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XRP Ethereum Classic (ETC) Price Analysis: The Odd Couple

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XRP

As we noted in our analysis yesterday, the technical context for XRP is now wildly different from that which characterizes Ethereum Classic (ETC). In a sense, these are divergent poles in the geography of the cryptocurrency asset class over the past 10 days.

The real question here, if we are to treat this as an asset class, is which of these charts is telling the truth. We will examine the technical information to see if we can answer that question here today.

XRP

Price Analysis

  • High: $0.37836
  • Low: $0.34072
  • 24-Hour Volume: $266.96M
  • 7-day Percent Change: -15.76%

Chart courtesy of tradingview.com

As should be clear by a simple glance at the chart, the technical picture for XRP has viciously deteriorated in recent days.

We had noted the staunch support found along the $0.43 level over the course of about a month, and the potential for that to play a make-or-break role in the evolution of this chart.

At this point, it is clear that the latter choice – “break” – is the one that has emerged to define the pattern right now for XRP.

It is important when doing this analysis that one leaves emotion completely out of the picture and concentrates on the technical facts at hand. In this case, the fact of a bearish descending triangle breakdown is the most salient one. The standard technical target for this pattern, now that the $0.38 level was sliced through like a hot knife cutting through butter, is defined by the range highs that serviced a bullish breakout back in mid-December of last year.

That level is between $0.28 and $0.30. However, this may be overshot on the downside, bringing into play the $0.20 level if the action continues to deteriorate.

That said, in all of this, it is important to remember one of the most critical insights for any successful trader: opportunities tend to ripen when there is blood on the chart.

Ethereum Classic (ETC)

Price Analysis

  • High: $17.2755
  • Low: $15.5863
  • 24-Hour Volume: $605.71M
  • 7-day Percent Change: 6.92%

Chart courtesy of tradingview.com

Ethereum Classic (ETC) represents a dramatically different picture. In the real question is: was this chart simply buoyed over the short term by a flow of headline catalysts, and is now ready to join the rest of the cryptocurrency complex in a new leg lower?

Frankly, we should get that answer relatively soon. If Ethereum Classic (ETC) is able to quickly break underneath its 50-day simple moving average at the $16.50 level, that will represent a bad sign. However, even if this is the case, we will still have an important support level just below at the $15.75 level, representing recent range lows formed through the middle of July.

It is also important to understand that a number of key oscillators registered severe overbought levels on the Ethereum Classic (ETC) chart, as we pointed out in our analysis yesterday.

The resistance that has formed on the chart above is now staunchly defined by the 200-day simple moving average in confluence with the psychologically important $20 level.

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

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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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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%.

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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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