Since the beginning of the year, Cardano (ADA) has seen a massive 50-fold spike in large transaction volume (LTV) and, according to crypto intelligence firm IntoTheBlock, this represents a significant increase in institutional demand for the decentralised blockchain network.
IntoTheBlock stated in a tweet that such high volumes – last seen in 2018 – indicate “increasing institutional demand”.
The volume of on-chain transactions over US$100k has increased remarkably in 2022 alone. This week, a total of 69.09 billion ADA, worth US$81.4 billion, was moved in these large transactions, representing 99 percent of total on-chain volume, according to the firm.
Cardano’s Total Value Locked (TVL) has also seen a significant increase since the beginning of the year when it started off. The chain’s slow academic approach has seen its token off to a low start but as new functionality is added, the chain becomes more secure and decentralised for users.
Since smart contracts were enabled on the chain in September 2021, many developers have started building in the ecosystem. Within the first five days of the upgrade, 2,334 smart contracts were deployed on the network.
Since 2021, the average amount of active addresses has also been steadily increasing. As of January 2022, the total addresses with a balance have increased from 3.4 million to 5.05 million, pointing to an exponential increase in usage.
Cardano’s Layer 2 – Hydra also recently started looking into implementing a burning mechanism for the token, but this has caused confusion among some members of the community. With all the progress the chain has made, many are wondering how its price has managed to stagnate:
I see ADA really as a better UTXO outcome than BTC. However, network effect. It's over. They haven't cleared the hurdle. BTC=gold, ETH=currency. ADA continues to have great marketing, but no one cares. They have no reason to attract capital over other choices.
However, a confluence of factors have turned things around, resulting in the market lifting above US$2 trillion for the first time in over six weeks:
Global crypto market capitalisation. Source: Coinmarketcap.com
After investors’ frustration at what felt like endless sideways price action, the sentiment across crypto Twitter was distinctly upbeat by the positive moves:
The total #crypto market cap is above $2 trillion again!
Digital assets across the board saw material gains, with the crypto economy’s total value holding above US$2 trillion for five consecutive days.
According to Coinglass data, around US$142 million in short liquidations contributed to bitcoin breaching US$47,000 for the first time since January. No doubt, Terra’s decision to buy US$10 billion in BTC is also at least partially responsible for the surge.
At the time of publication, bitcoin is trading at US$47,664, effectively erasing its losses and pushing past break-even for the year.
BTC price action over past seven days. Source: CoinMarketCap.com
Outside of BTC, altcoins similarly enjoyed a strong comeback, with a veritable feast of green candles on display. Analysts have suggested that the positive returns over the past week may be indicative of an impending bull market:
BTC – 12.7 percent
ETH – 14.5 percent
ADA – 30.4 percent
SOL – 22.7 percent
BNB – 7.8 percent
XRP – 4.8 percent
LUNA – 11.8 percent
AVAX – 6.7 percent
POL -15.2 percent
DOGE – 19.6 percent
Market Gets Greedy
It’s been said that fear and greed drive financial markets, and nowhere is that more apparent than in crypto.
Despite his equating Bitcoin to rat poison, Warren Buffett’s cautionary words are perhaps worth noting, especially when the market is seemingly on the up:
Be fearful when others are greedy, and greedy when others are fearful.
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 whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$1.08. Let’s take a look at the chart below for price analysis:
ADA‘s near 65% drop during Q3 found a low near $0.7835 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.10. A sustained bullish move may target the swing high at $1.14. If this stop run occurs, a run beyond the high into probable resistance near $1.25 and $1.33 is possible.
Bulls could buy a retracement to possible support near $0.9240, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.8725.
However, relatively equal lows near $0.8357 and $0.8022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7847 and $0.7352.
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$94.76. Let’s take a look at the chart below for price analysis:
SOL has retraced 71% from its November all-time high and reached possible support last week near $82.34. Resistance might begin near $98.24, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $110.23 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 $123.42 and $135.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $80.34, 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 $76.10 and $70.54. If the price reaches this zone, the May 2021 swing high near $64.13 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 67th cryptocurrency globally and the current price is US$1.09. 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 $1.14.
If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $1.06 and $0.9950. A deeper retracement that fills the gap down to the monthly level at $0.9460 provides a better entry, with any quick drops near the monthly open at $0.9058 providing the most favourable entries.
Continuation through the current resistance around $1.19 is likely to explode through the remaining daily highs stacked up to $1.28. 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.
The Cardano update, released on its website on March 18, was vague about what is planned in terms of token burning, simply saying it was an option under consideration by the Hydra Team:
Finally, they inspected the options of token minting and burning within a Hydra Head along with scenarios of using tokens instead of datums.
Cardano status update
Confusion About Token Burning
The mention of token burning in this update was taken by some in the crypto industry to signal that Cardano founder Charles Hoskinson had dropped his known, long-standing opposition to token burning on the blockchain:
JUST IN: #Cardano is reportedly exploring a token burn mechanism according to its latest development update.
However, close followers of Cardano emphasised that the update stated token minting and burning may be coming to the Cardano layer-2 scaling solution Hydra, not the main Cardano blockchain itself:
It's a token mint and burn solution within a hydra head, withint the context of tokeniziastion of Datums. Not an actual burning of ADA supply. Completely different
Hydra is a layer-2 scaling solution for Cardano currently under development. Matthias Benkort, a Cardano software engineer, describes it as “an off-chain mini-ledger between a restricted set of participants, which works similarly (albeit significantly quicker) to the on-chain main ledger”.
Token burning being restricted to Hydra implies that the overall supply of ADA, Cardano’s native token, won’t be reduced and therefore won’t cause upward price pressure for ADA investors.
Hoskinson Attempts to Clarify
Hoskinson himself weighed in on the debate, retweeting a suggestion that Cardano is exploring token burning on its main blockchain and adding a GIF of an exasperated-looking Jackie Chan to express his frustration with the confusion:
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 whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 8th cryptocurrency globally and the current price is US$0.8021. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 40% drop from its mid-February highs found a low near $0.7935 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.8725. A sustained bullish move may target the swing high at $0.9135. If this stop run occurs, a run beyond the high into probable resistance near $1.05 and $1.14 is possible.
Bulls could buy a retracement to possible support near $0.7840, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.7525.
However, relatively equal lows near $0.7357 and $0.7122 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.6047 and $0.6952.
2. Theta Network (THETA)
Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.
THETA Price Analysis
At the time of writing, THETA is ranked the 44th cryptocurrency globally and the current price is US$2.88. Let’s take a look at the chart below for price analysis:
THETA has been gradually moving downwards from December into March 2022.
The 9 and 18 EMAs, near $2.67 and an old consolidation area, might provide resistance to propel the price down to possible support.
Multiple swing lows under an area of old consolidation, near $2.53, could be the next downside target. If this level breaks, higher-timeframe consolidation near $2.47 might provide the following support.
However, if the current resistance breaks, an area near $2.97 and the 40 EMA might be the next level to watch. This level supported multiple past retests, which means it may flip to resistance.
A more substantial rally could push through the monthly open, revisiting the lows of an old consolidation from $3.18 to $3.53. If this move occurs, it could set the stage for a more extensive consolidation or the start of a new bullish trend.
3. Oasis Network (ROSE)
The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.
ROSE Price Analysis
At the time of writing, ROSE is ranked the 87th cryptocurrency globally and the current price is US$0.2225. Let’s take a look at the chart below for price analysis:
ROSE has dropped nearly 60% since mid-January and found a low in early March, with price action now trending upward through a higher-timeframe range.
The area beginning near $0.3246 has provided strong resistance and may do so again. However, relatively equal highs near $0.3812 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near $0.4314.
Aggressive bulls might add to their positions near $0.2278. If the price breaks through this level, it may be reaching for the cluster of swing lows near $0.2054 and $0.1915. A more substantial move down may run stops below the relatively equal monthly lows, around $0.1766, into the daily gap at this level.
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. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$0.8693. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 60% drop from its mid-January highs found a low near $0.8435 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.9125. A sustained bullish move may target the swing high at $0.9535. If this stop run occurs, a run beyond the high into probable resistance near $1.12 and $1.21 is possible.
Bulls could buy a retracement to possible support near $0.8640, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.8325.
However, relatively equal lows near $0.8057 and $0.7822 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7647 and $0.7592.
2. Polkadot (DOT)
Polkadot DOT 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. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. 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 13th cryptocurrency globally and the current price is US$16.26. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 75% since its high in early January, showing little sign of interest from buyers.
February’s consolidation at possible support from $19.68 to $20.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of December’s consolidation range and the 2021 open, near $26.70, and the high of December’s consolidation range, near $29.88, might see profit-taking from bulls.
The first test of possible support near $15.40 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $14.56, running stops under July’s swing low.
If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.16 to $11.47 at the high of 2020’s consolidation range.
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 37th cryptocurrency globally and the current price is US$3.12. Let’s take a look at the chart below for price analysis:
SAND‘s impressive rally during Q4 halted at $8.45 before retracing 80% 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 $3.67 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.90. 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 $3.12 and $3.00 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 Q4’s parabolic move.
Inside this zone, the consolidation high near $2.89 to $2.80 might see more sensitivity and mark the bearish target.
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 $2.60.
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. 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 16th cryptocurrency globally and the current price is US$1.68. Let’s take a look at the chart below for price analysis:
Since its January low, MATIC has been in a steady bullish trend – printing a 60% gain by early February. The price found support near $1.62, at the 78.6% retracement level, during mid-January’s decline.
Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $2.12 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.57, and still find support.
Currently, the price is contesting a region between $1.80 and $1.61. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.77, while $1.84 is also likely to be sensitive with the nearest support and resistance this close together.
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 8th cryptocurrency globally and the current price is US$93.63. Let’s take a look at the chart below for price analysis:
SOL retraced nearly 45% 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 $90.34, although a sweep of the stops near $86.61 could reach below the next swing low into possible support near $80.12. A continued downtrend may run into the weekly gap near $76.24.
Some bears may add more shorts near $98.87, although a push to $110.66 is reasonable. A daily candle close over the swing high near $128.04 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $143.62 for monthly high prices.
3. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 55% drop from its mid-January highs found a low near $1.05 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.25. A sustained bullish move may target the swing high at $1.35. If this stop run occurs, a run beyond the high into probable resistance near $1.44 and $1.53 is possible.
Bulls could buy a retracement to possible support near $1.00, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9625.
However, relatively equal lows near $0.9218 and $0.9022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8647 and $0.8492.
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.
XRP marched from 60 cents to 90 cents in just five days, reaching the #6 rank with a market capitalisation swelling to more than US$42.26 billion amid developments in the ongoing Ripple vs SEC case.
If you ignore stablecoins Tether and USD Coin, Ripple is now the world’s fourth-biggest cryptocurrency behind Bitcoin, Ethereum and Binance Coin.
For those who don’t know what all the beef is about, Ripple has been dragged into court after the US Securities and Exchange Commission (SEC) filed a suit in December 2020. Ripple stands accused of selling US$1.3 billion in XRP in unregistered offerings between 2013 and 2020.
The SEC alleges that the token is a security and therefore Ripple has broken the rules. It seems, however, that the SEC has broken quite a few rules of its own, having been accused of “deleting” material relevant to Ripple’s lawsuit.
The latest news in the case against Ripple has been bullish for the price of XRP as things look up for the defendants in the court of law.
Key Evidence Unsealed to Favour Ripple
As the case unfolds, sealed documents submitted by Team Ripple are set to be made public by February 17. The SEC argues that the documents show Ripple was well aware of the risk that XRP would be deemed a security under federal law. Ripple rebuts this profusely and says the documents show that its legal team had ultimately concluded its tokens were not securities.
Two memos were attached as sealed exhibits in the motion to dismiss the SEC case by Ripple founder and chairman Chris Larsen. Ripple has previously argued that documents sent to prospective investors in 2012 did not refer to XRP as investment contracts or securities. These documents are to be unsealed as per the ruling by US District Judge Analisa Torres.
According to Ripple general counsel Stuart Alderoty, the documents “will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract”.
This will not be the last time we will see news around the case cause speculation and buying pressure, thus pumping XRPs price. Crypto News Australia reported last year how XRP surged over 100 percent in a month following its last court victory against the SEC.
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 whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 6th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 45% drop from its mid-January highs found a low near $1.02 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.27. A sustained bullish move may target the swing high at $1.36. If this stop run occurs, a run beyond the high into probable resistance near $1.49 and $1.60 is possible.
Bulls could buy a retracement to possible support near $1.02, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9725.
However, relatively equal lows near $0.9318 and $0.9122 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8847 and $0.8692.
2. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$28.10. Let’s take a look at the chart below for price analysis:
December and January provided respectable 85% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $42.12.
If bears take back control this month, the top of the former gap beginning at $26.44 may provide support for at least a short-term bounce. The top of the consolidation range starting near $25.58 is more likely to provide substantial support.
The most robust support is likely to be found in the overlapping consolidation ranges between $23.74 and $22.06, with a sharp slice through these levels possibly suggesting the end of the bull run.
The region from approximately $32.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.
If this high breaks, the 1.0 extension near $35.21 and the 2.0 extension near $42.90 may provide the next primary new high targets.
3. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 12th cryptocurrency globally and the current price is US$67.26. Let’s take a look at the chart below for price analysis:
AVAX‘s 80% rally in December ended with an almost 45% retracement as the rest of the altcoin market dropped. Bulls stepped in near the 61.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $73.35.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $67.12 to $64.35 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 80% retracement, at $60.54, and potentially lower to a higher-timeframe support zone between $58.82 and $53.77.
If the higher-timeframe bullish trend resumes and the current resistance near $89.35 breaks, the wicks near $103.84 and the new monthly highs might see profit-taking.
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. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 33rd cryptocurrency globally and the current price is US$3.08. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a new all-time high during late November before retracing 45% to the low at $2.95 last week.
Price broke through resistance near $3.22, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.93. However, a drop this far increases the chances of a stop run to $2.85 and possibly into support near $2.80. For now, continuing bullish market conditions could help $2.71 become support.
The swing high around $3.26 gives bulls a reasonable first target, with $3.35 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.41 or $3.46 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs near $3.60.
2. Curve DAO Token (CRV)
Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.
CRV Price Analysis
At the time of writing, CRV is ranked the 58th cryptocurrency globally and the current price is US$5.14. Let’s take a look at the chart below for price analysis:
Last week, bulls enjoyed 25% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $5.44.
The 4-Hour chart shows that support may be forming between $5.00 and $4.85, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $4.69 and $4.56 after a sweep of the current consolidation’s swing lows.
The last swing high near $5.36 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $5.49 and the 2.0 extension near $5.70 and $5.94 may provide the next major targets.
3. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 5th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 75% drop from its November highs found a low near $1.12 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.50. A sustained bullish move may target the swing high at $1.59. If this stop run occurs, a run beyond the high into probable resistance near $1.66 and $1.82 is possible.
Bulls could buy a retracement to possible support near $1.32, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.25.
However, relatively equal lows near $1.18 and $1.12 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.07 and $1.02.
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