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XRP Bitcoin Cash (BCH) Price Analysis: Something’s Brewing
All markets are basically cyclical in some sense, in that they have up periods and down periods and that they are tied to other markets in inextricable ways. As we consider the action today in XRP and Bitcoin Cash (BCH), it will be important to keep this in mind.
Here are two very different markets that have both thrived on some level given their status as two of the higher market cap coins in the world. But recent action has demonstrated some very different technical accomplishments and obstacles in play for participants in these markets at the moment.
XRP
Price Analysis
- High: $0.45638
- Low: $0.45237
- Major Resistance Level: $0.50
- Hourly MACD: Tight Consolidation
Chart courtesy of tradingview.com
XRP has been locked in an incredibly tight range over the past nine days, centering itself around support at the $0.45 level. We have identified this level in the past as absolutely critical for this coin.
For traders with high exposure levels to XRP, a dip lower from here to challenge the $0.42 level once again would likely be a relatively scary ride. It’s something like tiptoeing along the edge of a cliff at this point.
However, we would take heart in the fact that it has tiptoed along this cliff successfully a great deal over the past month. And it is no worse for wear.
In fact, we would argue that there is likely plenty of weak-handed money that has probably already been chased out of positions in XRP during that time, and would, therefore, be highly susceptible to a FOMO rally if XRP begins to break back higher and challenge the $0.50 level anytime soon.
Bitcoin Cash (BCH)
Price Analysis
- High: $828.22
- Low: $814.61
- Major Resistance Level: $900
- Hourly MACD: Brewing Momentum
Chart courtesy of tradingview.com
As noted above, Bitcoin Cash (BCH) has been a little bit more impressive over recent weeks, stretching itself well above $700 support, breaking above its 50-day simple moving average, and putting into play the potential for a breakout above multi-month range highs around the $900 level.
This is a relatively impressive tactical set up at the moment. It suggests the possibility that a major breakout here could be brewing. However, correlation levels do dominate things for this coin and it must be appreciated that this is not going to likely act all on its own.
That being said, one can’t argue with potent combinations of causal factors appearing on the charts in tandem. Confluence is an important characteristic for technicians, and the factors in play for Bitcoin Cash (BCH) scream of confluence right now.
What we’re seeing here is a clear series of higher lows and the formation of a breakout level that could trigger and suck in a lot of new money looking for some way to get involved in an outperforming asset in a newly performing asset class.
Ultimately, the outside upward target on an initial breakout in BCH could be as high as $1100. Keep an eye on this one.
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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