Burger Swap

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. Burger Swap (BURGER)

BurgerSwap BURGER is one of the first democratised, decentralised automated market makers (AMMs) on the Binance Smart Chain (BSC). It was built without the control of any centralised authorities through the use of smart contracts. BURGER token staking allows any user to create proposals and influence the adjustment of transaction fees, block rewards, and other system parameters of the Burger Swap exchange via voting.

BURGER Price Analysis

At the time of writing, BURGER is ranked the 470^th cryptocurrency globally and the current price is US$1.56. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% retracement from its June highs, BURGER found a temporary low near $1.45. A recent move above $1.70 could be the first sign of a bullish shift but could also be a stop run before the next drop lower.

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $1.93, possibly reaching up to $2.10.

However, a move below the closest support near $1.40 makes stop runs on the swing lows near $1.35 and $1.26 likely. A confluence of several levels near $1.15 could provide a temporary bounce. Still, a sustained bullish market will likely target $2.00 and even $2.07.

2. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol, aiming 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 99^th cryptocurrency globally and the current price is US$4.02. Let’s take a look at the chart below for price analysis:

Source: TradingView

QTUM retraced 70% from its Q2 highs before forming a new low near a cluster of older relatively equal lows in late June.

Last week’s sharp rally reached probable resistance near $4.67. This level is near the 61.8% and 78.6% retracements of the last significant move upward.

Possible support rests just below the monthly open, near $3.80. This area saw significant consolidation in late July. It remains to be seen whether this is a run on bears’ stops before a more substantial move down, or a bullish shift in market structure that could lead to a more significant rally.

With the overall market being bearish and significant numbers of equal lows enticing bears below, traders may want to watch possible support near $3.65. This area is inefficiently traded and borders the last accumulation before Q1’s stunning rally.

Suppose this is the start of a more significant rally. In which case bulls might target $4.38, where higher timeframes show an inefficiently traded area near multiple bearish rejections during December 2021. A powerful bullish swing could reach up to $5.20, where early December saw inefficient trading and the bulk of Q3 2021’s trading took place.

3. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30^th cryptocurrency globally and the current price is US$0.3545. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4022.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.4712 might look for bids near $0.5326. More significant resistance rests above, near $0.5925. A group of significant swing highs at $0.6310 and $0.6518 provide possible targets if this resistance breaks.

A stop run on the recent low at $0.3071 into possible support beginning near $0.2430 might see stronger bidding. This area also has a confluence with the recent monthly lows.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Burger Swap (BURGER)

BURGER Price Analysis

At the time of writing, BURGER is ranked the 299^th cryptocurrency globally and the current price is US$3.23. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 85% retracement from its May highs, BURGER found a temporary low near $0.8244. A recent move above $3.10 could be the first sign of a bullish shift but could also be a stop run before the next drop lower.

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $4.23, possibly reaching up to $5.74.

However, a move below the closest support near $2.85 makes stop runs on the swing lows near $2.55 and $2.34 likely. A confluence of several levels near $2.10 could provide a temporary bounce. Still, a sustained bearish market will likely target $3.42 and even $3.50.

2. 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. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 31^st cryptocurrency globally and the current price is US$0.02167. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 50% move during late Q1 ran into resistance near $0.08240, at the 35% extension of the Q1 swing.

An old high and the 18 EMA have provided support near $0.02083 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.

Just below, near $0.01843, the 50.8% retracement of the current Q1 swing might also mark an area of support.

If the market turns bearish, $0.01632 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.02848, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03378. Above, old consolidations near $0.03925 and $0.04272 may also provide some resistance before another round of price discovery.

3. Mina (MINA)

MINA Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. The Mina network has a size of only 22 KB, minuscule when compared to Bitcoin’s 300 GB blockchain.

MINA Price Analysis

At the time of writing, MINA is ranked the 80^th cryptocurrency globally and the current price is US$0.6470. Let’s take a look at the chart below for price analysis:

Source: TradingView

MINA‘s 85% pump during Q1 ran into resistance near $3.26. Since then, the price has been consolidating between $0.5248 and $1.12.

Just below the monthly open, $0.6139 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.5972 may cap a run on the lows near $0.5746 and $0.5308.

The higher-timeframe analysis points to the area near $0.7389 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.7928 and $0.8750 may be the next targets.

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