the most important time to focus on the virtues of technical analysis.
Price changes in an asset that we value often have an impact on our psychology and our emotions that is difficult to perceive and to assess. Hence, having a toolset with a defined set of rules that specifically impinge upon how we articulate to ourselves the behavior that we are seeing can act as a cornerstone for holding ourselves accountable in our decision-making as we participate in such a volatile financial market.
As such, we would suggest that the current moment in the cryptocurrency complex is a perfect application for such a cornerstone. And we will attempt to exemplify this as we take a close look at Stellar (XLM) and Cardano (ADA).
- High: $0.24684
- Low: $0.24255
- 24-Hour Volume: $51.26M
- 7-day Percent Change: -18.79%
Stellar (XLM) is one of the coins we find most interesting during this current pullback following the July bounce across the cryptocurrency complex. We noted last week that we thought this may well check back to under the $0.24 level, and at the same time thereby check back to key support at a rising 50-day simple moving average.
So, what we have here is as follows: Stellar (XLM) has been clearly outperforming most of the large market cap coins in the cryptocurrency asset class over the past six weeks. It has also done so on sharply rising average daily volume. And now, when the complex is pulling back, we are seeing Stellar (XLM) pullback to a level that appears to be a higher-low under formation, and finding support during that pullback at a key technical support measure that has shifted into a potentially bullish mode.
If this is possibly an important inflection in the broader crypto space leading to a new bull market, then one can easily forgive themselves for biasing their emphasis towards XLM given its recent behavior. In other words, it’s worth an extremely close look right now.
- High: $0.13582
- Low: $0.12991
- 24-Hour Volume: $49.35M
- 7-day Percent Change: -15.71%
Cardano (ADA) has pulled back to almost perfectly test support at its mid-July lows in the $0.12 area. This follows the pattern we have seen in many other large market cap coins over the last several days.
However, the bounce that we’ve seen over the past 12 hours in Cardano (ADA) has shown itself to be somewhat more powerful than we have seen in many other coins across the complex during that same period.
That suggests the possibility that we are nearer to some kind of selling exhaustion for Cardano (ADA). However, if we have any doubts, they are spawned by the fact that the hourly MACD indicator has already moved toward an overbought level on what has not been a dramatic bounce. We would far prefer to see the oscillators quiet at this point in the bounce.
That said, this doesn’t rule out the possibility that Cardano (ADA) could begin to show positive signs in terms of how it deals with these critical support levels.
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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
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. One of the ways to have a successful…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
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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