Category: Binance

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Binance Crypto News Market Analysis Swyftx Trading

Axie Infinity AXS Surged +42% in a Day amid recent Axie Podcast

Axie Infinity (AXS) is trading in an uptrend, like many other Altcoins. The cryptocurrency AXS just went up +42% in a single day by breaking a falling wedge pattern with strong buying volume and surges over +85% in a week.

What is AXS?

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem also has its own unique governance token, known as Axie Infinity Shards (AXS). These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked 54th cryptocurrency globally and the current price is A$32.79. This is a +85% increase since 16th July 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 AXS was trading inside the falling wedge pattern on the AXS/USDT pair. The first resistance was on the A$24.87 price levels which AXS 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 a strong position this week after the recent bitcoin crash recovery, AXS might continue to increase in the uptrend if the traders keep buying with high volume.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

What Do The Technical Indicators Say?

TradingView indicators (on the 1 day window) mainly suggest AXS as a strong buy, except the Oscillators which indicate AXS as a Buy.

So Why Did AXS 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 AXS for the next Altcoins rally. Recent news was also announced regarding Axie Podcast action.

There was also a 60% increase in new players who joined the Crypto & this massive increase is pushing AXS coin to reach its all-time high price very soon.

Where to Buy or Trade AXS?

Axie Infinity has high liquidity on the Binance exchange which could help for trading AXS/BTC or AXS/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Binance Binance Australia Crypto News Regulation

Binance To Stop Support For Stock Tokens

Various jurisdictions, including Hong Kong and Lithuania, have issued warnings to Binance for trading in stock tokens for which it is not licensed to conduct such “regulated activity”.

On July 16, Binance announced that the exchange has halted selling its digital tokens that were linked to shares of companies, known as “stock tokens” that could be purchased for shares of publicly traded companies including Apple Inc, Microsoft Corp, and Tesla Inc.

Stock tokens are now unavailable for purchase on Binance.com, and they will no longer support any stock tokens after October 14, 2021. Binance users holding stock tokens can hold them over the next 90 days, but will not be able to sell positions after that date.

Today, we are announcing that we will be winding down support for stock tokens on Binance.com to shift our commercial focus to other product offerings.

Binance

UK, Japan, Germany, Hong Kong, Lithuania Issue Warnings

The decision comes against the backdrop of an ongoing regulatory crackdown, with Hong Kong becoming the latest to declare “no entity in the Binance group is licensed or registered to conduct ‘regulated activity’ in Hong Kong”.

The list includes regulatory bodies in Italy, Lithuania, the UK, Japan and Germany issuing warnings that the crypto exchange is not licensed to be offering regulated services in their markets.

Binance has been under the microscope of various regulators, one of the reasons being that it is by far the largest crypto exchange, handling the majority of trade volume. As Binance offers a wide range of services, from cryptocurrency spot and derivatives trading to digital wallets and staking, regulators want to keep an eye out and make sure no laws are broken.

Binance Australia

Some products and services are offered by Binance.com within Australia, but not by Binance Australia (BAU) which is the operating company within Australia. Crypto News Australia contacted Binance.com to comment on the matter:

Just like to first clarify that stock tokens are sold and issued by CM-Equity AG. It was a commercial decision to cease support for stock tokens on Binance.com. As Binance grows as a part of the community, we are continually evaluating our offerings and we believe that shifting our focus to other product offerings will better serve our users, and we are committed to making this transition as straightforward as possible for those affected.

We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We don’t comment on specific matters or inquiries.

Binance spokesperson

Crypto Regulation Is a Journey

In a letter by Binance CEO Changpeng “CZ” Zhao, he stated that compliance is a “journey” and that most of the applications of DeFi have not yet been put into law or regulatory frameworks. However, CZ added that Binance is committed to putting more systems in place to protect its users, and to work with law enforcement and regulatory bodies.

More regulations are, in fact, positive signs that an industry is maturing, because this sets the foundation for a broader population to feel safe to participate in crypto […] When the car was first invented, there weren’t any traffic laws, traffic lights or even safety belts. Laws and guidelines were developed along the way as the cars were running on the road.

Changpeng “CZ” Zhao, Binance CEO

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Binance ChainLink Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: MATIC, LINK, CAKE July 22 Trading Analysis

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. 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. 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 the 17th cryptocurrency globally and the current price is A$1.22. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its early Q2 bullrun, MATIC has been ranging between approximately A$1.95 and A$1.15.

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 A$1.35 if the price can break probable resistance near A$1.27 and A$1.32. 

Above these highs, resistance near A$1.43 could halt a bullish move, although reaching the Q2 high at A$1.98 is possible.

Aggressive bulls might look for entries in possible support near A$1.18 and A$1.15, just below the current price. If the price sweeps last week’s low, the levels near A$1.13 and A$1.10 may also provide support.

2. Chainlink (LINK)

Chainlink LINK is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle 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. The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more.

LINK Price Analysis

At the time of writing, LINK  is ranked the 15th cryptocurrency globally and the current price is A$20.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s spectacular Q2 pump has retraced most of its gains in July as it finds support near A$18.25

Stops under the relatively equal lows near A$19.34 might be swept, along with the swing low near A$19.10. If this sweep happens, the price could find support near A$18.55. A move further down could find more support near A$17.62.

Spikes upward are likely to encounter resistance beginning near A$26.38. If the bullish trend resumes after re-accumulation, some traders might take profits as the price approaches probable resistance starting around A$31.57 and A$34.19.

The Q2 mid-high near A$39.62 provides a clear first primary target. Any price moves beyond this level are challenging to predict from current price action.

3. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) — decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 34th cryptocurrency globally and the current price is A$17.29. Let’s take a look at the chart below for price analysis:

Source: TradingView

The second half of June punished CAKE bulls with a nearly 68% drop before the price found support near an old swing low around A$16.59

Aggressive bulls might look for entries at possible support beginning near A$15.64 However, stops under the equal lows near A$15.12 are likely to be swept.

The area near A$14.30 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 A$13.28 and A$12.86.

The price is currently challenging resistance at a gap beginning near A$17.50. If this level breaks, bulls could find more resistance near A$19.09 while targeting the highs up to A$21.33. 

A sweep of these highs is likely to find resistance by the time price reaches the area near A$24.56. The next reasonable targets would be the swing highs and resistance near A$28.49 and A$31.88.

Where to Buy or Trade Altcoins?

These three 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.

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Binance Binance Coin

Binance “Burns” 1.3 Million BNB – What Does This Mean?

Almost $400 million worth of tokens have been burned in Binance’s 16th quarterly BNB token burn, as per the whitepaper.

Just under 1.3 million BNB coins have now been removed from circulation since the burn took place on July 19.

What Is Token Burning and What Are the Implications?  

Binance’s quarterly burn is a deflationary mechanism. Every three months it destroys coins to ensure the asset remains scarce and help the price of BNB go up. Currently, the value of burned coins is equal to 20 percent of Binance’s profit during the previous quarter.

The burn included 5,163 BNB as part of the Binance “Pioneer Burn Program”, where the exchange aims to compensate users who mistakenly lost their BNB by accidentally sending them to smart contracts from which the tokens cannot be recovered.

BNB is the fourth-largest digital asset, with a market capitalisation of roughly US$47.5 billion.

Binance’s 15th BNB quarterly burn, worth over $500 million, was in April.

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Binance Crypto News Dogecoin Market Analysis NEO Swyftx Trading

Top 3 Coins To Watch Today: NEO, DOGE, SUSHI – July 21 Trading Analysis

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. Neo (NEO)

Neo bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. The team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain. It’s often been likened to the Chinese version of the Ethereum network.

NEO Price Analysis

At the time of writing, NEO is ranked the 44th cryptocurrency globally and the current price is A$35.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

July saw a nearly 35% retracement in NEO‘s price, but the bulls and bears might have more room to compete.

Last week, the price ran into resistance at A$37.59 before sweeping lows and dropping near the four-hour chart’s 18% retracement level near A$35.89. This move created potential support beginning near A$32.45, with a lower timeframe support possibly forming at A$30.24 to give aggressive bulls an entry.

The highs near A$40.89 and A$42.17 provide two first probable targets. If the support beginning near A$40.00 continues to hold, bulls could use this retracement’s extensions to anticipate take-profit zones near A$46.73 and A$50.71 The extensions near A$52.81, A$54.97 and A$56.58 are also likely to provide intermediate-term targets.

2. Dogecoin (DOGE)

Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu on its logo. The open-source digital currency – created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia – was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, lighthearted cryptocurrency that would have greater appeal beyond the core bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk has posted several tweets on social media that Dogecoin is his favourite coin.

DOGE Price Analysis

At the time of writing, DOGE  is ranked the 8th cryptocurrency globally and the current price is A$0.2348. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOGE has been in a strong bear trend since mid-May, giving bottom-buyers a good entry this month again.

On Monday, the price broke out from the falling wedge A$0.2644 after sweeping lows near A$0.2521, potentially signalling the start of the next significant move upward after having a little correction once again.

Bulls could wait for a retracement near probable support beginning at A$0.2215, with the daily gap’s midpoint near A$0.2179 providing a higher risk-reward entry. The relatively equal daily lows near A$0.2058 could also attract a stop run, providing an attractive entry area in the broad support region between A$0.1988 and A$0.1915.

The extensions near A$0.2956 and A$0.3087 provide probable targets, with the minor extensions near A$0.3347 and A$0.3500 providing intermediate take-profit zones.

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 74th cryptocurrency globally and the current price is A$8.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

SUSHI‘s 122% May rally has retraced to the move’s 80% retracement before spending the second half of the month, plus June and July, accumulating above support beginning near A$7.55.

Last week’s dip to retest the 26.5% retracement created potential support near A$6.89, with the early part of this week testing the weekly level at A$6.64 as support. A quick dip in this region could give bulls an excellent entry targeting the first probable resistance at A$6.32. 

A break of this level might run to the resistance and last swing high at A$9.85. If the swing high breaks, monthly highs at A$10.59, A$11.53 and A$12.62 provide the next likely targets. Beyond A$12.90, the price could see a parabolic move to the next monthly high near A$13.41.

Traders taking regular profits could use the extensions at A$13.95, A$14.38 and A$15.22 for probable intermediate resistance zones.

Where to Buy or Trade Altcoins?

These three 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.

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Binance Crypto News IOTA Market Analysis Ontology Swyftx Trading

Top 3 Coins To Watch Today: DOT, ONT, MIOTA – July 20 Trading Analysis

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 DOT is an open-source sharing 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. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 9th cryptocurrency globally and the current price is A$15.65. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT set a new low in its downtrend last week, reaching a nearly 77% retracement from its May high.

The most recent move down found some support in the daily gap beginning near A$16.05, although this level is unlikely to end the bear trend. The weekly level around A$13.63 may offer more substantial support. Continuation to the monthly level near A$9.78 provides a higher probability target for the current bear trend.

Resistance begins near the current level at A$17.43, which might be tapped this week or next week before the next leg is lower. A more substantial rally could reach the consolidation beginning around A$19.68. 

Any sustained bullish move in Bitcoin might prompt a stop run above the swing high at A$24.11. This price also marks a resistance level on the weekly chart.

2. Ontology (ONT)

Ontology ONT is a high-performance, open-source blockchain specialising in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralised identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID use throughout the ecosystem, and DDXF, a decentralised data exchange and collaboration framework.

ONT Price Analysis

At the time of writing, ONT  is ranked the 94th cryptocurrency globally and the current price is A$0.8311. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONT found a low during late June inside weekly support after a nearly 83% drop.

Bulls could step in on the current retest of this region again, with A$0.82 possibly becoming support on the daily chart. However, a sweep of the equal lows near A$0.69, perhaps reaching A$0.57, is likely before any significant bullish trend reversal. If this stop run occurs, bulls might enter near A$0.56.

A break of the resistance near A$0.92 could continue through the July monthly open to run the relatively equal highs clustered just beneath the A$1.07 swing high. If this retracement occurs, high-timeframe resistance near A$1.14 and A$1.19 may be the target before the price resumes its downtrend or begins a higher-timeframe reversal.

If the market shifts to more bullish conditions, the swing high near A$1.91 and a wide area of resistance near A$1.84 will likely cap the first impulse.

3. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference – it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked the 45th cryptocurrency globally and the current price is A$0.8666. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping nearly 77% from its April highs, IOTA hovers near its June low at around A$0.85.

While the downtrend continues, bulls might find some support near A$0.74, the approximate bottom of the monthly gap. However, while the market stays bearish, continuation to the weekly level at A$0.64 and the monthly level near A$0.51 seems likely.

Short-term rallies might reach A$1.04, although a more substantial retracement of the bearish trend could run the swing high into resistance around A$1.27. If the markets turn more bullish, the rally could run the swing highs at A$1.60 and A$2.02. 

If this move occurs, the daily gap and monthly level near A$2.27 may provide a ceiling.

Where to Buy or Trade Altcoins?

These three coins have the 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.

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Binance Cardano Crypto News Ethereum Classic Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: ADA, ETC, TEL – July 19 Trading Analysis

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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.

ADA Price Analysis

At the time of writing, ADA is ranked the 5th cryptocurrency globally and the current price is A$1.60. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA’s 40% July rally could be setting up a more significant bullish move for the rest of the quarter.

Last week, the support beginning near A$1.55 launched a move to the resistance starting near A$1.75. This move failed to close below the previous swing high. However, it did create probable support underneath the high near a monthly level around A$1.90.

Aggressive bulls could enter near this recently formed support. The last swing high at A$1.97 gives a first reasonable target. Bulls could hold for the second target at the set of relatively equal daily highs near A$2.17.

A daily close above the resistance from A$1.98 to A$2.10 could signal an extended move. Resistance at the EQ near A$2.25, a small price range near A$2.30, and probable resistance beginning at A$2.48 give potential take profit or turning points before the equal highs forming the primary objective at A$2.55.

2. Ethereum Classic (ETC)

Ethereum Classic ETC is a hard fork of Ethereum that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.

ETC Price Analysis

At the time of writing, ETC  is ranked the 19th cryptocurrency globally and the current price is A$55.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETC tore upward into price discovery last month before pausing at resistance near the main move’s 0.68 extension.

The price range beginning at A$40.27 provides the first potential support for an early-week dip. Just below this range, the previous swing high and accumulation near A$36.25 could provide more substantial support. 

A significant market drop could reach as low as the consolidation range beginning at A$30.68, supported by the January monthly open.

It’s impossible to predict where the price in discovery will go, but the last high at A$69.37 provides the first probable target. Extensions from the primary move hint at A$75.38, A$82.41, and A$86.28 as probable take-profit zones.

3. Telcoin (TEL)

Telcoin TEL is the native medium of exchange, reserve asset, and protocol token of the Telcoin user-owned, decentralized financial platform. TEL enables end-users to seamlessly access and power a global suite of user-owned, decentralized financial products. TEL incentives coordinate market participants, such as telecoms and active users, to provide specific value-added services to end-users of the platform.

TEL Price Analysis

At the time of writing, TEL is ranked the 84th cryptocurrency globally and the current price is A$0.01741. Let’s take a look at the chart below for price analysis:

Source: TradingView

June saw a 35% spike in TEL price into the resistance beginning near A$0.04329. This move swept July’s swing high, which might set the stage for retracement and reaccumulation.

The previous high and brief reaccumulation near A$0.02377 has so far provided support, making it a reasonable place for bulls to begin building positions. 

A deeper drop to run stops and test the daily gap beginning at A$0.01524 is likely to meet support. This area has a confluence with a monthly level and a consolidation zone.

Bulls could target the most recent swing high near A$0.02788. A break of this resistance zone is likely to reach near the old monthly high at A$0.03744. 

Resistance near $0.03575 could cause the price to pause. However, a break of this level is likely to proceed to resistance under the next monthly high, near A$0.04137.

Where to Buy or Trade Altcoins?

These three coins have the 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.

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Binance Crypto News Market Analysis Swyftx Trading VeChain

Top 3 Coins To Watch Today: VET, ALICE, SHIB – July 16 Trading Analysis

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. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management.

VET Price Analysis

At the time of writing, VET is ranked the 23rd cryptocurrency globally and the current price is A$0.09351. Let’s take a look at the chart below for price analysis:

Source: TradingView

During July, VET has consolidated under the July monthly open inside an approximately 25% range. This consolidation could point to accumulation. 

Bulls immediately bought up dips to support at a weekly level near A$0.08749 and a monthly level near A$0.1057, showing substantial buyer interest.

A cluster of relatively equal daily lows around A$0.08544 provides an attractive target for a stop run, creating a potentially excellent entry for bulls. More aggressive bulls could enter on dips to the closer support beginning at A$0.07951

If Bitcoin tumbles, a more pronounced dip could reach as low as the equal lows near A$0.07352, running stops into support beginning at A$0.07015. This move would give a good risk/reward entry for bulls targeting the high below resistance starting at A$0.1162, the relatively equal highs near A$0.1492, and the June high near A$0.1917.

2. MyNeighborAlice (ALICE)

ALICE is a multiplayer builder game, where anyone can buy and own virtual islands, collect and build exciting items and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience as well as an ecosystem for players who want to collect and trade Non-Fungible Tokens (NFTs).

ALICE Price Analysis

At the time of writing, ALICE  is ranked the 187th cryptocurrency globally and the current price is A$10.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

After accumulating under the July monthly open, ALICE rallied 129% in a week before retracing to support near A$9.55.

Buyers continue to snatch up dips under the weekly open, suggesting that accumulation is still taking place. 

Bulls could look for entries in this region while being conscious of a potential stop run below the cluster of lows at A$8.82. Two areas of support, beginning near A$8.57 and A$8.29, provide probable buys if the price dips this low.

The equal highs near A$12.63 provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near A$14.66. Possible targets include the old highs just above this resistance near A$19.83, A$21.46, and A$24.39.

3. Shiba Inu (SHIB)

Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and Vitalik Buterin.

SHIB Price Analysis

At the time of writing, SHIB is ranked the 34th cryptocurrency globally and the current price is A$0.000009329. Let’s take a look at the chart below for price analysis:

Source: TradingView

SHIB wasted no time during June, rocketing upward over 85% from the last week of the month into the resistance near A$0.000015829.

For the last several days, the price has consolidated sideways and appears to be flipping old resistance near A$0.000011829 to support. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near A$0.000008529.

Bulls entering at these levels could set their first target near the previous resistance near A$0.000012159. Beyond this level, probable targets include the old highs near A$0.000013529 and the resistance above near A$0.000013929.

A break of this resistance later this month could continue to the highs near A$0.000015229 and A$0.000015829.

Where to Buy or Trade Altcoins?

These three coins have the 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.

Categories
Binance Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: AXS, SAND, OGN – July 15 Trading Analysis

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. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. Each Axie is a non-fungible token (NFT) with different attributes and strengths and can be entered into 3v3 battles, with the winning team earning more experience (exp) points that are used to level up an Axie’s stats or evolve its body parts.

AXS Price Analysis

At the time of writing, AXS is ranked the 60th cryptocurrency globally and the current price is A$30.85. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS exploded over 390% from the monthly open to tag the 400% extension near A$30.54. This level could continue to provide resistance, although early morning trading suggests that the 68% extension near A$32.25 could be turning from resistance to support.

A drop to the daily gap beginning at A$25.45 could provide an excellent entry for traders who can’t watch intraday price action. If this gap fills, the zone between A$22.00 and A$20.65 provides the next logical support. 

Technical analysis can’t predict a final target, but the 450% and 500% extensions near A$34.87 and A$39.55 are likely to provide significant resistance. Traders planning to take profits along the way can also watch the 435% extension near A$32.17.

2. 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 (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community.

SAND Price Analysis

At the time of writing, SAND is ranked the 112th cryptocurrency globally and the current price is A$0.6759. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND’s stunning rally from June 25 transitioned to a slower continuation during July. However, the 127% extension near A$0.6945 has provided stiff resistance and pinned down the daily closes for the latter part of last week.

Traders could begin looking for entries in support created by the gap from A$0.5844 to A$0.5587. A higher risk-to-reward opportunity could present itself at probable support between A$0.6012 and A$0.5247, just above the weekly open. 

A deeper market retracement could drop below the relatively equal lows near A$0.4829, giving a higher probability entry in the support from A$0.4588 to A$0.4259.

As price explores thin air, there’s no way to predict the final target. However, the 100% and 168% extensions near A$0.8955 and A$0.9657 are likely to provide more significant resistance. The 68% and 127% extensions near A$0.8514 and A$0.8047 are reasonable areas to take profits along the way.

3. Origin Protocol (OGN)

Origin Protocol OGN is a network that allows market participants to share goods and services through peer-to-peer (P2P) networks. The platform aims to create an extensive online marketplace leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS) in order to eliminate the need for middlemen.

OGN Price Analysis

At the time of writing, OGN is ranked the 134th cryptocurrency globally and the current price is A$1.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

OGN climbed just over 20% from July’s monthly open as it positioned itself to challenge two old swing highs.

The region between A$0.8568 and A$0.8047 has provided support for the last few days, making it a reasonable place for aggressive traders to take smaller-size positions. However, a better risk-reward entry might form at support between A$0.9144 and A$0.9572.

If the resistance between A$1.17 and A$1.30 breaks, the next resistance is between A$1.41 and the May swing high at A$1.68, which marks the first primary target for this trend.

Beyond this first target, traders could target a swing high from last April at A$2.30 and possibly up to resistance between A$2.51 and A$2.72.

Where to Buy or Trade Altcoins?

These three coins have the 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.

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Top 3 Coins To Watch Today: HBAR, ZEC, GRT – July 14 Trading Analysis

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. Hedera Hashgraph (HBAR)

Billed as the “trust layer of the internet”, Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps).

It is designed to be a fairer, more efficient system that eliminates some of the limitations older blockchain-based platforms face, such as slow performance and instability.

HBAR Price Analysis

At the time of writing, HBAR is ranked the 54th cryptocurrency globally and the current price is A$0.2414. Let’s take a look at the chart below for price analysis:

Source: TradingView

During the weekend it swung around A$0.2614 as it tested support near A$0.2247.

Following H4 candle chart: HBAR is forming a channel in red but our upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing.

Aggressive traders expecting expansion to the upside could look for entries near possible support around A$0.2094. Bids near A$0.1855 may be able to capitalise on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near A$0.1529.

In the short term, A$0.3442 may provide some resistance. The swing high near A$0.3169 looks like a first target, with the area just above up to A$0.3352 possibly creating resistance.

2. Zcash (ZEC)

ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 64th cryptocurrency globally and the current price is A$141.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

The weekend’s 21% drop was immediately bought up and closed the day bullish, suggesting strength for ZEC bulls.

Aggressive traders could look for support near A$132.25. Levels near A$125.78 and A$118.57 also provide areas for bids during a retracement.

The A$110.25 lower range of support is coinciding with the 100W Moving Average, which has been respected multiple times since August 2020 and up until January 2021.

Little resistance rests overhead, but the area between A$145.62 and the swing high at A$152.74 may cap an initial move upward. Extensions seem to indicate A$163.55 and A$169.24 as take-profit zones.

3. The Graph (GRT)

The Graph GRT is working to bring reliable decentralised public infrastructure to the mainstream market. To ensure economic security of The Graph Network and the integrity of data being queried, participants use Graph Token. GRT is a work token that is locked-up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.

GRT Price Analysis

At the time of writing, GRT is ranked the 48th cryptocurrency globally and the current price is A$0.8814. Let’s take a look at the chart below for price analysis:

Source: TradingView

An impressive 163% two months for GRT has retraced over 56% as the price consolidates near the weekly gap beginning near A$0.8547.

The equal lows at this weekly gap might see a stop run before any further move up. The area near A$0.8214 at the top of a daily gap could provide support.

The bottom of the gap seems a more likely support, ranging from approximately A$0.7244 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 A$0.6437.

Impulses upward during retracement are possible, but the most substantial resistance seems just below the June swing high near A$1.10. This swing high provides a clear first target, with any targets beyond challenging to predict.

Where to Buy or Trade Altcoins?

These three coins have the 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.