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Stellar (XLM) Cardano (ADA) Price Analysis  — The Empirical Evidence

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Cardano

The goal of a technical trader is never about some deep philosophical alignment with the fundamental vision. This is business. It’s not personal. And allegiances to long-term visions are a personal decision when they conflict with the empirical evidence.

However, with most other asset classes, traders have the option to play both long and short with no problem. In the crypto space, for the most part, you’re dealing with a one-sided game.

In any case, we like to remain objective and see what’s in front of us. As we take a close look today at Stellar (XLM) and Cardano (ADA), our goal is to identify the important technical levels of support that may offer either an opportunity for involvement or a key battleground that can inform us further as to the state of these markets and their dominant trends.

Stellar (XLM)

Price Analysis

  • High: $0.28036
  • Low: $0.26504
  • Major Resistance Level: $0.30
  • Hourly MACD: Strong Bullish Reversal

Chart courtesy of tradingview.com

The chart for Stellar (XLM) is possibly one of the most interesting across the cryptocurrency space right now.

We generally like to see relative strength, and there has been plenty of that here. In fact, Stellar (XLM) was able to rally nearly 100% in just 12 days earlier this month.

Now that we are pulling back in Stellar (XLM), it is wise to take note of some key levels that may provide a pullback entry point for what clearly is a coin that is trying to emerge as a new leadership play in the cryptocurrency complex as a whole.

The most striking level to watch for here is between $0.23 and $0.24, which is where we see a confluence between the 50-day and 200-day simple moving averages. This would also represent a flush out of stop-loss orders under the $0.25 level, which appears to be an advantageous place to back up the truck in XLM.

Cardano (ADA)

Price Analysis

  • High: $0.14418
  • Low: $0.13539
  • Major Resistance Level: $0.15
  • Hourly MACD: Strong Turn off Lows

Chart courtesy of tradingview.com

Cardano (ADA) is another extremely interesting chart in play right now. We have a number of key support levels to test, and little immediate threat of breaking through the ultimate lows for the bear market over the next day or two unless things really get out of hand on the downside.

First off, the market will be dealing with key support at the $0.13 and $0.12 levels, before coming into a potential test of its bear market lows around $0.113.

Ahead of that, however, we suggest you don’t overlook the possibility of trendline support, which should come into play for Cardano (ADA) at just above the $0.1320 level.

If we do start to see support and an inflection back the other way in ADA, look for initial resistance to come into play all the way back at the $0.16 level, where it has appeared on a number of occasions.

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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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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