Author: Malik Junaid

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

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Binance Crypto News Market Analysis Swyftx Trading

3 Coins that Might Breakout this Week: REEF, SFUND, SOL – Altcoins Trading Analysis

candle bars graph
candle bars graph https://unsplash.com/photos/ZzOa5G8hSPI

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Reef Finance (REEF)

Reef is a DeFi platform built on Polkadot that aims to deliver cross-chain trading. A yield engine and a smart liquidity aggregator are among the project’s offerings. Reef aggregates liquidity and provides automation. It also aims to address the drawbacks associated with existing trading platforms. While centralized exchanges are prone to security breaches, decentralized rivals can lack liquidity and are often difficult to use.

REEF Price Analysis

At the time of writing, REEF is ranked 128th cryptocurrency globally and the current price is $0.03093 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

After a nearly three-month period of distribution, REEF has dropped to the 79% retracement of its candle-bodied range. With the price at a steep discount relative to its trading range, buyers hunting for a deal could see an opportunity.

The consolidation low near $0.02538 AUD has provided support. However, the multiple equal lows may attract a stop run before any significant break to the upside.

If the price sweeps these lows, the daily gap beginning near $0.02165 AUD could cap its downward movement. Strong bearish momentum may propel the price into the consolidation near $0.01870 AUD.

Layered resistance rests overhead, with $0.03525 AUD possibly providing a ceiling to the first bullish impulses. A move through this level may find some resistance near $0.03918 AUD, while $0.04478 AUD could form the roof until a new bullish trend emerges.

2. Seedify.fund (SFUND)

Seedify.fund is a blockchain innovation ecosystem, with a community-driven Seed Stage Fund, Decentralized Incubator, and Launchpad. Seedify.fund cross-bridges a community-driven DAO with an incubator/seed fund to provide seed investments to projects selected by community votings.

SFUND Price Analysis

At the time of writing, SFUND is ranked 877th cryptocurrency globally and the current price is $2.76 AUD. Let’s take a look at the chart below for price analysis. Note: this chart is on the pair SFUND-BNB.

Source: TradingView

SFUND‘s five days of glory culminated in eleven days of bullish despair as the price plummeted nearly 75% from its highs.

The explosive pump left little bullish support below, with $1.95 AUD providing an area to look for buying on the daily chart. A test of this level could reach possible support near $1.80 AUD, which marks the approximate midpoint of the four-hour chart’s consolidation that preceded the pump.

However, the final bottom may emerge below $1.52 AUD, where a nine-day consolidation suggests the bulk of the buying took place.

The lower half of the upcandle at $2.80 AUD may provide resistance, with a pump through this level possibly letting trapped buyers out near $3.25 AUD.

A burst of bullish energy could reach as high as the daily gap near $4.75 AUD. However, this doesn’t seem likely to occur unless market conditions become more bullish.

3. Solana (SOL)

Solana is a highly-functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked 18th cryptocurrency globally and the current price is $38.51 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

The -67% finale to SOL‘s nearly month-long distribution calls “Solana Summer” into question. However, the coin has often shown strength during the crypto market’s bearish microcycles.

The recent sweep of the $28.03 AUD low into support starting near $29.50 AUD could be all bulls require before some upward movement.

Just below, a monthly gap at $26.55 AUD might provide support on a sweep of last week’s low, although the price may pierce through this gap. If the crypto market stays bearish, the price might visit the consolidation lows and support near $16.44 AUD.

Trapped bulls looking for hedges or exits could be selling near the swing low and daily gap starting near $41.25 AUD. A higher bounce might find more resistance around $48.91 AUD, near the midpoint of an upcandle and the distribution range’s swing low. Beyond these two resistances, the zone near $55.36 AUD might mark the top until a new bull cycle.

Where to Buy or Trade Altcoins?

These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Binance Crypto News Market Analysis Ontology Swyftx Trading

ONG Surges +500% In a Week as Ontology Introducing ONT staking with 90% APY

Ontology (ONG) has been trending upwards recently, unlike most of the other coins which have been going downwards. The Cryptocurrency ONG just went up +500% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +800% in 30 days.

What is Ontology?

Ontology is a high-performance, open-source blockchain specializing in digital identity and data. Ontology’s infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. Ontology adopts a dual-token model, with both ONT and ONG as utility tokens. Ontology decouples ONT and ONG to alleviate the risk of turbulent fluctuations of the native “asset” value on the gas fee.

ONG Price Analysis

At the time of writing, ONG is ranked 126th cryptocurrency globally and the current price is $1.80 AUD. This is a +500% increase since 15th May 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that ONG broke out from the rising wedge pattern on the ONG/USDT pair. The first resistance was on the $1.10 AUD price levels which ONG broke with a strong bullish trend & buying volume and is now heading towards the next resistance. ONG could continue the uptrend whereas many other altcoins are bearish this week due to Bitcoin’s recent crash.

“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.” – Larry Swing on Investopedia [source]

What do the Technical Indicators say?

The ONG TradingView indicators (on the 1-day window) mainly indicate ONG as a buy, except the Oscillators which indicate ONG as a sell.

Why did ONG Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying ONG for the next Altcoins rally. It could also have contributed to some of the recent news from Ontology introducing $ONT staking with >90% APY.

While ONT is the network’s “primary token,” ONG is used for on-chain services like transactions or paying for the deployment of smart contracts.
ONG tokens are also released to ONT token holders in amounts relative to their holding ratio to encourage ONT staking.

Where to Buy or Trade ONG?

Ontology ONG has high liquidity on Binance exchange so that would help for trading ONG/BTC or ONG/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.

Categories
Crypto News Market Analysis Trading

3 Coins that Might Breakout this Week: CRO, GMR, HBAR – Altcoins Trading Analysis

Market Analysis, Trading
Market Analysis, Trading https://unsplash.com/photos/amLfrL8LGls

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Crypto Coin (CRO)

Crypto.com Coin (CRO) is the native cryptocurrency token of Crypto.com Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked 45th cryptocurrency globally and the current price is $0.1918 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

After climbing nearly 380% since the beginning of the year, a 115% range has trapped CRO between $0.3718 AUD and $0.1863 AUD during Q2.

A consolidation near $0.1889 AUD, visible on the weekly chart, provided support on the last touch. This level could provide support again on a stop run under the $0.1789 AUD.

A deeper run on stops at $0.1563 AUD might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new all-time high soon. Below, little significant support exists until $0.1361 AUD.

Higher-timeframe levels overlapping with a daily gap beginning at $0.2507 AUD are likely to provide resistance, perhaps on a sweep of the equal highs near $0.2486 AUD. Breaking this resistance makes the relatively equal highs near $0.2918 AUD and the all-time high at $0.3518 AUD the next possible targets.

2. GMR Finance (GMR)

GMR Finance aims to bring the gaming community, content creators and game developers together with GMR token. Converting clips into Non-Fungible Tokens will be available with just a few clicks. A NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

GMR Price Analysis

At the time of writing, GMR is ranked 2949th cryptocurrency globally and the current price is 0.0000004739 AUD. Let’s take a look at the chart below for price analysis. NOTE: This is a 4h chart of GMR paired against BNB.

Source: TradingView

GMR’s euphoric early-May pump turned into a late-May dump, with little higher-timeframe support for bulls to justify entries.

Currently, the price is distributing at the 62% retracement level. A small consolidation near 0.0000004522 AUD is visible on the daily chart, with a clearer consolidation on the 4h chart. This area does have some confluence with the 79% retracement level and could offer some support in the future.

The daily gap’s midpoint near 0.0000003933 AUD has suppressed the price, although a push through this level could fill the daily gap up to 0.0000006194 AUD. A lack of sensitivity at this resistance could suggest a minor retracement before a possible move to new all-time highs.

3. Hedera Hashgraph (HBAR)

Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralized applications (DApps). It has been called “trust layer of the internet” and it is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.

HBAR Price Analysis

At the time of writing, HBAR is ranked 55th cryptocurrency globally and the current price is $0.393 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

HBAR‘s 1400% pump during Q1 ran into resistance near $0.5509 AUD on March 15th. Since then, the price has been consolidating in a 120% range between $0.3143 AUD and $0.4709 AUD.

Just below the May open, $0.3229 AUD is the first level that could provide substantial support. If the price breaks down through that, overlapping levels near $0.2281 AUD might cap a run on the lows near $0.2543 AUD and $0.2682 AUD.

The higher-timeframe analysis points to the area near $0.4306 AUD as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.5202 AUD and $0.6109 AUD may be the next targets.

Where to Buy or Trade Altcoins?

These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Crypto Memes Market Analysis Trading

Doge’s Little Brother Shiba Ino (SHIB) Meme Coin Surges 700%

Shiba token header
Shiba token header https://shibatoken.com/

Shiba Inu coin is trading in an uptrend like many other altcoins. The Cryptocurrency SHIB just went up +700% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +1600% in 30 days.

What is Shiba Inu?

Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap, Binance and Uniswap and some other crypto exchnages.

SHIB Price Analysis

At the time of writing, SHIB is ranked 19th cryptocurrency globally and the current price is $0.00003537 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

Looking at the above chart, SHIB was trading sideways and broke out from the rising wedge pattern on the SHIB/USDT pair. The first resistance was on the $0.00001275 AUD price levels which SHIB broke with a strong bullish trend and buying volume. It is now heading towards the next resistance near all time high price levels. SHIB could continue the uptrend after getting listed on Binance exchange today with many other altcoins waking up bullish this week.

A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.

Larry Swing on Investopedia [source]

What do the Technical Indicators say?

The SHIB TradingView indicators (on the 1-day window) mainly indicate SHIB as a strong buy, except the Oscillators which indicate SHIB as a buy.

Why did SHIB Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying SHIB for the next Altcoins rally.

Finally, there is the possible impact of recent news of SHIB getting listed on Binance exchange.

Where to Buy or Trade SHIB?

Shiba Inu has a high liquidity on the Binance exchange so that would help for trading SHIB/USDT pair. However, if you’re just looking at buying and HODLing then Swyftx exchange is a popular choice in Australia.

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ChainLink Crypto News Market Analysis Trading

3 Coins that Might Breakout this Week: LINK, FIL, XVS – Altcoins Trading Analysis

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Chainlink (LINK)

The Chainlink Network 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 decentralized participation is guaranteed for all node operators and users looking to contribute to the network.

LINK Price Analysis

At the time of writing, LINK is ranked 11th cryptocurrency globally and the current price is $63.86 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

LINK price keeps going higher, with nearly 40% gains during the first week of May.

A consolidation near $62.35 could provide support as the price continues exploring new highs. However, a set of relatively equal lows near $61.25 AUD looks like a possible target for a stop run into support near $60.55 AUD.

A decidedly bearish shift in the market could reach support near $57.87 AUD, near May’s monthly open.

Almost no resistance seems to lie overhead, although low-timeframe traders might use the resistance below recent highs near $75.34 AUD as a first target. Beyond this level, extensions near $83.00 AUD, $95.12 AUD, and $112.23 AUD give possible higher-timeframe targets.

2. Filecoin (FIL)

Filecoin aims to store data in a decentralized manner. Unlike centralised cloud-storage companies like Amazon Web Services or Cloudflare, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and harder to censor. Decentralised storage systems like Filecoin try to allow people to be their own custodians of their data, as well as make the web more accessible to people worldwide.

FIL Price Analysis

At the time of writing, FIL is ranked 21st cryptocurrency globally and the current price is $180.65 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

FIL retraced 45% during April before finding support near $165.25 AUD. The following bounce encountered resistance at the daily gap near $192.46 AUD.

Bulls might wait for a sweep of the local lows into support near $158.41 AUD before stepping in. A move to this level could reach into the higher timeframe gap down to $135.20 AUD.

In possibly the most bearish scenario, a significant turn in the market could push the price down to the consolidation near $105.45 AUD.

The local resistance near $206.46 AUD and the relatively equal swing highs looks like a first target. Just above, layered resistance near $223.48 AUD and $243.86 AUD could slow bulls down as they push the price towards a significant swing high at $295.20 AUD.

3. Venus (XVS)

Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.

XVS Price Analysis

At the time of writing, XVS is ranked 89th cryptocurrency globally and the current price is $176.43 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

XVS bulls have enjoyed over 200% returns since the April lows, with little resistance above to end the current price discovery.

The price may find support near $155.22 AUD. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $132.46 AUD. The area around $105.30 AUD should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near $180.86 AUD could potentially provide some resistance in the short term. Extensions reaching near $225.10 AUD and $286.50 AUD look like take-profit zones if the bullish trend continues.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

Categories
Bitcoin Gold Crypto News Market Analysis Trading

Bitcoin Gold Surges +200% In 30 Days as Binance adds more trading pairs for BTG

Bitcoin Gold (BTG) is trading in an uptrend here like many other altcoins. The Cryptocurrency BTG just went up +73% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +200% in 30 days.

What is Bitcoin Gold?

Bitcoin Gold was founded in 2017 to become a user-friendly alternative to Bitcoin. The BTG network aims to combine the security and sturdiness of the Bitcoin blockchain and its characteristics with the opportunity for experimentation and development.

BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin but without using resources like Bitcoin hash power or vying for the “real Bitcoin” title. The company aims to present a coin with the implementation capabilities of Bitcoin, however, expanding on the opportunities for DeFi and DApp developers to use the coin.

BTG Price Analysis

At the time of writing, BTG is ranked 54th cryptocurrency globally and the current price is $200.21 AUD. This is a +73% increase since 30th April 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 4-hour candle chart, we can clearly see that BTG was trading sideways and broke out from the rising wedge pattern on the BTG/USDT pair. The first resistance was on the $95 AUD price levels which BTG broke with a strong bullish trend & buying volume and is now heading towards the next resistance. BTG could continue the uptrend as many other altcoins are waking up bullish this week.

“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.” – Larry Swing on Investopedia [source]

What do the Technical Indicators say?

The BTG TradingView indicators (on the 1-day window) mainly indicate BTG as a strong buy, except the Oscillators which indicate BTG as a buy.

Why did BTG Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying BTG for the next Altcoins rally. It could also have contributed to some of the recent news of Binance added BTG/USDT and BTG/BUSD trading pairs.

Another reason for the price movement in BTG could be its ticker’s similarity with a new Bitcoin fund from Brazillian investment bank BTG Pactual, which is teaming up with the Winklevoss brothers’ Gemini exchange,

Where to Buy or Trade BTG?

Bitcoin Gold has the highest liquidity on the Binance exchange so that would help for trading BTG/BTC or BTG/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.

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Crypto News Market Analysis NFTs Trading

BakeryToken (BAKE) Breakout 500% In Just One Week As Binance Invited To Participate In NFT

BakeryToken (BAKE) is trading in an uptrend, like many other altcoins. This cryptocurrency just went up +500% in a week by breaking a rising wedge pattern with strong buying volume and surges over +700% in a month.

What is BakeryToken?

BakeryToken is a part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens which can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process.

BAKE Price Analysis

At the time of writing, BAKE is ranked 85th cryptocurrency globally and the current price is $9.58 AUD. This is a +532% increase since 27nd April 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that BAKE was trading sideways and brokeout from the rising wedge pattern on the BAKE/BUSD pair. The first resistance was on the $3.65 AUD price levels which BAKE broke with a strong bullish trend buying volume, and is now heading towards the next resistance. BAKE could continue the uptrend as many other altcoins are waking up bullish today.

A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.

Larry Swing on Investopedia [source]
Source: TradingView

What do the Technical Indicators say?

The BAKE TradingView indicators (on the 1 day window) mainly indicate BAKE as a buy, except the Oscillators which indicate BAKE as a sell.

Why did BAKE Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying BAKE for the next Altcoins rally. It could also have contributed to some of the recent news of BakeryToken invited to participate in Binance NFT Tuesdays!

Where to Buy or Trade Bake?

BAKE has the highest liquidity on the Binance exchange so that would help for trading BAKE/BNB or BAKE/BUSD pairs.

Categories
Crypto News Market Analysis Trading Verge

3 Coins that Might Breakout this Week: GVT, UNI, XVG – Altcoins Trading Analysis

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Genesis Vision (GVT)

Genesis Vision (GVT) is the platform for the private trust management market, built on Blockchain technology and Smart Contracts. Genesis Vision intends to create a service via which managers, brokers, traders, exchanges, and other financial instruments can access a diverse range of assets via one interface.

GVT Price Analysis

At the time of writing, GVT is ranked 585th cryptocurrency globally and the current price is $15.24 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

GVT’s 71% decline during April created relatively equal lows near $6.98 AUD before bouncing over the local range’s midpoint near $11.60 AUD. A bullish altcoin market could help GVT bulls regain a stronger bullish trend, especially with May’s upcoming events.

Aggressive bulls could look for entries in the daily gap starting near $12.75 AUD. The May monthly open aligns with more probable support near $11.30 AUD.

A stop run below the monthly open near $10.59 AUD might give a more favorable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $8.67 AUD, just above the equal lows.

Resistance rests just above, with the zone from $13.97 AUD to $16.24 AUD likely to provide a short-term ceiling. A breakthrough at this level might target resistance just under the cluster of relatively equal highs near $19.85 AUD.

Beyond these highs, resistance near $23.46 AUD provides a final challenge before attacking an old daily swing high near $28.15 AUD.

2. UniSwap (UNI)

Uniswap (UNI) is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked 9th cryptocurrency globally and the current price is $56.01 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

UNI continues to set new all-time highs in its chaotic upwards trend.

Support might be found in the daily gap above the May monthly open near $48.50 AUD. A deeper retracement is likely to target the relatively equal lows into support near $39.70 AUD.

The daily gap near $37.80 AUD could also provide support. However, another gap inside the down candles, around $33.80 AUD, seems to provide 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 $68.22 AUD and $75.24 AUD as possible take-profit zones.

3. Verge (XVG)

Verge (XVG) is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralized payments network that improves upon the original Bitcoin (BTC) blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called vergePay, and providing the option of sending transactions to stealth addresses.

XVG Price Analysis

At the time of writing, XVG is ranked 105th cryptocurrency globally and the current price is $0.0695 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

XVG holders endured a wild April as the price rallied over 116% before running the month’s lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement.

Bulls might find support around the current price near $0.0582 AUD. The next possible support rests near $0.0493 AUD, below the last two swing lows. A move this deep could sweep April’s low into an area near $0.0448 AUD.

The price is currently struggling with resistance near $0.0682 AUD at the May monthly open. A strong move into this resistance could target the swing high near $0.0793 AUD.

Above this swing high, April’s monthly high at $0.0881 AUD seems the next target, which also marks another wide resistance zone. Volatility inside this resistance could tag an old monthly high at $0.0972 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

Categories
Crypto News Market Analysis Trading

Breakout analysis Polygon MATIC Just Surged 40% in a day, Here is Why?

Polygon (MATIC) is trading in an uptrend, like many other altcoins. The cryptocurrency MATIC just went up +40% in a single day by breaking a rising wedge pattern with strong buying volume and surges over +132.23% in a week.

What is MATIC?

Polygon (previously Matic Network) is one of 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.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.

MATIC Price Analysis

At the time of writing, MATIC is ranked 35th cryptocurrency globally and the current price is $1.11 AUD. This is a +132.23% increase since 22nd April 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that Matic was trading inside the rising wedge pattern on the MATIC/USDT pair. The first resistance was on the $0.56 AUD price levels which MATIC broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding strong this week, MATIC might continue to increase in the uptrend if the traders keep buying with high volume.

A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.

Larry Swing from Investopedia
Source: TradingView

A week ago, the MATIC/USDT price challenged the strength of $0.61 AUD level, where buyers showed that they were still in the game and abruptly bought back the price, having already made 2x.
That seems to suggest a chance that in the near future the price of MATIC/USD might reach the level of $1.30 AUD, and possibly even a round mark of $1.50 AUD.

What do the Technical indicators say?

The Matic TradingView indicators (on the 1 day) mainly indicate MATIC as a strong buy, except the Oscillators which indicate MATIC as a neutral.

So Why did Matic Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying MATIC for the next Altcoins rally. It could also have contributed to some of the recent news to earn staking rewards while participating in DeFi with StakeHound.

Record activity on Ethereum has led to network congestion and high transaction costs this year. The dynamic in turn has driven an increase in demand for alternative “smart-contact” blockchain networks, such as Binance Smart Chain (BSC), along with scaling projects like Polygon that provide faster and cheaper transactions using layer 2 sidechains. These are tangential networks running alongside the main Ethereum blockchain.

In recent weeks, Polygon has won increasing adoption, with top names from the world of decentralized finance (DeFi) announcing integration with the layer 2 scaling solution in a bid to bypass congestion and high fees on Ethereum’s network.

Where to Buy or Trade Matic?

MATIC has the highest liquidity on the Binance exchange so that would help for trading MATIC/BTC or MATIC/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.

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Crypto News Market Analysis Trading

3 Coins that Might Breakout this Week: GRT, SHIB, SXP – Altcoins Trading Analysis

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. The Graph (GRT)

The Graph 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. There is a hosted service in production that makes it easy for developers to get started building on. The Graph currently supports indexing data from Ethereum, IPFS, and POA, with more networks.

GRT Price Analysis

At the time of writing, GRT is ranked 60th cryptocurrency globally and the current price is $1.88 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

After its early Q1 bullrun, GRT has been ranging between approximately $3.00 AUD and $1.50 AUD.

Last week’s sharp decline ran equal lows into a gap on the daily chart. This down move could set the stage for an attack on the relatively equal highs near $2.23 AUD if the price was to break through resistance possibly near $1.90 AUD and $1.98 AUD. 

Above these highs, resistance near $2.44 AUD could halt a bullish move, although reaching the all-time high at $2.88 AUD is possible.

Aggressive bulls might look for entries in possible support near $1.55 AUD and $1.35 AUD, just below the current price. If the price sweeps last week’s low, the levels near $1.20 AUD and $1.05 AUD may also provide support.

2. Shiba Inu (SHIB)

Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap.

SHIB Price Analysis

At the time of writing, SHIB is ranked 2438th cryptocurrency globally and the current price is $0.000001513 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

SHIB’s spectacular April pump has retraced most of its gains as it finds support near $0.000001325 AUD.

Stops under the relatively equal lows near $0.00001113 AUD might be swept, along with the swing low near $0.00000908 AUD. If this sweep happens, the price could find support near $0.00000850 AUD. A move further down could find more support near $0.00000730 AUD.

Spikes upward are likely to encounter resistance beginning near $0.000001630. If the bullish trend resumes after re-accumulation, some traders might take profits as the price approaches possible resistance starting around $0.00002404 AUD and $0.000003187 AUD.

The all-time high near 0.000005348 AUD looks like a primary target. Any moves beyond this level are challenging to predict from current price action.

3. Swipe (SXP)

Swipe is a platform that tries to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card, and the Swipe Token (SXP). The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe’s second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offers increasing perks and benefits.

SXP Price Analysis

At the time of writing, SXP is ranked 158th cryptocurrency globally and the current price is $4.53 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

The second half of April punished SXP bulls with a nearly 50% drop before the price found support near an old swing low around $3.35 AUD.

Aggressive bulls might look for entries at possible support beginning near $3.98 AUD. However, stops under equal lows near $3.30 AUD could be swept.

The area near $3.20 AUD provides a possible target for this stop run if it occurs. A more sustained bearish trend could reach down to the broad zone of possible support between $2.80 AUD and $2.65 AUD.

The price is currently challenging resistance at a gap beginning near $4.53 AUD. If this level breaks, bulls could find more resistance near $4.87 AUD while targeting the highs up to $4.70 AUD.

A sweep of these highs is likely to find resistance by the time price reaches the area near $4.90 AUD. The next reasonable targets would be the swing highs and resistance near $5.15 AUD and $5.80 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.