Author: Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

Top 3 Coins to Watch Today: BNB, XRP, SXP – January 12 Trading Analysis

Post author By Malik Junaid
Post date January 12, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 4^th cryptocurrency globally and the current price is US$452.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% decline from December, BNB has ranged between $438 and $523.

The recent rally was approaching probable resistance near $470, but could be aiming for stops above the relatively equal highs near $485. Continuation of the bullish move could target the daily gap near $505.

Aggressive bulls might add to positions near $439 and $430. Price action near $421 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $411 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $390.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8^th cryptocurrency globally and the current price is US$0.7379. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 35% climb retracement from December reached to the monthly open, sweeping lows several times down to $0.7122. Last week, the price bounced from the monthly open near $0.7443 again, creating possible support near $0.7055. A quick sweep of this recent swing low could reach into a support area near $0.6812, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.6525.

If the price breaks through the closest significant resistance near $0.7956, the swing high at $0.8434 is a likely target. This move could reach a daily gap of near $0.8932.

Strong bullish momentum could propel the price to resistance near $0.9425. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.

3. Swipe (SXP)

Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.

SXP Price Analysis

At the time of writing, SXP is ranked the 170^th cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

SXP has retraced over 60% from last month as the price consolidates near the weekly gap beginning near $1.50.

The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near $1.42 at the top of a daily gap could provide support.

More probable support begins at the bottom of the gap, ranging from approximately $1.36 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $1.30.

Impulses upward during retracement are likely, but the most substantial resistance is likely just below the swing high near $1.56. This swing high provides a clear first target, with extensions near $1.63, $1.70 and $1.78.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Top 3 Coins to Watch Today: FTM, SAND, DOT – January 11 Trading Analysis

Post author By Malik Junaid
Post date January 11, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 30^th cryptocurrency globally and the current price is US$2.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s 174% bounce from the December low ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.15, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $2.86.

Currently, the price is testing possible support near the January open, around $2.28. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs.

If this level fails to provide support, a zone from $1.90 to $1.71 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 78.6% retracement of December’s swing.

A more bearish tone in the market could propel the price lower. The December lows, near $1.19, might mark an area of possible support as well as a bearish target.

2. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 38^th cryptocurrency globally and the current price is US$4.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive 1192% rally during Q4 halted at $8.48 before retracing 51% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $6.72 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $7.51. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $4.12 and $2.45 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of Q4’s parabolic move.

Inside this zone, the consolidation high near $3.58 to $3.19 might see more sensitivity and mark the bearish target.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $1.44.

3. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 10^th cryptocurrency globally and the current price is US$23.77. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has remained between approximately $24.76 and $31.25 since its retracement from November 2021.

Continual retests of the $22.34 level might signify that the price is ready to run to the larger range’s lows – particularly if traders dump their holdings following the recent Bitcoin price crash.

If this move down occurs, a broad zone from $21.56 to $19.84 may provide support. The upper portion of this zone may see more sensitivity.

Continued bearish market conditions could prompt continuation down through the level. If so, the next higher timeframe area of interest for bulls is likely near $17.96.

The 9, 18 and 40 EMAs, near $27.52, might provide resistance before running the range lows. This area has confluence with multiple swing highs and lows.

However, the current proximity to the local range low could prompt a move toward the range highs. If so, $29.44 might be the near-term target for bulls. Before entering, traders might wait for confirmation that one direction is more likely to unfold.

If the overall market becomes more bullish, the price could continue through the local range highs. If so, a zone from $31.76 to $35.81 – particularly the lower half – could see profit-taking from bulls.

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Top 3 Coins to Watch Today: CRV, XLM, DASH – January 10 Trading Analysis

Post author By Malik Junaid
Post date January 10, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Curve DAO Token (CRV)

Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.

CRV Price Analysis

At the time of writing, CRV is ranked the 59^th cryptocurrency globally and the current price is US$4.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, bulls enjoyed 65% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $6.58.

The 4-Hour chart shows that support may be forming between $3.86 and $3.75, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $4.29 and $4.05 after a sweep of the current consolidation’s swing lows.

The last swing high near $4.80 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $5.26 and the 2.0 extension near $5.72 and $5.94 may provide the next major targets.

2. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 29^th cryptocurrency globally and the current price is US$0.2573. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.4257 in November before retracing nearly 75% to find a low near $0.2380. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.3578 is slowing the bullish advance down. However, another leg might target the last swing high at $0.4022 and relatively equal highs at $0.4336. Resistance near $0.4659 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.5149.

A retracement before a move higher might find support in the daily gap near $0.2323, just above the monthly open. Relatively equal lows near $0.2275 could also provide support. A run-on stops at $0.2016 and $0.1931 might find support in the gap beginning near $0.1900 or a high-timeframe level near $0.1723.

3. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 70^th cryptocurrency globally and the current price is US$143.97. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December, DASH retraced over 63% before finding support near $120. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins.

In the shorter term, the price might establish support near $138 before running the swing high at $155. If this bullish move occurs, the price could reach resistance near the November monthly open around $175, and may even sweep the swing high near $182.

Some support might exist at the daily gap near $128. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

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Top 3 Coins to Watch Today: ATOM, AAVE, AVAX – January 7 Trading Analysis

Post author By Malik Junaid
Post date January 7, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 25^th cryptocurrency globally and the current price is US$38.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

December provided respectable 115% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $42.12.

If bears take back control this month, the top of the former gap beginning at $35.44 may provide support for at least a short-term bounce. The top of the consolidation range starting near $33.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $31.74 and $29.06, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $40.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.

If this high breaks, the 1.0 extension near $45.21 and the 2.0 extension near $52.90 may provide the next primary new high targets.

2. Aave (AAVE)

AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token – giving owners a say in the future development of the protocol.

AAVE Price Analysis

At the time of writing, AAVE is ranked the 49^th cryptocurrency globally and the current price is US$223.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

AAVE‘s strong downtrend that began in November has retraced most of its Q4 move, recently sweeping lows near $190 but struggling to find strong support.

A sweep of the relatively equal lows near $215 into possible support around $210, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $197.

The swing high near $238 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $246, potentially reaching up to the new monthly high near $255 and $260.

3. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 11^th cryptocurrency globally and the current price is US$94.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 75% rally in December ended with an almost 49% retracement as the rest of the altcoin market dropped. Bulls stepped in near the 61.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $114.35.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.

Near the 40 EMA, a broad zone from $96.12 to $84.35 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 80% retracement, at $76.50, and potentially lower to a higher-timeframe support zone between $70.82 and $65.77.

If the higher-timeframe bullish trend resumes and the current resistance near $110.35 breaks, the wicks near $126.84 and the all-time high might see profit-taking.

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Top 3 Coins to Watch Today: FIL, GALA, SLP – January 6 Trading Analysis

Post author By Malik Junaid
Post date January 6, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 36^th cryptocurrency globally and the current price is US$36.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 75% from its October high, FIL set a low near $33.57 as it formed its current range.

Last week, the price swept highs near $40.34. Relatively equal daily highs near $45.23 provide a reasonable target, although resistance beginning near $47.68 could cap the move. A break of this resistance is likely to target the swing high near $50.12 into higher-timeframe resistance beginning near $58.07.

The current area near $33.40 could provide support, although bulls may be more likely to buy near the price fractal near $30.15 if a retracement reaches this level. A break of this area could continue down to sweep the monthly low near $28.93 into possible support beginning near $25.36.

2. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 55^th cryptocurrency globally and the current price is US$0.4285. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late October, GALA kicked off a bullish trend that rallied nearly 500% by November to break the new all-time highs.

The following 60% plummet found support near $0.4066, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $0.4630.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.5212, where aggressive bulls might begin bidding. The level near $0.5540, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.6180.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.3931 could provide at least a short-term bounce. If this level fails, the old highs near $0.3550 might also give support and see the start of a new bullish cycle after retesting these support levels.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 504^th cryptocurrency globally and the current price is US$0.02532. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 83% rally during Q4 ran into 45% retracement near $0.02515. Since then, the price has been consolidating in a 120% range between $0.02324 and $0.02945.

Just below the late-December low, $0.02397 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.02278 might cap a run on the lows near $0.02104 and $0.02035.

The higher-timeframe analysis points to the area near $0.02851 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03247 and $0.03740 may be the next targets.

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Top 3 Coins to Watch Today: EOS, NEO, XMR – January 5 Trading Analysis

Post author By Malik Junaid
Post date January 5, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 50^th cryptocurrency globally and the current price is US$3.17. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 80% decline from early October, EOS has ranged between $3.10 and $3.55. The recent rally is approaching probable resistance near $3.25 – but could be aiming for stops above the relatively equal highs near $3.40. Continuation of the bullish move could target the daily gap near $3.52.

Aggressive bulls might add to positions near $3.22 and $3.10. Price action near $3.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $2.92 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $2.81.

2. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.

NEO Price Analysis

At the time of writing, NEO is ranked the 70^th cryptocurrency globally and the current price is US$26.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during mid-December, NEO has rallied nearly 35% into resistance that starts near $35.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $37.33 might look for bids near $40.86. More significant resistance rests above, near $43.15. A group of significant swing highs at $45.36, $46.55 and $48.23 give possible targets if this resistance breaks.

A stop run on the recent low at $25.00 into possible support beginning near $23.13 might see stronger bidding. This area also has a confluence with the August monthly open.

A bearish market shift could reach the swing low at $21.68 into possible support beginning near $19.24.

3. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 44^th cryptocurrency globally and the current price is US$226.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR‘s 65% rally during Q4 ran into resistance near $289. Since then, the price has been consolidating in a 120% range between $195 and $240.

Just below the monthly open, $219 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $213 might cap a run on the lows near $206 and $200.

The higher-timeframe analysis points to the area near $235 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $248 and $253 may be the next target.

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Top 3 Coins to Watch Today: ADA, MATIC, SAND – January 4 Trading Analysis

Post author By Malik Junaid
Post date January 4, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6^th cryptocurrency globally and the current price is US$1.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 75% drop from its November highs found a low near $1.22 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.48. A sustained bullish move may target the swing high at $1.57. If this stop run occurs, a run beyond the high into probable resistance near $1.65 and $1.80 is possible.

Bulls could buy a retracement to possible support near $1.30, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.24.

However, relatively equal lows near $1.19 and $1.14 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.05.

2. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 14^th cryptocurrency globally and the current price is US$2.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

December 2021 marked a turning point for MATIC, with the price rocketing up almost 85% from its lows to probable resistance beginning near $2.85.

The price is currently struggling with the area between $2.38 and $2.60. This region could provide support after a close above, or resistance after a close below.

A retracement could reach into the daily gap and possible support around $2.35. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $2.24, and the potential support just below that begins around $2.15.

Continuation to the upside will likely target the recent monthly highs near $2.89. However, probable resistance beginning at $2.70 and $2.78 could cap or slow down this move.

3. The Sandbox (SAND)

SAND Price Analysis

At the time of writing, SAND is ranked the 36^th cryptocurrency globally and the current price is US$5.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since November’s high, SAND‘s 65% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $5.62 and $5.42 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near $6.34 and $6.90 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $6.15, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $6.30, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $6.54 might provide a ceiling for this impulse.

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Top 3 Coins to Watch Today: FTM, XTZ, RVN – January 3 Trading Analysis

Post author By Malik Junaid
Post date January 3, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Fantom (FTM)

FTM Price Analysis

At the time of writing, FTM is ranked the 29^th cryptocurrency globally and the current price is US$2.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

During early November, FTM broke several swing highs that could be the signal for a new bullish trend.

Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $2.23 and may target the swing low and possible support near $2.10.

The swing low and possible support near $2.00 could be the second bearish target if the move down continues. The relatively equal lows near $1.95 and possible support underneath near $1.89 could provide more substantial support.

The last swing high near $2.55 gives a near-term target if bullish continuation continues. However, resistance beginning around $2.62 could cap this move. A break of this resistance might continue to probable resistance near $2.73 and reach above the cluster of relatively equal new monthly highs near $2.85 and $2.93.

2. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 44^th cryptocurrency globally and the current price is US$4.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 82% drop since late November saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $4.89 is providing some resistance. However, continuation through the monthly high at $5.19 is not out of the question. Aggressive bulls might bid in the current region near $4.88.

If the price runs the recent swing low, bulls might bid in the gap near $4.60. A deeper retracement could reach near the mid-December level and a gap near $4.54. The region near $4.49 and $4.42 may also provide some support during a deeper retracement.

3. Ravencoin (RVN)

Ravencoin RVN is a digital peer-to-peer (P2P) network that aims to implement a use case-specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin aims to solve the problem of assets transfer and trading over the blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with. RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain.

RVN Price Analysis

At the time of writing, RVN is ranked the 92^nd cryptocurrency globally and the current price is US$0.1035. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the November high, RVN‘s 75% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $0.09345 and $0.09038 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Last year’s long-term consolidation suggests that the areas near $0.1346 and $0.1478 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $0.1152, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $0.1295, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $0.1326 might provide a ceiling for this impulse.

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Top 3 Coins to Watch Today: XRP, LTC, ADA – December 23 Trading Analysis

Post author By Malik Junaid
Post date December 23, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

XRP Price Analysis

At the time of writing, XRP is ranked the 7^th cryptocurrency globally and the current price is US$0.9425. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 80% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.7822. Last week, the price bounced from the monthly open near $0.8243 again, creating possible support near $0.8050. A quick sweep of this recent swing low could reach into a support area near $0.7912, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7725.

If the price breaks through the closest significant resistance near $0.9556, the swing high at $0.9934 is a likely target. This move could reach a daily gap of near $1.12.

Strong bullish momentum could propel the price to resistance near $1.15. If this move occurs, the significant swing high near $1.22 provides a reasonable goal.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 18^th cryptocurrency globally and the current price is US$155.75. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late September, LTC kicked off a bullish trend that rallied nearly 83% by November to break the monthly highs.

The following 65% plummet found support near $148.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $158.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $168.12, where aggressive bulls might begin bidding. The level near $177.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $190.05.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $146.18 could provide at least a short-term bounce. If this level fails, the old highs near $139.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

3. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6^th cryptocurrency globally and the current price is US$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 70% drop from its November highs found a low near $1.20 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.42. A sustained bullish move may target the swing high at $1.50. If this stop run occurs, a run beyond the high into probable resistance near $1.62 and $1.78 is possible.

Bulls could buy a retracement to possible support near $1.27, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.22.

However, relatively equal lows near $1.18 and $1.13 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.03.

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Top 3 Coins to Watch Today: ETH, SHIB, HOT – December 22 Trading Analysis

Post author By Malik Junaid
Post date December 22, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2^nd cryptocurrency globally and the current price is US$3,981.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH‘s long-term range from November’s high could be coming to an end. The 9, 18 and 40 EMAs flipped bullish at the beginning of December after late November’s retracement, showing strength as BTC recovered. Currently, the price is hovering just under the monthly high as bulls take some profits.

Two swing highs and the 9 EMA could mark $3880.87 to $3726.72 as an area of possible support. A deeper retracement will likely find some buyers around the 61.8% retracement near $3567.59.

The monthly high will likely see some profit-taking, but the area near the 27% extension, at $4250.12, could also provide some resistance. The 61.8% extensions of the last two swings converge near $4520.54, which could be the target for a monthly high break before a new setup emerges.

2. Shiba Inu (SHIB)

Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.

SHIB Price Analysis

At the time of writing, SHIB is ranked the 12^th cryptocurrency globally and the current price is US$0.00003321. Let’s take a look at the chart below for price analysis:

Source: TradingView

SHIB wasted no time during October, rocketing upward over 465% from the first week of the month into the resistance near $0.00007982.

For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00003142 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002829.

Bulls entering at these levels could set their first target near the previous resistance near $0.00003580. Beyond this level, probable targets include the new monthly highs near $0.00003824 and the resistance above near $0.00004092.

A break of this resistance later this month could continue to the new weekly highs near $0.00004522 and $0.00004954.

3. Holo (HOT)

Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.

HOT Price Analysis

At the time of writing, HOT is ranked the 78^th cryptocurrency globally and the current price is US$0.008031. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of December, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near $0.007596, which is the daily high of the last swing low. The high of the wick beginning near $0.007350 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.006829 likely to be the next bearish target.

Just above, the daily gap beginning near $0.008333 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.008599 – perhaps running to probable resistance near $0.008945. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

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