Aion

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. Aion (AION)

AION is the token used to secure and access the Open Application Network (OAN). The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organisation, OAN aims to give the public an environment to create Open Apps. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data and share it between different networks.

AION Price Analysis

At the time of writing, AION is ranked the 394^th cryptocurrency globally and the current price is A$0.2542. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 61% decline from May to June, AION has ranged between A$0.2471 and A$0.1833.

The recent rally is approaching probable resistance near A$0.3347 but could be aiming for stops above the relatively equal highs near A$0.2849. Continuation of the bullish move could target the daily gap near A$0.3095.

Aggressive bulls might add to positions near A$0.2411 and A$0.2347. Price action near A$0.2041 may be more likely to provide support – if the price reaches that mark – during any retracements.

Relatively equal lows clustered around A$0.1800 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near A$0.1638.

2. Ren (REN)

REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.

REN Price Analysis

At the time of writing, REN is ranked the 114^th cryptocurrency globally and the current price is A$0.9304. Let’s take a look at the chart below for price analysis:

Source: TradingView

REN’s 82% retracement from its February highs set a low near A$0.4287 during its consolidation that began in mid-June.

Relatively equal highs near $0.9956 could be the current target if the price breaks through resistance beginning near A$1.08. Bullish continuation might reach through the next significant swing high near A$1.18 into the daily gap near A$1.25.

If bullish strength continues, the zones just below the monthly open near A$1.34 and A$1.42 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near A$0.8944 into possible support near A$0.8256. If this down move occurs, the swing low near A$0.7759 and possible support near A$0.7106 may be the primary objective.

3. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 73^rd cryptocurrency globally and the current price is A$15.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 75% from its May high, SUSHI set a low near A$10.59 as it formed its current range.

Last week, the price swept highs near A$19.24, which now also marks the August monthly high. Relatively equal daily highs near A$21.68 provide a reasonable target, although resistance beginning near A$22.47 could cap the move. A break of this resistance is likely to target the swing high near A$23.18 into higher-timeframe resistance beginning near A$25.09.

The current area near A$14.17 could provide support, although bulls may be more likely to buy near the price fractal near A$13.27 if a retracement reaches this level. A break of this area could continue down to sweep the July low near A$12.08 into possible support beginning near A$10.95.

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. Keep Network (KEEP)

Keep Network KEEP is an incentivised network for storing and encrypting private data on the public blockchain. The network is made of off-chain containers for private data known as keeps, while the KEEP work token enables it to be completely permissionless. Keep solves the main problem holding back blockchain adoption – that data on public blockchains are public. With Keep, developers can finally build fully decentralised apps. KEEP is the network’s native work token with dividends and a slashing model. It provides the Sybil resistance that allows the Keep network to be censorship-resistant and permissionless.

KEEP Price Analysis

At the time of writing, KEEP is ranked the 250^th cryptocurrency globally and the current price is A$0.5795. Let’s take a look at the chart below for price analysis:

Source: TradingView

KEEP retraced nearly 85% from its high before finding a low in late July. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near A$0.4712, although a sweep of the stops near A$0.4538 could reach below the next swing low into possible support near A$0.4288. A continued downtrend might run into the weekly gap near A$0.3967.

Some bears might add more shorts near A$0.5492, although a push to A$0.6244 is reasonable. A daily candle close over the swing high near A$0.6935 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$0.7851.

2. Small Love Potion (SLP)

Small Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP is unique because of how it has become one of the few in-game tokens to be listed by Binance in its Innovation Zone. The exchange has reserved this trading category for assets “that are likely to have higher volatility and pose a higher risk than other tokens”.

SLP Price Analysis

At the time of writing, SLP is ranked the 187^th cryptocurrency globally and the current price is A$0.1943. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s nearly 80% retracement continues to make lower lows while showing no definitive signs of bullish reversal.

Stops below the swing low near A$0.1745 mark the next likely bearish target, with the daily gap near A$0.1690 providing some chance of a short-term bounce. Swing lows near A$0.1613 and A$0.1587 are the next likely targets if this gap fails, with both lows marking areas of possible support.

A sweep of the most recent swing highs near A$0.2387 might find resistance beginning near A$0.2540, with a more substantial move reaching up to A$0.2635. Closing above this level could hint at a longer-term trend reversal and form the range high of any following consolidation.

3. Aion (AION)

AION is the token used to secure and access The Open Application Network (OAN). Launched in 2018 in Canada, The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organisation, The OAN aims to give the public an environment to create Open Apps. The main purpose of The OAN is to facilitate interoperability between different blockchains, thus allowing users and developers to create a variety of applications. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data, and share it between different networks.

AION Price Analysis

At the time of writing, AION is ranked the 387^th cryptocurrency globally and the current price is A$0.2612. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 75% from recent highs, AION has been consolidating in a range for the second half of Q2.

The recent sweep of the lows near A$0.2487 could set the stage for at least a short rally higher, with bulls possibly buying near A$0.2558 for a move toward the relatively equal highs near A$0.2849. A close over these highs might hint at a longer-term move toward probable resistance near A$0.3496, likely following a retracement.

Rejection from possible resistance near A$0.2741, potentially including a sweep of the highs around A$0.2785, could signal a run to the swing low near A$0.2366. If this move occurs, bears might target the swing low and support near A$0.1976.