The landscape that defines the cryptocurrency complex, in a very broad sense, according to our research, is that of a late-stage bear market.
Think of the NASDAQ in 2002. We may well be seeing a whole bunch of low-hanging fruit all over the place right now in crypto. And, as market veterans will attest, the charts always lead the way at major turning points. That’s why it may really pay to keep a keen eye on the evolution of major technical patterns over coming weeks.
The NEO chart could be working through the initial stages of a classic inflection. Crucially, this coin recently broke below its early April lows to precisely test the support level that defined its launching pad (at about $33) before the massive run we saw in December and January.
As you can see in the chart above, that launch back in early December was defined by a base with support at a shallow but rising 50-day simple moving average.
At this point, following a trigger at severely oversold levels for the 14-day RSI measure, NEO bounced off of that supportive shelf, shooting over 75% higher in several days to run into resistance at a now declining 50-day simple moving average.
Note that volume in NEO has sharply risen doing this rebound as well, which is common at key inflections following long and drawn out corrective periods such as we have seen over recent months.
The path forward from here, if we are carving out a potential inflection point on a larger time frame, would likely be next marked by a pivot at a level above its late June lows, creating an initial “higher-low” to serve as a catalyst for FOMO and chasing by traders on a subsequent breakout in NEO above that same 50-day moving average later this month.
For traders focused on ripple, the drama is almost exclusively surrounding how XRP manages to handle its most recent test of key support in the zone that defined a powerful base formed back in early April.
The key level is really a wide crayon-stroke zone with its heart at $0.45. The action in this coin toward the end of June slightly violated that level, where buyers appear to have stepped back in to push XRP back up to test the $0.50 level once again.
It should also be noted that a Fibonacci retracement scale placed around the range defined by the breakout last fall into the upper bound defined by the April/May highs also logs a confluence of support at the key 61.8% level right around this same important zone at $0.45.
If XRP manages to firmly hold and reestablish itself back above the $.50 level, and particularly if it does so on rising volume unrelated to a specific news event or headline, we would begin to feel a great deal more conviction about the near-term prospects for this coin just based on technicals alone.
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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.
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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.
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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.
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“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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