One of six Ethereum-based altcoins just listed on US crypto exchange Coinbase’s roster of digital assets, DeFi Yield Protocol (DYP), is up a significantly bullish 107 percent in a week and as a result is currently trading at US$0.43:
đź“Ł DYPians, get ready for the next step!
Starting from today, 22 June 2022, 09:00 AM PT, $DYP will be available for trading on @Coinbase & @CoinbaseExch. You can choose from #DYP-USD & #DYP-USDT pairs.
Coinbase says DYP will be phased in along with five other Ethereum-based altcoins – HOPR, MATH, PARSIQ, Elastos (ELA) and ALEPH – in trading pairs with Tether (USDT) after appropriate liquidity conditions are met. All six altcoins are grouped under the exchange’s ‘Experimental’ label, introduced in March this year:
Coinbase will add support for DYP, ALEPH, HOPR, MATH, PRQ, and ELA with the Experimental label. Learn more about the Experimental label here: https://t.co/MBMBbYyZ7S
DYP aims to offer users the ability to stake Ethereum, Binance Coin and Avalanche to earn a fixed 25 percent APR (annual percentage rate). It is also said to be working on an array of products for the decentralised ecosystem and seeks to be “accessible for both beginner and advanced users” through a combination of DeFi, NFTs and metaverse gaming.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 5th cryptocurrency globally and the current price is US$303.12. Let’s take a look at the chart below for price analysis:
After a 45% decline from early May, BNB has ranged between $280 and $335. The recent price recovery was approaching probable resistance near $340 but could be aiming for stops above the relatively equal highs near $356. Continuation of the trend could target the daily gap near $374.
Aggressive bulls might add to positions near $301 and $294. Price action near $390 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $285 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 $273.
2. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised 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 the 9th cryptocurrency globally and the current price is US$44.86. Let’s take a look at the chart below for price analysis:
SOL has retraced 85% from its April highs and reached possible support last week near $40.34. Resistance might begin near $58.34, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $64.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $67.42 and $70.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $40.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $38.10 and $36.54. If the price reaches this zone, the Q1 2021 swing high near $33.12 might mark a more sensitive level.
3. Loopring (LRC)
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.
LRC Price Analysis
At the time of writing, LRC is ranked the 68th cryptocurrency globally and the current price is US$0.4885. Let’s take a look at the chart below for price analysis:
LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $0.6534.
If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.5106 and $0.4650. A deeper retracement that fills the gap down to the monthly level at $0.4460 provides a better entry, with any quick drops near the monthly open at $0.4058 providing the most favourable entries.
Continuation through the current resistance around $0.6419 is likely to explode through the remaining daily highs stacked up to $0.7328. There’s no telling how far the price could go beyond these new monthly high prices.
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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 4th cryptocurrency globally and the current price is US$323.70. Let’s take a look at the chart below for price analysis:
After a 30% decline from last week, BNB has ranged between $310 and $358. The recent price recovery was approaching probable resistance near $375 but could be aiming for stops above the relatively equal highs near $380. Continuation of the trend could target the daily gap near $394.
Aggressive bulls might add to positions near $320 and $316. Price action near $310 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $300 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 $290.
2. Waves (WAVES)
WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.
WAVES Price Analysis
At the time of writing, WAVES is ranked the 55th cryptocurrency globally and the current price is US$12.14. Let’s take a look at the chart below for price analysis:
During Q1 high, WAVES‘ slight drop marks the current range as a reasonable area to expect accumulation.
The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $14.12 and $12.10 – between the 41.8% and 46.6% retracements – could see at least a short-term bounce.Â
Long-term consolidation suggests that the areas near $25.45 and $30.61 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $20.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $23.42, the start of the bearish move.
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 39th cryptocurrency globally and the current price is US$1.76. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during Q1 halted at $4.95 before retracing 70% 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 $2.43 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $2.85. 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 $1.90 and $1.72 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $1.55.
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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 4th cryptocurrency globally and the current price is US$383.55. Let’s take a look at the chart below for price analysis:
After a 25% decline during February, BNB has ranged between $360 and $410. The recent price recovery was approaching probable resistance near $408 but could be aiming for stops above the relatively equal highs near $420. Continuation of the trend could target the daily gap near $435.
Aggressive bulls might add to positions near $395 and $387. Price action near $375 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $369 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 $360.
2. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.7402. Let’s take a look at the chart below for price analysis:
XRP printed some gains during last week before moving sideways for the rest of the month.
The price was 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 71.6% retracement, near $0.7472. If this level breaks, a move into possible support – just below the lows near $0.6952 – seems likely.
If the price does rally through the swing high at $0.8055 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8450.
Overlapping swing highs and lows near $0.8946 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $0.9517, where higher timeframes show an inefficiently traded zone.
3. 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’s 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 68th cryptocurrency globally and the current price is US$0.1766. Let’s take a look at the chart below for price analysis:
CHZ‘s stunning rally to $0.3150 plummeted over 70% during January to sweep consolidation lows at $0.1655. This could set the stage for a new bullish cycle to begin.Â
The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1732 could set the stage for a move into the daily gap beginning near $0.1685, potentially reaching resistance near $0.1934.
A sweep of the highs near $0.2132, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near $0.2247. This run could find the next resistance around $0.2436 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2618.
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. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.8682. Let’s take a look at the chart below for price analysis:
XRP printed some gains during last week before moving sideways for the rest of the month.
The price was 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 70.6% retracement, near $0.8372. If this level breaks, a move into possible support – just below the lows near $0.7552 – seems likely.
If the price does rally through the swing high at $0.9260 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.9950.
Overlapping swing highs and lows near $1.084 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $1.17, where higher timeframes show an inefficiently traded zone.
2. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 4th cryptocurrency globally and the current price is US$430.12. Let’s take a look at the chart below for price analysis:
After a 30% decline during January, BNB has ranged between $370 and $445.
The recent price recovery was approaching probable resistance near $439, but could be aiming for stops above the relatively equal highs near $455. Continuation of the trend could target the daily gap near $476.
Aggressive bulls might add to positions near $422 and $417. Price action near $410 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $400 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 $385.
3. Tezos (XTZ)
Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked the 44th cryptocurrency globally and the current price is US$4.36. Let’s take a look at the chart below for price analysis:
XTZ‘s 59% drop since late December saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.
The level near $4.45 is providing some resistance. However, continuation through the monthly high at $4.60 is not out of the question. Aggressive bulls might bid in the current region near $4.88.
If the price runs the recent swing low, bulls might bid in the gap near $4.23. A deeper retracement could reach near the mid-December level and a gap near $4.05. The region near $3.89 and $3.70 may also provide some support during a deeper retracement.
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.
It seems there’s just no end to pump-and-dump scams for useless meme-based tokens. This time, McDonald’s is guilty of promoting a joke coin based on its fluffy purple McDonaldland character, Grimace.
In a January 26 tweet (above) replying to Elon Musk, the fast-food company joked that if Tesla were to accept payments in Grimacecoin, then it would take Musk up on his offer to eat a Happy Meal on TV if McDonald’s would accept Dogecoin. Then the madness began.
Musk Sparks Grimace-Themed Buying Frenzy
Shortly after the tweet, several Grimacecoin-themed tokens were created across a handful of different blockchains by crypto opportunists wanting to cash in on the buying frenzy that followed.
On the Binance Smart Chain (BSC)-based DEX PancakeSwap, the Grimace token surged as much as 285,641 percent in a matter of hours. Trading started at US$0.0007 and reached U$2 before plummeting to US$0.60. It managed to reach a market capitalisation of nearly U$2 million at its peak and somewhat surprisingly hasn’t yet crashed to zero, bouncing between US$1 and US$1.40 at the time of writing. There are currently 2,005 addresses holding Grimace, according to BSCscan.
Poocoin.app Grimace/BNB. Source: TradingView
None of the Grimace tokens has anything to do with McDonald’s officially. On the BSC network alone, there were 10 different Grimacecoins. Other networks with Grimace-themed tokens included Polygon, Ethereum, Avalanche and Fantom, which all surged as apes rushed in.
Some Investors Will Literally Buy Anything
The launch of Grimacecoin shows that some crypto investors really will buy just about anything, even a token that has zero fundamental value or purpose whatsoever.
The power Elon Musk has over hyping the crypto market is quite ludicrous. Whenever Musk mentions anything about Dogecoin, for example, it causes the price to pump. Similarly, his comments around whether or not Tesla would accept payments in Bitcoin also set the charts off in one direction or another. It’s interesting, if not downright concerning.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 4th cryptocurrency globally and the current price is US$372.49. Let’s take a look at the chart below for price analysis:
After a 35% decline during January, BNB has ranged between $369 and $410.
The recent price recovery was approaching probable resistance near $388, but could be aiming for stops above the relatively equal highs near $395. Continuation of the trend could target the daily gap near $415.
Aggressive bulls might add to positions near $370 and $365. Price action near $360 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $354 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 $340.
2. 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 47th cryptocurrency globally and the current price is US$0.2035. Let’s take a look at the chart below for price analysis:
ONE‘s rally during January retraced over 55% after the price explored new monthly highs.
Resistance was formed near $0.3315 and $0.3095. With an uncertain market and traders potentially selling, these areas could continue to provide resistance and perhaps prompt a steeper move downward.
The recent market crash, overlapping with the last major down leg’s 41.8% and 55.6% retracements from $0.2167 to $0.2010, could mark an area of support. Inside this zone, $0.1940 to $0.1886 could provide a more sensitive reaction.
A more extended downtrend might reach possible support between $0.1789 and $0.1634, near the origin of the last significant bullish move.
On the other hand, if altcoins resume their recovery trends, the 25% extension near $0.2820 could be the next area of significant profit-taking by bulls.
3. Quantum (QTUM)
Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications.
QTUM Price Analysis
At the time of writing, QTUM is ranked the 104th cryptocurrency globally and the current price is US$5.63. Let’s take a look at the chart below for price analysis:
After dropping almost 80% from December, QTUM has been consolidating on previous price supports.
The recent sweep of the lows near $6.30 could set the stage for at least a short rally higher, with bulls possibly buying near $6.42 for a move toward the relatively equal highs near $6.59. A close over these highs might hint at a longer-term move toward probable resistance near $6.90, likely following a retracement.
Rejection from possible resistance near $5.80, potentially including a sweep of the highs around $5.94, could signal a run to the swing low near $5.40. If this move occurs, bears might target the swing low and support near $5.30 and $5.16.
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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 4th cryptocurrency globally and the current price is US$452.33. Let’s take a look at the chart below for price analysis:
After a 45% decline from December, BNB has ranged between $438 and $523.
The recent rally was approaching probable resistance near $470, but could be aiming for stops above the relatively equal highs near $485. Continuation of the bullish move could target the daily gap near $505.
Aggressive bulls might add to positions near $439 and $430. Price action near $421 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $411 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $390.
2. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 8th cryptocurrency globally and the current price is US$0.7379. Let’s take a look at the chart below for price analysis:
XRP‘s 35% climb retracement from December reached to the monthly open, sweeping lows several times down to $0.7122. Last week, the price bounced from the monthly open near $0.7443 again, creating possible support near $0.7055. A quick sweep of this recent swing low could reach into a support area near $0.6812, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.6525.
If the price breaks through the closest significant resistance near $0.7956, the swing high at $0.8434 is a likely target. This move could reach a daily gap of near $0.8932.
Strong bullish momentum could propel the price to resistance near $0.9425. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.
3. Swipe (SXP)
Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.
SXP Price Analysis
At the time of writing, SXP is ranked the 170th cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:
SXP has retraced over 60% from last month as the price consolidates near the weekly gap beginning near $1.50.
The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near $1.42 at the top of a daily gap could provide support.
More probable support begins at the bottom of the gap, ranging from approximately $1.36 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $1.30.
Impulses upward during retracement are likely, but the most substantial resistance is likely just below the swing high near $1.56. This swing high provides a clear first target, with extensions near $1.63, $1.70 and $1.78.
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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is US$548.67. Let’s take a look at the chart below for price analysis:
After a 60% decline from August to September, BNB has ranged between $650.23 and $516.55.
The recent rally was approaching probable resistance near $610.33 but could be aiming for stops above the relatively equal highs near $560.21. Continuation of the bullish move could target the daily gap near $578.12.
Aggressive bulls might add to positions near $557.67 and $550.32. Price action near $528.66 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $487.47 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 $445.90.
2. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised 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 the 5th cryptocurrency globally and the current price is US$186.04. Let’s take a look at the chart below for price analysis:
SOL retraced nearly 65% from its high before finding a low during last week. 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 $172.34, although a sweep of the stops near $165.61 could reach below the next swing low into possible support near $150.12. A continued downtrend might run into the weekly gap near $144.26.
Some bears might add more shorts near $195.87, although a push to $210.66 is reasonable. A daily candle close over the swing high near $230.04 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $245.32 for monthly high prices.
3. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 14th cryptocurrency globally and the current price is US$2.18. Let’s take a look at the chart below for price analysis:
Q4 2021 marked a turning point for MATIC, with the price rocketing up almost 125% from its lows to probable resistance beginning near $2.45.
The price is currently struggling with the area between $1.88 and $2.23. This region could provide support after a close above, or resistance after a close below.
A retracement could reach into the daily gap and possible support around $2.08. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $1.92, and the potential support just below that begins around $1.85.
Continuation to the upside will likely target the recent monthly highs near $2.30. However, probable resistance beginning at $2.36 and $2.42 could cap or slow down this move.
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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is US$614.81. Let’s take a look at the chart below for price analysis:
One of the first coins to set its low during the May crash, BNB has since rallied over 215%. The price has rejected strong resistance near $661.70, with $622.70 marking a slightly weaker area of higher-timeframe resistance that could become relevant in the coming weeks.
However, an area of old consolidation near $573.00 has continued to provide support. Each time the price drives into this level, it forms a higher low. This zone could again provide support and has confluence with the 40 EMA.
A steeper retracement – perhaps caused by a bearish continuation in Bitcoin – could drive into an area of possible support between $509.90 and $463.90. This zone is just above the 61.8% retracement level and overlaps with old equal highs.
A more prolonged downtrend could reach possible support between $430.50 to $393.80, near the 78.6% retracement level and multiple old consolidations.
If the price can break through the current resistance, it could continue to an area between $850.00 and $920.00, where extensions suggest bulls might take significant profits.
2. 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 is 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 60th cryptocurrency globally and the current price is US$0.2622. Let’s take a look at the chart below for price analysis:
ONE‘s rally, beginning in late June, stretched over 707% as the price explored new territory.
Resistance has formed near $0.3415 and between $0.2871 and $0.3095. With an uncertain market and traders potentially selling the cross-shard transaction news (or an announcement of its delay), these areas could continue to provide resistance and perhaps prompt a steeper move downward.
The March highs, overlapping with the last major leg’s 61.8% and 78.6% retracements (from $0.2167 to $0.1720), could mark an area of support. Inside this zone, $0.2080 to $0.1766 could provide a more sensitive reaction.
A more extended downtrend might reach possible support between $0.1489 and $0.1214, near the origin of the last significant bullish move.
On the other hand, if altcoins resume their bullish trends, the 27% extension near $0.4500 could be the next area of significant profit-taking by bulls.
3. XDC Network (XDC)
XinFin XDC is an enterprise-ready hybrid blockchain technology company optimised for international trade and finance. The XinFin network is powered by the native coin called XDC. XinFin mainnet token XDC also creates an opportunity to utilise XinFin’s real-world use-cases, such as TradeFinex.org, and helps small and medium businesses or institutions originate their own financial requirements in a digital, fully structured manner so that they can distribute them to the bank or non-bank funders themselves, using a common distribution standard.
XDC Price Analysis
At the time of writing, XDC is ranked the 99th cryptocurrency globally and the current price is US$0.09428. Let’s take a look at the chart below for price analysis:
XDC‘s volatile whipsaws finally met their match at resistance near $0.16210, an area that is likely to provide stiff resistance again on any retest.
Before the price reaches this level, higher-timeframe charts and multiple highs and lows suggest that $0.12560 could also provide resistance.
Currently, the price is settling on possible support near $0.09037. The 78.6% retracement around $0.08160 is more likely to see interest from the bulls if the market continues trending downward.
Consolidation here could lead to the uptrend resuming and gain the attention of more bulls if the 8, 16, and 40 EMAs flip bullish.
A longer bearish shift in the overall crypto market could send the price to (or below) possible support near the May and June consolidation, around $0.06301. This area started the most recent bullish trend. Below this level, little exists on higher-timeframe charts to offer support.
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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. You can also buy these coins from different exchanges listed on Coinmarketcap.
