For technical analysts, especially those that one might call “purists”, the process of evaluating the market does not even include recognition of what that market is. A market is a market – it’s an emotional crowd of people.
Hence, the goal is to factor out that which is consistent across time and across assets: people are people. We do in fact see recurring patterns of behavior exhibited in markets time and time again. And that’s the very value at the heart of technical analysis. For traders heavily involved in the cryptocurrency complex, this tool may be more valuable than ever at this point. Volatility is high, emotion is high, and market efficiency is low. That’s almost the very definition of opportunity in trading.
Today, we take a closer look at XRP and Bitcoin Cash (BCH) once again in search of clues creeping into the action that may give us a sense of edge in predicting what these charts may look like around the next corner.
- High: $0.46190
- Low: $0.44799
- Major Resistance Level: $0.50
- Hourly MACD: Emerging Upside Momentum Potential
In XRP, we are beginning to see some interesting new signals. First off, it would appear as though key support held over the prior weekend action at the $0.42 level, which was followed by a key technical breakout to the upside.
This is an encouraging sign provided it continues to hold as the action moves forward.
As we have noted with this coin, the real breakout level that could define a new wave higher would be a move back above the $0.50 level. Such a move was attempted and resulted in a technical failure early on in July and again last week.
The tail left by those bars on the chart now represent the trigger point for a potential major chasing bid should the coin move above that level as we progress through the end of the month.
At this point, bulls in XRP will have to hang their hat on the fact that this coin did manage to hold its key support level when under pressure, further defining the possibility that the $0.42 level represents a key accumulation level where deeper-pocketed players are consistently getting involved.
Bitcoin Cash (BCH)
- High: $833.20
- Low: $781.20
- Major Resistance Level: $875
- Hourly MACD: Emerging Upside Momentum
The action in Bitcoin Cash (BCH) has been relatively encouraging over recent days. The coin has managed to form at least the potential for a higher low relative to its late June dive down to near test the $600 level.
The concept of a higher low being put in place relative to that late June level is extraordinarily important. A move back up to the $800 level has constituted a decisive bullish break of the downward trend line that has defined this coin since its all-time highs logged back in December 2017. You can see this line shown in red in the image above.
If we get this pairing on a sustained basis – a higher low, a break of a downtrend line, and a move that comes in context defined by an extreme oversold state in the 14-day RSI logged back in late June – this would have the makings of a possible inflection point on the chart that could be more important than any that we have seen in a while.
This is by no means a guarantee, but it does represent a signal potentially worth acting upon with defined risk in Bitcoin Cash (BCH).
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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.
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.
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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%.
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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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