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: ADA, MATIC, KDA – August 15 Trading Analysis

Post author By Malik Junaid
Post date August 15, 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$0.5774. Let’s take a look at the chart below for price analysis:

Source: TradingView

From its Q2 high, ADA dropped nearly 70% before finding support near $0.3960. The price has been consolidating since it set this low and is currently testing support near $0.4929. This level has held as support despite the larger market’s sharp downturn since mid-June.

It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4506 and $0.4350 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.4072 could provide support.

If this region holds as support, bulls may find the first resistance near $0.6510. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range.

A break of this resistance may retest resistance just above the June monthly open, near $0.7490. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.

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 in 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$1.02. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its Q2 highs, MATIC has been in a steady bearish trend, retracing nearly 78% and finding support near $0.4820, at the 65.8% retracement level.

Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.9130, near the 45.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.8520, and still find support.

Currently, the price is contesting a region between $0.8239 and $0.8025. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.15, while $1.25 is also likely to be sensitive with the nearest support and resistance this close together.

3. Kadena (KDA)

Kadena KDA is a proof-of-work blockchain that combines the PoW consensus mechanism from Bitcoin with directed acyclic graph (DAG) principles to offer a scalable version of Bitcoin. Kadena claims it can provide the security of Bitcoin while being able to offer unparalleled throughput that makes the blockchain usable to enterprises and entrepreneurs alike. Kadena’s unique infrastructure is decentralised and built for mass adoption because of its multi-chain approach.

KDA Price Analysis

At the time of writing, KDA is ranked the 104^th cryptocurrency globally and the current price is US$2.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

KDA climbed 60% from its mid-June low, creating a bullish market structure break on the daily chart.

Aggressive bulls might find the closest support near the August open, around $2.00. This level will likely show inefficient trading on the daily chart after Monday’s candle closes.

If this level breaks, the next support might be near $1.85. This level is near the 61.8% retracement. It’s also near the 9, 18 and 40 EMAs, and the high of accumulation on the weekly chart.

A dip lower could reach $1.78, where bulls rejected bears on the weekly. However, a move this low could go significantly lower. Bulls’ stops near $1.70 and a large area of inefficient trading on the weekly offer little support to stop a more significant drop.

The closest resistance is from $2.30 to $2.45, near the June monthly open. This area showed inefficient trading on the weekly chart. The price has passed through this zone multiple times, but it could provide some resistance again.

If the market’s rally does continue, $2.57 might offer the next resistance. This level shows inefficient trading on the daily chart. It’s also at the low end of inefficient trading on the weekly and monthly charts.

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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.

Ankr Crypto News Market Analysis NEO The Graph Trading

Top 3 Coins to Watch Today: ANKR, GRT, NEO – August 12 Trading Analysis

Post author By Malik Junaid
Post date August 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. Ankr (ANKR)

ANKR originated as a solution that utilises shared resources in order to provide easy and affordable blockchain node hosting solutions, and has since built a marketplace for container-based cloud services through the usage of shared resources. It is a platform that enables the sharing economy, where any customer can access resources at a more affordable rate while also providing enterprises with the ability to monetise their spare computing power. It is unique in the way that it is the first to use trusted hardware, and this ensures a high level of security.

ANKR Price Analysis

At the time of writing, ANKR is ranked the 90^th cryptocurrency globally and the current price is US$0.04992. Let’s take a look at the chart below for price analysis:

Source: TradingView

ANKR continues to set monthly lows in its downward trend. Support might be found in the daily gap above the monthly open near $0.04295, though a deeper retracement is likely to target the relatively equal lows into support near $0.03925.

The daily gap near $0.03766 could also provide support. However, another gap inside the down candles, around $0.03421, provides the highest chances of solid support while offering a high risk-reward entry.

There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around $0.05932 and $0.06570 as reasonable take-profit zones.

2. The Graph (GRT)

The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.

GRT Price Analysis

At the time of writing, GRT is ranked the 55^th cryptocurrency globally and the current price is US$0.1415. Let’s take a look at the chart below for price analysis:

Source: TradingView

GRT‘s 80% retracement during Q2 set a low near $0.09547 during its consolidation that began in early June.

Relatively equal highs near $0.1635 could be the current target if the price breaks through resistance beginning near $0.1858. Bullish continuation may reach through the next significant swing high near $0.2038 into the daily gap near $0.2473. If bullish strength continues, the zones just below the previous monthly highs near $0.2643 and $0.2712 could halt any retracement.

A bearish shift in the market may seek the relatively equal lows near $0.1236 into possible support near $0.1187. If this down move occurs, the swing low near $0.09742 and possible support near $0.09124 may be the primary objective.

3. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem with 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 drawing 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 63^rd cryptocurrency globally and the current price is US$11.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during Q2, NEO has gained nearly 25% into resistance that starts near $14.24.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $15.33 might look for bids near $12.86. More significant resistance rests above, near $16.00. A group of significant swing highs at $16.76 and $17.49 give possible targets if this resistance breaks.

A stop run on the recent low at $10.09 into possible support beginning near $9.63 may see stronger bidding. This area also has a confluence with the previous monthly low.

A bearish market shift could reach the swing low at $8.30 into possible support beginning near $7.84.

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Crypto News Fantom Litecoin Market Analysis The Sandbox Trading

Top 3 Coins to Watch Today: LTC, FTM, SAND – August 11 Trading Analysis

Post author By Malik Junaid
Post date August 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. 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 22^nd cryptocurrency globally and the current price is US$62.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, LTC kicked off a with recovery trend to break the weekly highs. The following 70% plummet found support near $44.36, sweeping under the 40 EMA into the 65.8% retracement level before bouncing to resistance beginning at $65.73.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $69.12, where aggressive bulls might begin bidding. The level near $76.18, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $82.13.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $56.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $48.65 may also give support and see the start of a new bullish cycle after retesting these support levels.

2. 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 53^rd cryptocurrency globally and the current price is US$0.4118. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.5067, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.3865. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs.

If this level fails to provide support, a zone from $0.3574 to $0.3320 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.3070, may mark an area of possible support as well as a bearish target.

3. 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 37^th cryptocurrency globally and the current price is US$1.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive gains during Q1 halted at $3.00 before retracing 85% 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 $1.40 – an area that could provide resistance again. If this swing high breaks, the price may find resistance near $1.58. 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 $1.28 and $1.24 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $1.10.

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Basic Attention Token Crypto News Internet Computer Market Analysis Stellar Trading

Top 3 Coins to Watch Today: XLM, BAT, ICP – August 10 Trading Analysis

Post author By Malik Junaid
Post date August 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. 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 via 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 27^th cryptocurrency globally and the current price is US$0.1225. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2457 in Q2 before retracing nearly 80% to find a low near $0.1038. The price consolidated around this level before the strong bullish impulse over the past several days.

Probable resistance near $0.1320 is slowing the bullish advance down. However, another leg may target the last swing high at $0.1426 and relatively equal highs at $0.1530. Resistance near $0.1659 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.1846.

A retracement before a move higher might find support in the daily gap near $0.1204, just above the weekly open. Relatively equal lows near $0.1135 could also provide support. Run-on stops at $0.1064 and $0.09574 may find support in the gap beginning near $0.08912.

2. Basic Attention Token (BAT)

Basic Attention Token BAT is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend. The Basic Attention Token itself is the unit of reward in this advertising ecosystem and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users – whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.

BAT Price Analysis

At the time of writing, BAT is ranked the 67^th cryptocurrency globally and the current price is US$0.4518. Let’s take a look at the chart below for price analysis:

Source: TradingView

BAT has dropped nearly 75% from its Q2 2022 high and 89% from its November 2021 all-time high.

Support might have formed last week from $0.3734 to $0.4065 and should hold if bulls are ready for a bounce. This zone overlaps with an inefficiently traded area on the weekly chart from $0.3653 to $0.3394.

If this level breaks, bears may target an inefficiently traded area on the monthly chart from $0.3147 to $0.3032. Below this level, $0.2845 to $0.2780 could provide support after a run on bulls’ stops under the Q4 2020 lows into an area of significant accumulation.

The closest resistance begins near $0.4983. This level has confluence with the 9 EMA and a brief consolidation before May 11’s spike downward.

A more significant rally might find resistance near $0.5540. This level is inefficiently traded and has confluence with the lows of last summer’s accumulation and the 18 EMA.

If the market becomes more bullish, $0.6245 may provide the next resistance. This level is slightly above the May monthly open, overlaps with multiple old lows, and aligns with the 40 EMA.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum. The Internet Computer scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, it enables the complete re-imagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 35^th cryptocurrency globally and the current price is US$7.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP has dropped 60% from its most recent Q2 high as it continues its nine-month downtrend. The edge of the recent swing’s lower candle bodies could provide the closest support, near $6.42. This level overlaps with the 100% extension of June’s opening rally.

Currently, the price is testing possible resistance near $8.20. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bears’ stops at $8.75.

If the price breaks through this resistance, it may find its next resistance near $8.97. This level is near the midpoint of May 12’s swing low and the midpoint of an inefficiently traded area on the weekly chart.

A rally this high may reach slightly higher, near $9.15. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.

Below, there is no historical price action to suggest possible support. The next downside targets may be near $6.70 and $5.92. These approximate levels are near the 150% and 200% extensions of June’s opening rally.

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Crypto News Ethereum Market Analysis Monero Trading

Top 3 Coins to Watch Today: ETH, XMR, WMT – August 9 Trading Analysis

Post author By Malik Junaid
Post date August 9, 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. 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$1,775.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH is retracing its April to June decline. So far, it’s retraced approximately 25% of the drop in anticipation of September’s Merge.

A broad area of inefficient trading on the monthly chart, from $1,972.58 to $2,709.26, is likely to provide resistance. The upper half of this zone, beginning near $2,145.29, may provide stronger resistance. Here, inefficient trading on the weekly chart, old swing lows and the 50% retracement of H2 2022’s drop converge.

Closer to the current price, $1,784.79 to $1,859.84 may provide the next speedbump for bulls. This level is near the low of previous inefficient trading on the weekly chart in March 2021. It’s also just above more recent inefficient trading on the weekly and a recent daily swing high.

A pocket of inefficient trading on the daily chart, from $1,685.26 to $1,662.79, may provide the closest support. Here, the 9 EMA and the midpoint of late July and early August’s bearish move converge. If the price continues to rally, the level may move higher midweek.

If this possible support fails, the next support might be near the 40 EMA, from $1,570.48 to $1,493.11. Old swing lows, previous inefficient trading on the weekly chart, and inefficient trading on the daily chart add confluence to this level.

A steeper drop may be aiming for stops under the daily swing low near $1,356.17. From $1,336.07 to $1,197.79, bulls may find support inside accumulation preceding inefficient trading on the weekly chart.

If the price drops below this level, it may be aiming for stops under June’s low. If so, bears may be targeting an area from $881.56 to $758.74. This zone marks the low end of inefficient trading on the monthly and weekly charts.

2. 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 its 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 29^th cryptocurrency globally and the current price is US$166.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR is rallying to fill in pockets of inefficient trading left during its June decline. The closest resistance is at $167.80. This area of inefficient trading on the weekly and daily charts is near the 61.8% retracement of June’s move. It rejected the price on August 7, but the price is rechallenging it.

If it breaks, the next pocket of inefficient trading from $178.60 to $182.10 may be the next target. This zone is also near the high of inefficient trading on the weekly and the 78.6% retracement of June’s move.

In the longer term, bulls could be targeting bears’ stops above the significant weekly swing high near $204.50. This zone also shows inefficient trading on the monthly chart. If this resistance breaks, the next bullish target may be another area of inefficient trading on the weekly chart from $233.50 to $229.80.

The closest support could be near the current price, from $166.40 to $162.03. This area is at the end of July’s accumulation high.

If this level breaks, a drop under the August monthly open may find more buyers near $152.30. This area shows accumulation, would run bulls’ stops under recent swing lows, and fill in a tiny pocket of inefficient trading. It also has confluence with the high of previous inefficient trading on the weekly chart.

A steeper drop may reach inefficient trading on the weekly chart, from $135.70 to $133.80. This zone is also near the bottom of previous inefficient trading from June and lines up with old swing lows from Q1 2022.

3. World Mobile Token (WMT)

The World Mobile Token WMT is a digital token issued with the purpose of allowing participants to provide a service on the network and be rewarded accordingly for it. The primary role of WMT is to incentivise token holders who want to support the operation of the network by way of delegating their WMT stake to a node operator (stakers), as well as node operators who operate their own node. WMT is the utility token at the heart of World Mobile Chain, a solution developed in partnership between Input Output Global and World Mobile to democratise access to digital, financial and social services in Africa, the first of its kind to go the extra mile and connect the unconnected.

WMT Price Analysis

At the time of writing, WMT is ranked the 385^th cryptocurrency globally and the current price is US$0.2242. Let’s take a look at the chart below for price analysis:

Source: TradingView

WMT has been consolidating since its 81% drop from March until mid-May. Currently, it is challenging resistance near a zone of inefficient trading on the daily chart from $0.2448 to $0.2389. This zone is near the July monthly open.

The price may be reaching for swing highs near $0.2724. Above these highs, several pockets of inefficient trading on the daily chart could continue drawing the price upward between roughly $0.2724 and $0.3186. Bulls may remain cautious about entering longer trades until they reclaim the high of this zone.

On a reclaim of this zone, bulls may aim for the swing high near $0.3548. This level, up to $0.3956, shows inefficient trading on the monthly and weekly charts that the price may want to fill.

The 9, 18 and 40 EMAs converge near $0.2238. This area may also show inefficient trading on the daily chart after Monday’s close and could provide the closest support for a rally.

Slightly lower, an area from $0.2106 to $0.2060 may also provide support. It’s near the current swing’s initial accumulation on the daily chart and the high of accumulation on the weekly chart.

If this level breaks, it could signal a more significant drop. No historical price action exists under July 13’s low, which may be the first target. Beyond this low, recent price swings’ 50% extensions align near $0.1250 and may provide the next downside targets.

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Crypto News Decentraland Market Analysis PancakeSwap Quant Trading

Top 3 Coins to Watch Today: QNT, MANA, CAKE – August 8 Trading Analysis

Post author By Malik Junaid
Post date August 8, 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. Quant (QNT)

Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.

QNT Price Analysis

At the time of writing, QNT is ranked the 43^rd cryptocurrency globally and the current price is US$127.72. Let’s take a look at the chart below for price analysis:

Source: TradingView

Q3 marked a turning point for QNT, with the price gaining almost 65% from its lows to probable resistance beginning near $140.30.

The price is currently struggling with the area between $128.80 and $110.33. 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 $105.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $97.65, and the potential support just below that begins around $90.34.

Continuation to the upside will likely target the monthly high near $136.19. However, probable resistance beginning at $150.77 and $162.30 could cap or slow down this move.

2. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 36^th cryptocurrency globally and the current price is US$1.07. Let’s take a look at the chart below for price analysis:

Source: TradingView

MANA dropped 80% from Q1 to Q2 and made a low near $0.7800. It has consolidated above this low since June.

The price may find support between $0.9508 and $0.9037. This level saw accumulation on July 17, contains the 9 and 18 EMAs, and borders the July monthly open.

A deeper retracement could reach near $0.8790. A drop to this level would rebalance more inefficient trading on the daily chart. It could also run bulls’ stops below today’s opening price and July 16’s swing low.

The price is testing the closest resistance, at $1.18. Bears entered shorts here before last week’s drop. It’s also near the 40 EMA.

If this resistance breaks, $1.25 to $1.32 may provide the next resistance. This area is between the 61.8% and 78.6% retracement of the last month’s downtrend. Bulls also rejected bulls here in late June on the weekly chart.

A more significant rally might reach an area of inefficient trading on the monthly chart from $1.36 to $1.40. This move would sweep most bears’ trailed stops above relative equal highs up to this level. Yet, bulls aiming for this level may want to be cautious since the overall trend is still bearish.

3. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 72^nd cryptocurrency globally and the current price is US$4.40. Let’s take a look at the chart below for price analysis:

Source: TradingView

CAKE‘s 80% decline after Q2 created relatively equal lows near $3.05 before bouncing over the local range’s midpoint near $4.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.

Aggressive bulls could look for entries in the daily gap starting near $4.30. The monthly open aligns with more probable support near $3.22.

A stop run below the monthly open near $3.15 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $3.00, just above the equal lows.

Resistance rests just above, with the zone from $4.75 to $4.90 likely to provide a short-term ceiling. A break through this level may target resistance just under the cluster of relatively equal highs near $5.12.

Beyond these highs, resistance near $5.28 provides a final challenge before attacking an old daily swing high near $5.43.

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Avalanche Crypto News Harmony Market Analysis Trading VeChain

Top 3 Coins to Watch Today: ONE, AVAX, VET – August 5 Trading Analysis

Post author By Malik Junaid
Post date August 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. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 118^th cryptocurrency globally and the current price is US$0.02215. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE bulls have had to endure a 80% drop since early Q2 until the price set a low and began a range in June.

Currently, the price is aggressively moving toward possible resistance, beginning near $0.02851. Stops above the swing high at $0.03215 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 77.6% retracement level of a recent significant bearish swing.

If the price continues through this high, it could be reaching for an inefficient area near $0.03542. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.03725 and $0.03938, which surrounds the yearly open.

If the price stays above the weekly low of $0.02035, this price could support a run above the $0.01965 swing high. Just below, at $0.01844, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.

A deeper retracement might retest the accumulation area between $0.01735 and $0.01670. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01450. This area overlaps the 47% extension of a recent significant bearish swing.

2. 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 also 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 14^th cryptocurrency globally and the current price is US$23.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains in Q2 ended with an almost 78% retracement as the rest of the altcoin market dropped after May. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $26.30.

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 $20.35 to $19.00 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $18.10, and potentially lower to a higher-timeframe support zone between $16.60 and $15.32.

If the higher-timeframe recovery trend resumes and the current resistance near $30.64 breaks, the wicks near $34.14 and the new monthly highs may see profit-taking.

3. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 34^th cryptocurrency globally and the current price is US$0.02903. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 50% move during late March ran into resistance near $0.08450, at the 35% extension of the Q1 swing.

An old high and the 18 EMA have provided support near $0.02383 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.

Just below, near $0.02143, the 50.8% retracement of the current Q1 swing might also mark an area of support.

If the market turns bearish, $0.02032 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.03348, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03728. Above, old consolidations near $0.04025 and $0.04472 may also provide some resistance before another round of price discovery.

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ChainLink Crypto News Ethereum Classic Filecoin Market Analysis Trading

Top 3 Coins to Watch Today: FIL, ETC, LINK – August 4 Trading Analysis

Post author By Malik Junaid
Post date August 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. 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-space-time.

FIL Price Analysis

At the time of writing, FIL is ranked the 32^nd cryptocurrency globally and the current price is US$8.64. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 80% from its Q2 highs. It found support near $5.20 before starting a consolidation range. This level, near the lows, could continue to provide support. A year-long consolidation from 2019 to 2020 pivoted around this level many times. It’s also near the middle of the last down candle before 2020’s massive rally. A retest of this level would run bulls’ stops under swing lows formed in late June and early July.

The price is testing a closer area of possible support near $8.00. Bulls rejected bears many times in early July at this level. It’s also in the upper part of July’s swing low candle. The closest resistance is likely near $8.95. This area, up to $9.30, shows inefficient trading on the daily chart. It also contains the 9 and 18 EMAs.

If the price breaks through this level, it may aim for bears’ stops above $9.62. Even if it doesn’t reach these stops, the area between $9.90 and $10.25 could provide a bearish setup. Here, bears rejected bulls near the bottom of an area of inefficient trading on the weekly chart.

If the market turns more bullish, a rally beginning in this range may be aiming for the new monthly highs, near $10.39. This level is near the bottom of an area of inefficient trading on the daily chart.

2. Ethereum Classic (ETC)

Ethereum Classic ETC is a hard fork of Ethereum that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further with time. Ethereum Classic set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.

ETC Price Analysis

At the time of writing, ETC is ranked the 19^th cryptocurrency globally and the current price is US$36.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

During July, ETC 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 $40.32 and may target the swing low and possible support near $33.90.

The swing low and possible support near $30.21 could be the second bearish target if the move down continues. The relatively equal lows near $29.00 and possible support underneath near $27.45 could provide more substantial support.

The last swing high near $43.52 gives a near-term target if the bullish continuation continues. However, resistance beginning around $47.80 could cap this move. A break of this resistance might continue to probable resistance near $53.03 and reach above the cluster of relatively equal highs near $58.49.

3. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 24^th cryptocurrency globally and the current price is US$7.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early Q2 trend retraced near $5.70 into the consolidation that began the impulse before bouncing to $8.42. This consolidation could provide support again, although bears would first have to push the price through possible support near $7.90.

The market’s structure may be shifting bearish, with $7.10 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.70 before finding support near $6.27.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $8.37 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $9.18.

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Chiliz Crypto News Market Analysis OMG Network Ripple Trading

Top 3 Coins to Watch Today: XRP, CHZ, OMG – August 3 Trading Analysis

Post author By Malik Junaid
Post date August 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. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform known as 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 not based on a blockchain, but rather the aforementioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is US$0.3754. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.

However, bulls are showing some interest at the 73% retracement, near $0.3610. If this level breaks, a move into possible support – just below the lows near $0.3245 – seems likely.

If the price does rally through the swing high at $0.3955 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4250.

Overlapping swing highs and lows near $0.4526 may provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets to up near the midpoint of Q1’s consolidation, around $0.5132, where higher timeframes show an inefficiently traded zone.

2. Chiliz (CHZ)

Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company states its vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.

CHZ Price Analysis

At the time of writing, CHZ is ranked the 60^th cryptocurrency globally and the current price is US$0.1423. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHZ‘s stunning rally to $0.1650 plummeted over 23% last week to sweep consolidation lows at $0.1055. This could set the stage for a new bullish cycle to begin.

The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1420 could set the stage for a move into the daily gap beginning near $0.1705, potentially reaching resistance near $0.1837.

A sweep of the highs near $0.1958, followed by a sharp sell-off, hints that bulls are preparing to run the swing high near $0.2147. This run could find the next resistance around $0.2346 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2528.

3. Omg Network (OMG)

Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.

OMG Price Analysis

At the time of writing, OMG is ranked the 110^th cryptocurrency globally and the current price is US$2.21. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 37% drop has filled the June monthly gap twice as the price consolidated between $1.82 and $2.40.

The price’s current region, between $2.20 and $2.35 and just under the monthly open, could continue to give support. If this area holds, the cluster of relatively equal range highs up to $2.60 is a likely target.

An animated move through these highs could reach up to the daily gap beginning at $2.85. The area between $2.96 and $3.10 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $2.00 and find support near $1.94. If this level is lost, the swing low at $1.85 is a likely target, with $1.79 possibly giving support.

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Crypto News Kadena Market Analysis Swipe Trading WAX

Top 3 Coins to Watch Today: KDA, SXP, WAX – August 2 Trading Analysis

Post author By Malik Junaid
Post date August 2, 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. Kadena (KDA)

KDA Price Analysis

At the time of writing, KDA is ranked the 102^nd cryptocurrency globally and the current price is US$1.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

KDA climbed 65% from its mid-June low, creating a bullish market structure break on the daily chart.

Aggressive bulls might find the closest support near the August open, around $2.01. This level will likely show inefficient trading on the daily chart after Monday’s candle closes.

If this level breaks, the next support might be near $1.73. This level is near the 61.8% retracement. It’s also near the 9, 18 and 40 EMAs and the high of accumulation on the weekly chart.

A dip lower could reach $1.54, where bulls rejected bears on the weekly. However, a move this low could go significantly lower. Bulls’ stops near $1.34 and a large area of inefficient trading on the weekly offer little support to stop a more significant drop.

The closest resistance is from $2.20 to $2.30, near the June monthly open. This area showed inefficient trading on the weekly chart. The price has passed through this zone multiple times, but it could provide some resistance again.

If the market’s rally does continue, $2.47 might offer the next resistance. This level shows inefficient trading on the daily chart. It’s also at the low end of inefficient trading on the weekly and monthly charts. If the price does bounce from $1.73, the 68% and 100% extensions of the prior swing add more confluence to this area.

2. 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 136^th cryptocurrency globally and the current price is US$0.4405. Let’s take a look at the chart below for price analysis:

Source: TradingView

SXP has consolidated in a tight range since its 51% drop in early June. Near $0.4080, an area of inefficient trading might offer support. This level is near the 9, 18 and 40 EMAS.

It’s reasonable for the price to drop slightly lower to the next area of inefficient trading, near $0.3876. Moving to this level would allow bulls to enter near the July open.

An area of inefficient trading, near $0.5293, may offer the closest resistance. This level is near the June open and could be the target as SXP shares its metaverse vision.

A move this high could reach slightly higher, near $0.5668. Bears rejected bulls on the weekly here in early June. It’s also near an old December 2020 weekly swing low.

If the market continues climbing, it could reach as high as $0.6550. This area shows inefficient trading on the monthly and weekly charts.

If the bullish move fails, bears might aim for an area near $0.2705. This level is near the midpoint of March 2020’s swing low wick. On the weekly, it shows that bulls rejected bears. Reaching this level would allow bears to sweep bulls’ stops under relatively equal lows into inefficient trading on the daily chart.

3. Wax (WAXP)

WAXP is a purpose-built blockchain, released in 2017, designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS. The custom features and the incentive mechanisms developed by WAX are intended to optimise the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.

WAX Price Analysis

At the time of writing, WAX is ranked the 130^th cryptocurrency globally and the current price is US$0.1153. Let’s take a look at the chart below for price analysis:

Source: TradingView

WAX dropped 54% in early June before entering a consolidation range. The price has just swept bulls’ stops above relative equal highs into an area of inefficient trading near $0.1145. This zone, up to $0.1223, could provide resistance.

If this level breaks, the price could climb to $0.1622. This move would let bulls run bears’ stops above June 2’s swing high. It would also fill in inefficient trading on the weekly and monthly charts.

However, macroeconomic conditions are still bearish. As of now, the economic climate makes it less probable that the price can reach this far.

Below, a relatively wide area from $0.1037 to $0.0955 could provide support. This area saw accumulation before the recent move up, shows inefficient trading on the daily, and overlaps with the 61.8% and 78.6% extensions.

Bulls rejected bears on the weekly chart, near $0.0842. This level may provide support if bears run bulls’ stops under July’s swing lows.

A more bearish turn in the market could propel the price significantly lower. The next downside target may be near $0.0560. Here, the weekly chart and monthly chart both show inefficient trading.

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