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XRP Bitcoin (BTC) Price Analysis: The Jigsaw Puzzle
While the action across the cryptocurrency complex has been pervasive to the downside over the past 10 days, the picture that has been created on the charts varies powerfully from coin to coin in terms of where this leg of the trend fits into the jigsaw puzzle of the larger pattern characterizing the bear market underway so far in 2018.
This nuance is profoundly exemplified by a comparison between the charts for XRP and Bitcoin (BTC), as we shall see below.
XRP
Price Analysis
- High: $0.3574
- Low: $0.33081
- 24-Hour Volume: $355.75M
- 7-day Percent Change: -23.08%
XRP has been perhaps the poster boy for the brutality of the downside we have seen over the past week, with this move representing a vicious break of support leading to a great waterfall decline.
The downside was triggered for XRP when it broke a support level formed over the course of six weeks of persistent last-ditch holds at the $0.43 level. When that level finally gave way amid selling across the complex, positions that had been built up by accumulation at that level began to be thrown overboard without care for cost basis or execution price.
The support level we picked out as most obvious several days ago was at the $0.30 level. While we haven’t seen this level tested yet, it would take only a slight extension of the downward move to trigger that test and put this critical level into play.
For now, we must consider this trend in place and respect that view until we see technical signals in XRP that demonstrate either a more severe capitulation or the presence of stronger handed buyers sitting on the bid.
Bitcoin (BTC)
Price Analysis
- High: $6378.6
- Low: $6239.9
- 24-Hour Volume: $4.93B
- 7-day Percent Change: -17.02%
By contrast to the action in XRP, Bitcoin (BTC) remains solidly above its recent bear market lows established at a pivot formed toward the end of June.
The key level in play here at this point is the one we picked out over recent days at the $6100 level.
At this point, Bitcoin (BTC) has clearly broken key support levels along the way, such as a rising 50-day simple moving average now back above at the $6800 level.
That said, we have also seen the triggering of clear oversold levels in many different oscillators, including the 14-day RSI on the daily chart and to the MACD indicator on the hourly chart.
Given that these oversold oscillator readings are coming in confluence with the key $6100 support level, traders looking for a speculative bounce position may already have their signals in place for a move back up to test the $6550 level just above.
Should we see downside momentum reassert itself in BTC, then all eyes will be on the $5750 level as the only thing standing between this chart and new 2018 lows.
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
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…
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…
Altcoins
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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