1inch Network

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. 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 33^rd cryptocurrency globally and the current price is US$1.23. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a high during Q1 before retracing 65% to the low at $0.7530 last week.

The price broke through resistance near $1.20, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $1.13. However, a drop this far increases the chances of a stop run to $1.05 and possibly into support near $0.9425. For now, continuing recovery market conditions could help $1.10 become support.

The swing high around $1.40 gives bulls a reasonable first target, with $1.48 also likely to draw the price upward. Higher-timeframe resistance beginning near $1.60 or $1.65 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $1.74.

2. 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 25^th cryptocurrency globally and the current price is US$7.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early April trend retraced near $7.10 into the consolidation that began the impulse before bouncing to $7.66.

This consolidation could provide support again, although bears would first have to push the price through possible support near $7.05. The market’s structure may be shifting bearish, with $7.98 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.89 before finding support near $6.77.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $8.79 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 $10.58.

3. 1inch (1INCH)

1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).

1INCH Price Analysis

At the time of writing, 1INCH is ranked the 98^th cryptocurrency globally and the current price is US$0.9458. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its Q1 highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near $1.45 held the price down for the second half of April, although bulls have shown some strength near the 9 and 18 EMAs.

A quick push to $1.13, or into the zone beginning near $1.26, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $1.34 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $1.40 and $1.45.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 45% retracement, near $0.8540.

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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.

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. Gala (GALA)

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

GALA Price Analysis

At the time of writing, GALA is ranked the 55^th cryptocurrency globally and the current price is US$0.253. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, GALA kicked off a bullish trend that rallied by 95% by early February to break the new monthly highs.

The following 45% plummet found support near $0.2476, sweeping under the 40 EMA into the 51.8% retracement level before bouncing to resistance beginning at $0.2630.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2812, where aggressive bulls might begin bidding. The level near $0.3040, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3485.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.2291 could provide at least a short-term bounce. If this level fails, the old highs near $0.2050 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Cosmos (ATOM)

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

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20^th cryptocurrency globally and the current price is US$26.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

January provided respectable 55% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $41.52.

If bears take back control this month, the top of the former gap beginning at $24.66 may provide support for at least a short-term bounce. The top of the consolidation range starting near $23.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $22.74 and $20.16, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $33.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.

If this high breaks, the 1.0 extension near $36.21 and the 2.0 extension near $42.90 may provide the next primary new high targets.

3. 1inch (1INCH)

1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).

1INCH Price Analysis

At the time of writing, 1INCH is ranked the 99^th cryptocurrency globally and the current price is US$1.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its Q4 highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near $2.00 has held the price down for the second half of February, although bulls have shown some strength near the 9 and 18 EMAs.

A quick push to $1.88, or into the zone beginning near $2.10, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $2.17 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $2.28 and $2.40.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 35% retracement, near $1.30.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.