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XLM/BTC and BNB/BTC Price Analysis: Where to Look for Opportunity

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XLM/BTC

While the action has been somewhat monotonous over the past several weeks for cryptocurrency traders – down, down, and more down – the picture is actually a little bit more two-sided and interesting when we focus on various large market cap coin pairings, particularly with some interesting coins when paired with Bitcoin.

For example, in the analysis below, we’re going to take a look at two very interesting pairs – BNB/BTC and XLM/BTC. In each case, the relationship between the short-term charts in the longer-term patterns is revealing.

BNB/BTC

Price Analysis

  • High: 0.0016965
  • Low: 0.0015138
  • 24-Hour Volume: 352.194K
  • MACD Signal: Sell

Without a doubt, the BNB/BTC pair is one of the more interesting technical pictures in the crypto complex at present. Binance Coin (BNB) has been one of the sharpest outperformers across the cryptocurrency space since late 2017, consistently outperforming Bitcoin all the way into this summer.

However, as we started to trigger the new phase or leg of this bear market, we are beginning to see some flight to safety which is beginning to cripple the trend in the BNB/BTC pair, knocking this chart down through its 50-day simple moving average to test support at a rising 200-day simple moving average.

In the process, BNB/BTC broke just underneath its 200-day simple moving average, thus registering a deeply oversold reading on the 14-day RSI, which cracked under the 20 level in terms of raw indicator reading.

At the same time, this BNB/BTC chart broke beneath a price shelf defined by the January 2018 highs in confluence with the March 2018 highs. This action also quickly broke beneath a strong trend line that you can see drawn in the chart above.

However, if we begin to see some more adventurous trading reemerge in the second half of the year, the BNB/BTC pair may be a very interesting place to look for speculative outperformance.

XLM/BTC

Price Analysis

  • High: 0.0000361
  • Low: 0.00003492
  • 24-Hour Volume: 126.696K
  • MACD Signal: Sell

By comparison, the XLM/BTC pair is both thinly traded and wallowing. That said, this pairing is also outperforming many others, with the current price level sitting above its 50-day simple moving average about midway through a trading range defined by the span seen in the mid-July rally shown on this chart.

The essence of the XLM/BTC pattern at present is a symmetrical triangle with the price very near the axis point as we come into the action today.

The triangle nature of this pattern suggests something of a battle between XLM and BTC for the honor and title of “least dirty shirt in the hamper”. In other words, relative to fiat currencies – and especially the US dollar – basically everything in the crypto complex has been plastered over the past three weeks. But the majority of large market cap coins have been similarly plastered when compared with Bitcoin.

But XLM is more or less holding its own, which is clear on the XLM/BTC chart.

Happy Trading~

To trade cryptocurrencies, sign up with BitMex or Binance!

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

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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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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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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