Unless you’ve been living under a rock, you are probably aware that the cryptocurrency complex has recently seen some newfound upside momentum. We have been noting some interesting signs of support and the possibility that we would see such a move as we moved toward the second half of July. As such, it’s gratifying to see it begin to take shape on the charts.
At this point, there are several different important moves that really capture the essence of this reversal, with the action in both Stellar (XLM) and Cardano (ADA) representing both significant moves in their own right, as well as an indication for money flows into the complex as a whole.
- High: $0.29006
- Low: $0.28100
- Major Resistance Level: $0.33
- Hourly MACD: Recent Overbought Extreme
Over the course of the recent sharp rally that we have seen across the cryptocurrency asset class, there have been a few dramatic winners, with Stellar (XLM) being one of the most obvious. Over the last few days, Stellar (XLM) has broken out above its recent range highs in the $.22 area, broken through both of its major moving averages, and launched all the way up to challenge its early June highs for a five-day gain of nearly 70%.
For those of us from a traditional technical analysis background, relative strength is like a juicy steak. This should be even more true for a market that presents essentially no obvious vehicles for shorting. In other words, one can’t chalk it up to an empty short squeeze when you see a move like this in Stellar (XLM).
At this point, for those not involved but interested, it’s important to mark down in store for later reference this remarkable burst of relative strength. It suggests that this is a coin worth watching for involvement on any pullbacks.
Given the volatility of this coin, one can imagine such opportunities may well spell themselves out before long, and might even present themselves in the form of a check back to the major moving averages, which now trail the coin as underlying support.
- High: $0.168182
- Low: $0.161490
- Major Resistance Level: $0.20
- Hourly MACD: Emerging Trend Change Potential
While the recent bounce in Cardano (ADA) may not look all that dramatic on the chart, it should be respected as potentially a very significant move.
What we see here in this move is a combination of several important factors: volume has been increasing, the move comes off of a double bottom complete with a strong bullish RSI divergence, the rally broke above recent range highs set earlier this month, and it also represents a bullish breakout above the 50-day simple moving average.
If we pan back somewhat further, we will see that the recent bullish divergence on an oscillator basis in ADA also represents a multi-month double bottom support hold. Finally, and perhaps most important of all, any notion that it downtrend was in place that was still maintaining itself from the January highs should be dispelled by the fact that the coin just broke out above both the nominal and logarithmic downward trend line charted as a function of the January and May highs.
This is a strong showing, but it needs to be maintained by some strong follow-through and some strong evidence of new flows of supportive bids that come in to support any prospective pullback from here in Cardano (ADA).
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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 trading…
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%.
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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.”
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