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Eternal Token (XET) Spikes Again; ETH Trades Push Coin Price Up 108%

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Eternal Token (XET) grabbed headlines in late September when it came out of nowhere on the back of 3,190% monthly growth, and pushed its way into the market cap top one-hundred in the process.

But after a 60% decline in the following month, the little known ERC-20 token is on the up once more, this time recording a 108% spike on Thursday before a subsequent pullback.

ETN/USD

With no obvious catalysts making themselves known at the fundamental level, it appears XET was rocked by a technical play on Thursday morning.

The 60% price slide which hit XET from September through October culminated in a drop from $2.43 to the $0.91 range – which it reached just moments before the spike.

Traders found the $0.91 range more attractive, and by just one hour later, the coin price surged to 108% growth, and a valuation of $1.88. That was before a pullback dropped the valuation back down to the $1.30 range just as suddenly.

XET trade volumes quadrupled during the sixty minute spike, from $200,000 to $800,000, and over 77% of that came courtesy of the XET/ETH pair on the IDAX exchange. XET only has two pairs to its name – ETH and BTC – and the dominance of Ether trades in this instance is a relatively rare occurrence.

There is an easy-to-spot pattern when it comes to XET’s crazy growth spurts, namely that each of its last two spikes followed periods of low trade volume. It’s assumed that markets become easier to manipulate when volume declines, and XET has demonstrated that better than most. The last two growth spurts were triggered within a day or so of the token’s volume dropping to the $160,000 mark, from a daily average of around $500,000.

What is Eternal Token?

Eternal Token (XET) is a proxy token for the purchase of another coin – Eternal Coin (XEC).

According the project’s whitepaper, XEC can only be traded on authorized exchanges in the Philippines, Hong Kong and Korea. Since XEC can only be purchased on such exchanges, XET was created to give investors the chance to buy into XEC by proxy. XEC is then used to process fast, trackable, transactions worldwide.

All of this amounts to something that sounds a lot like the service offered up by Ripple and XRP. Eternal Coin is created by the Japanese firm, Atom Solutions Co, Ltd, and can be swapped out for XET at a 1:10 ratio.

According the token’s ethplorer page, just five accounts hold 50% of the XET token supply, while ten accounts hold 71.25% of the overall total. That’s from 8,844 addresses at time of writing, and unless one of them turns out to belong to the IDAX or Sistemkoin exchange, then XET could be one of the most poorly distributed tokens in existence.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 92 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Electroneum Price Surges 38% as ETN Coin Gains HitBTC Listing

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Electroneum (ETN) briefly saw 38% gains in the preceding twenty-four hour period, as the coin surged following its listing on the HitBTC exchange.

HitBTC Lists Electroneum (ETN)

As per the official blog announcement from the exchange:

“We are happy to announce the long-awaited integration of Electroneum (ETN), the mobile-based cryptocurrency providing a digital payment solution to the developing world. Today Electroneum has 2.3 million users who mine and transfer the digital currency through their mobile phones.”

Electroneum burst onto the scene fairly recently, following a terrifically bullish run that amounted to several hundred percent growth from September into October. The coin gained further attention for being the first to push ahead with the KYC process for all its investors – a move which is expected to help pave the way for the coin’s institutional adoption.

The Electroneum project is British-based, and the idea seems to be that the losses incurred from those who shun the KYC process will perhaps be made up later when more partners and adopters get on board.

The Electroneum team took to Twitter to celebrate the HitBTC listing, stating:

“We’re delighted to announce we’re live on @hitbtc! This is massive news for #ETN – HiTBTC is one of the largest exchanges in the world, and we’re so excited to have been listed on them.”

Buying Rumours?

Every time an exchange lists a coin, they invariably talk up its abilities and sell it as best they can. The Electroneum listing is no different, however the wording of the announcement also suggests a source of ETN’s surge in recent months. According to the announcement:

“Our trader community largely anticipated integration of Electroneum. For the last few months, we have put extra effort into listening to your voices and fulfilling your wishes to achieve not only technological superiority but also a new quality-of-service benchmark.”

If the clamour for ETN on HitBTC was such that it appeared to be a sure thing, then much of ETN’s growth in recent months could be attributed to traders buying the rumours.

ETN Price

Since the coin’s peak in early October, ETN fell 69% down to the recent market crash on Tuesday, Nov 20th.

In the last day the rebound has amounted to a 18% net rise, as the coin climbed from $0.008678 up to $0.010267.

The gains were actually much greater for a brief period on Tuesday evening, when the coin price hit $0.011977- marking 38% growth within the space of a few hours.

Bitcoin buys dominated ETN trades over the last day, with close to 85% of the coin’s $1.2 million volume coming from the ETN/BTC pair, across the Kucoin, Cryptopia and Liquid exchanges.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 92 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Stellar Price Analysis: XLM/USD Spared from Huge Punishing Downside; Stellar added to BitOasis Listings

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  • Stellar’s XLM has been listed on Dubai-based exchange, BitOasis, with zero transaction fees until 27th
  • XLM/USD price action caught by the lower support of a vital pennant pattern.

XLM/USD has been victim of excessive swings over the past going on two weeks now. This is in line with the general downside pressure that has hit the entire market. XLM/USD has lost some 35% since 12th November. The latest daily candlestick, at the time of writing, has been saved by a known serving area of demand.

During this period of heavy volatility, market volumes have spiked hugely. They were seen at their highest levels since the back-end of September when the price had a fast-short-term bull run to then see this as short-lived. It would go on and see these gains swiftly given back after running into some strong touted resistance.

Stellar Listed on BitOasis

BitOasis, a Dubai based cryptocurrency exchange, has added Stellar’s XLM token to its platform. They have detailed that XLM can now be purchase using AED, with no transaction fees, until 27th November.

It worth noting, back in July, Stellar obtained its Sharia certification, making it permissible to facilitate transactions within Islamic countries. XLM is available to trade for UAE, Saudi Arabia, Bahrain, Oman and also Kuwait citizens.

XLM/USD Fall

XLM/USD daily chart

The price has been moving within a pennant pattern structure, similarly to several of its peers. XLM/USD has been contained within since mid-July. It was moving within a consolidation and narrowing nature. Market bulls were then able to push for a breakout north, which came with a daily close on 4th November.

Upon this move out of the pennant structure, a small bull run was observed. XLM/USD had rallied some 20%, before buyers became exhausted. As a result, resistance was seen within the early $0.2800 region. This price area was also in proximity to the 61.8% Fibonacci, which had also seen a similar rejection between 23-24 September.

XLM/USD was then forced back down to retest the broken technical pattern structure. This failed to provide support to the falling force. The bears able to smash through, back down towards the original lower supporting trend line. This is seen tracking just sub-$0.2000 level. Further support was enforced by a demand zone, sitting just below.

Upside Targets

Thanks to the above-mentioned support coming to the rescue, it has provided some firmer ground for the bulls to build upon. The first challenge will be the 23.6% Fibonacci, in proximity to the upper trend line of the pennant. Both are tracking around the $0.2200 price area. The bulls have much to breakdown again.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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XRP Price Analysis: Deadly Daily Close Below Vital Support

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  • XRP/USD was moving within a pennant pattern for 10 weeks, but the bears have forced a daily closure below.
  • Eyes are on a retest of the mentioned structure; a failure to breach back above could be punishing.

XRP/USD has closed in the red firmly over the past two consecutive sessions. However, generally in comparison to its peers, it has held ground well. This being the case within the large bear market currently being observed for cryptocurrencies. The downside pressure seems to have finally taken its toll on XRP bulls. XRP/USD saw a daily candle closure below a key supporting trend line.

XRP/USD daily chart

Broken Pennant Pattern

Price action had been moving within a pennant pattern structure, since the 21st September. This came after the excessive upside movements that were seen. XRP/USD at the time had aggressively spiked up towards $0.8000, before quickly retracing back south. As a result of these big moves, the price went into consolidation mode, forming a pennant.

The bulls attempted a breakout to the upside form the pattern on 30th September and then again on 6th November. Rejection was served to those attempts. Market bears, on the other hand, worked their line of support on several occasions in October and November. No doubt that this consistent testing of this area caused an eventual break to the downside, as has been seen.

On the daily closure of 20th November, the price finished the session below the lower supporting trend line of the pennant. This leaves the odds stacked heavily in the bears favor. Eyes will now be on a potential retest of the structure above. Such a move, as playing to the textbook, could invite again some heavy selling pressure from the bears.

Support Levels

Looking to the downside, just underneath the mentioned technical pattern, there is a strong touted demand zone. Between the months of October and November, this area has proven to be of assistance. The last legs of this would be around the psychological $0.4000 mark down to $0.3850. A breakout to the downside from this could be extremely punishing.

The next major area of support, after the above-mentioned region, is seen deep south. There isn’t much in the way of support, until down at the $0.3000-0.2500 range. XRP/USD was last seen trading here on 18th September. An area that was clearly very attractive for buyers, seeing a large push to the upside from this territory.

Resistance Levels

In terms of upside resistance, as mentioned earlier, this should now be noted underneath the breached pennant pattern. A retest would likely to the $0.4800 come into force. Should odds be defied and the bulls earn a break above, the upper trend line of the pennant would likely be tested, tracking around $0.5300.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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