Category: Binance

TrueFi TRU is trading in an uptrend, like many other Altcoins. The cryptocurrency TRU just went up +162% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +195% in a week.

What is TrueFi?

TrueFi TRU is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens TRU and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and TrustToken holders ultimately have a say over who is a credible borrower in the prediction market. TRU gives the holder the ability to rate credit for third parties.

TRU Price Analysis

At the time of writing, TRU is ranked 464^th cryptocurrency globally and the current price is A$0.4542. This represents a +195% increase since July 30, 2021 (seven days ago), as shown in the chart below.

After looking at the above 1-Day candle chart, we can clearly see that TRU was trading inside the rising wedge pattern on the TRU/USDT pair. The first resistance was on the A$0.2435 price levels, which TRU broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$0.4084. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, TRU may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

TradingView indicators (on the one-day window) mainly suggest TRU as a Strong Buy, except the Oscillators, which indicate TRU as a Buy.

So Why Did TRU Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying TRU for the next Altcoins rally. Recent news was also announced regarding TrustToken Raises $12.5M from BlockTower.

Where to Buy or Trade TRU?

TRU has high liquidity on the Binance exchange, which could help for trading TRU/BTC or TRU/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.

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. Ellipsis (EPS)

Ellipsis EPS finance is an exchange for stablecoins on the Binance Smart Chain. It allows for stablecoins swap with very low slippage and minimal fees. EPS is a Revenue Earning token where token stakers will earn fees from the Ellipsis protocol. EPS is the native token on the platform that provides value for LPs and token holders.

EPS Price Analysis

At the time of writing, EPS is ranked the 379^th cryptocurrency globally and the current price is A$0.7646. Let’s take a look at the chart below for price analysis:

July has been an exceptionally volatile month for EPS. The price climbed nearly 285%, retraced over 135%, then bounced 88% into resistance beginning near A$0.9255.

This weekend filled a gap from A$0.6841 to A$0.7256, which may provide support again. A sweep through this level to tag Sunday’s swing low is likely to test probable support near A$0.6624.

A more substantial move down could reach support at A$0.6283 and possibly touch the gap near A$0.5689.

The price is testing fresh resistance at A$0.8263, making the swing high at A$0.8544 a likely target. A break of this level might continue to the swing high at A$0.9621 before continuing into price discovery.

2. Bzx Protocol (BZRX)

The Bzx protocol BZRX is an Ethereum-based decentralised platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system. Bzx’s trading front-end Fulcrum allows users to trade and/or lend crypto assets through tokenised loans (iTokens) and tokenized positions (pTokens). Torque serves as bZx’s lending front-end web interface, allowing users to borrow funds for any purpose at a fixed interest rate.

BZRX Price Analysis

At the time of writing, BZRX is ranked the 388^th cryptocurrency globally and the current price is A$0.3257. Let’s take a look at the chart below for price analysis:

BZRX bulls enjoyed nearly 145% returns during March, with the Q2 retracing almost 85% beginning a consolidation from Q3 between resistance near A$0.3544 and the low around A$0.2357.

A stop run into support beginning near A$0.1932 is likely to precede any significant move upward. This stop run could easily reach the consolidation high near A$0.1766, giving bulls a better entry. 

A more significant shift in the market could reach probable support at the daily gap near A$0.1652, giving bulls a favorable risk-reward entry to target the last high at A$0.3685, A$0.4187, and A$0.4698.

3. Alpha Finance Lab (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 155^th cryptocurrency globally and the current price is A$0.882. Let’s take a look at the chart below for price analysis:

ALPHA printed reasonable returns during June and July, soaring over 129% before dropping to sweep the local lows and fill the daily gap near A$0.7285. 

This gap could continue to provide support, but a decline to the gap over the consolidation near A$0.6438 provides a more favourable entry.

A daily close-through resistance at A$0.9641 and A$0.9912 points to the A$1.15 swing high as the next primary target and may turn the current resistance to support.

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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.

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. Polkadot (DOT)

Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. This interoperability seeks to establish a fully decentralized and private web, controlled by its users, and simplify the creation of new applications, institutions, and services.

DOT Price Analysis

At the time of writing, DOT is ranked the 9^th cryptocurrency globally and the current price is A$20.38. Let’s take a look at the chart below for price analysis:

DOT exploded upwards from its long-term accumulation range during Q1 as it swept 2021’s high. The recent 40% drop found support near A$13.24 before opening last week near A$12.58

Support formed over the weekly open near A$13.15 This week is likely to test new support around A$16.34. However, the relatively equal lows below provide an attractive downwards draw for the price. If this test of possible support near A$15.47 and A$14.89 occurs, it could give longer-term bulls a better opportunity for entry.

Multiple resistances rest overhead, with the level at A$20.95 currently pinning the price down. A reclaim of this level will have to contend with resistance at A$23.17 and A$25.52.

However, a decisive break of this level likely means that the recent high at A$30.69 is a target. A more extended move may reach resistance and an old high near A$35.77, which has confluence with the 1.0 extension.

2. Curve DAO Token (CRV)

Curve CRV is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve is now synonymous with the decentralized finance (DeFi) phenomenon and has seen significant growth in 2021.

CRV Price Analysis

At the time of writing, CRV is ranked the 97^th cryptocurrency globally and the current price is A$2.16 Let’s take a look at the chart below for price analysis:

During the last week of June CRV provided nearly 105% gains before the price ran into resistance near A$2.95 Currently, the price is accumulating under the July last week open near A$2.23, just over relatively equal daily lows around A$2.13. 

A sweep of these lows into probable support beginning at A$1.88 may provide traders with at least a short-term bounce to capitalize on. If this zone breaks, support could be found at A$1.72, although a move this far down may sweep the next set of the relatively equal lows near A$1.59 and fill the daily gap down to A$1.50.

A break of resistance beginning near A$2.35 could run highs near A$2.54 into resistance at A$2.83 which marks the beginning of the upper half of the June 12^th daily gap. A more sustained upward move could target the last major swing high at A$2.96 with resistance beginning at A$3.22.

3. Horizen (ZEN)

Horizen ZEN is an interoperable blockchain system, supported by a decentralized node infrastructure. Its sidechain platform focuses on scalable data privacy, and as such enables businesses as well as developers to build private or public blockchains using the unique sidechain technology known as Zendoo. Horizen claims to be completely decentralized, fully customizable with privacy features and supports low costs associated with building blockchains with configurable revenue models and an unlimited number of tokens and digital assets.

ZEN Price Analysis

At the time of writing, ZEN is ranked the 95^th cryptocurrency globally and the current price is A$74.65. Let’s take a look at the chart below for price analysis:

ZEN saw an energetic run from April to May, climbing approximately 160% before cooling off into support near A$65.36 Resistance beginning near A$62.85 pinned down last week’s attempt to rally, which is likely to retest possible support near A$60.14.

A deeper marketwide retracement could take out the relatively equal lows below the weekly open and support near A$58.69. This move might offer entries near probable support near A$56.47 and A$54.78.

However, more bullish market conditions may prompt a rally to the relatively equal highs near A$83.67 into resistance beginning at A$85.46. If the price reaches this level, the last high at A$93.58 gives the next likely target before price discovery begins.

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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.