Decentralised algorithmic stablecoin TerraUSD (UST) seemingly can’t help but make headlines these days. Most recently, it surpassed Binance USD (BUSD) to become the third-largest stablecoin by market capitalisation (market cap):
For the Terra team behind UST, it’s been a busy 2022 thus far, characterised by a string of bullish announcements that have thrust UST into mainstream consciousness.
Do Kwon of Terra Labs, UST founder. Source: Coincu
Shortly after, Crypto News Australia reported that its market cap had soared some 700 percent in six months, surpassing Circle’s USD Coin (UDSC) as the fastest-growing stablecoin. In fact, its market cap has grown by 15 percent in the past 30 days alone:
$UST is now the 3rd largest stablecoin! Whether you like Terra or not this is very significant and a huge milestone for decentralization. Wen #1?#QuoteInUSTpic.twitter.com/5lrbKt4Jej
When looking at the market cap for the top US dollar denominated stablecoins, it’s evident that BUSD has been marginally surpassed:
Top 7 stablecoins by market cap. Source: CoinGecko
However, eagle-eyed UST fans would be wise to temper their enthusiasm, as 24-hour volume reflected in the chart above demonstrates that BUSD still has almost five times the volume.
According to CoinGecko, the market value of Terra's stablecoin UST reached $17.5 billion on April 18, surpassing BUSD's $17.4 billion, becoming the third-largest stablecoin after USDT and USDC. But UST’s trading volume is very low, only 1/5 of BUSD.
Compared to the incumbent, Tether (USDT), UST’s market cap is still five times smaller, not to mention that its volume remains at least 65 times lower.
However, when one looks at UST’s meteoric rise over the past six months (below), it’s self-evident that it is shaping up to become the fastest horse in the stablecoin race.
To be sure, UST isn’t widely embraced by the broader digital asset community. Despite the promise of censorship resistance, most criticism is directed against the stablecoin’s burning mechanism, which is necessary to maintain a 1:1 US dollar peg.
It’s too early in the decentralised stablecoin experiment to speculate how things will play out. For now, the only thing that can be said with confidence is that UST appears to be gaining ground on its rivals.
‘Lygon‘, a blockchain start-up created as a joint venture between three of Australia’s ‘Big Four’ banks, IBM, and retail conglomerate the Scentre Group, has secured an additional A$12.75 million in its latest round of funding.
Lygon, the creator of the world’s first digital bank guarantee, was founded after its corporate partners realised they needed to collaborate to solve a problem that has caused significant inefficiencies over decades: 200-year-old paper bank-based guarantees.
Process Reduced From a Month to a Day
Guarantees are common commercial contracts in which banks vouch that a customer is able to repay a debt, and they are still regularly used in the commercial property industry. Lygon suggests that it has turned the “paper-based, slow and costly” process into digital form and can thus reduce the time it takes to issue a bank guarantee from one month to one day.
According to Lygon chairman Nigel Dobson, “The commercialisation of the Lygon platform represents a significant milestone for blockchain technology in Australia and globally.” He added:
We’ve gone from a proof-of-concept to a newly incorporated company and commercially available platform in two years – at a time when the demand for digital has never been stronger.
Nigel Dobson, chairman, Lygon
Traditional Guarantees Eat Up 80,000 Courier Deliveries and Four Tonnes of Paper Annually
The paper-based nature of guarantees slows down processing, causing logistical problems for companies such as Scentre, and Lygon has estimated that bank guarantees currently require 80,000 courier deliveries each year and use four tonnes of paper.
Based on IBM’s Hyperledger technology, the Lygon innovation will allow ANZ, Westpac and the Commonwealth Bank to store their instruments on one platform that can be accessed by multiple users.
Lygon’s Capital Pushes It into New Sectors
Lygon originally set out to raise A$10 million, but chief executive Justin Amos said it increased the capital target due to higher than expected demand from backers. The extra funding will be used to hire more staff (at least 30 more this year), fund research and development work, and push into new industries such as insurance and environmental, social and governance.
Lygon is also working on digitising rehabilitation bonds, commonly used in the mining sector and designed to ensure government has funds to restore a mine, exploration site or quarry if an operator fails.
According to Amos, “We have a built, fit-for-purpose bank guarantee platform, but our customers are coming to us and saying they want us to do more.” He added:
[The Lygon innovation is] a game-changer from a customer experience perspective. In terms of [traditional] bank guarantees, they were paper-based systems that are not good for anyone. They’re expensive, prone to delay, and there is operational fraud everywhere.
Justin Amos, CEO, Lygon
Australian Banking Industry Needs to Back Blockchain
Since the highly anticipated Moonbirds NFT mint launched last weekend, the Ethereum-based collection has seen north of US$200 million in sales. However, the debut project from the PROOF collective seems to be stirring the pot:
In the last 7 hours, Moonbirds have done more volume than BAYC, MAYC, Azuki, Beanz, Punks, Doodles, and CloneX have done. Over the last 7 days. Combined.
This is ridiculous. Our market is simultaneously maturing & behaving immaturely at the same time
Moonbirds has joined the ranks of the Bored Ape Yacht Club and CryptoPunks in near-record time, becoming the top-selling collection with 10,000 pixelated birds raking in sales of approximately US$281 million just days after minting.
The Moonbirds project is the product of tech entrepreneurs Kevin Rose and Ryan Carson, and is the first project from the PROOF collective, a private NFT community led by the pair. The community consists of 1,000 members including big industry names such as Beeple and Gary Vaynerchuk. Membership of the community grants access to a private Discord chat, collaborations and special events.
However, both the mint and success of this collection are not without controversy. Concerns of rarity snipping – the act of project leaders using insider knowledge to buy rarer NFTs – are circulating. Beyond this, there are complaints of potential raffle manipulation and frustration over the 2.5 ETH minting price:
Only 7,875 NFTs were released by PROOF via an allow list formed through the raffle process. Another 2,000 were free mints for PROOF collective NFT holders. Membership of PROOF can be purchased for just over 97 ETH (about US$300,700).
Mixed Reactions to Other NFT and DeFi Launches
Earlier this month, Star Trek fans were making news for their contempt towards the launch of a Star Trek NFT collection. The launch was considered “tone-deaf” by fans and contrary to the franchise’s spirit – if not directly opposing Star Trek’s values, illustrating that the content of an NFT collection should always suit the intended audience.
One project that has been far better received this month is Opulous. The new blockchain-based music platform has seen the value of its token – OPUL – rocket up 175 percent following the announcement of DeFi staking, S-NFT sales, and CEX listings.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.7720. Let’s take a look at the chart below for price analysis:
XRP printed some gains during early April after moving sideways for the past few months. The price was in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 70.6% retracement, near $0.7372. If this level breaks, a move into possible support – just below the lows near $0.6852 – seems likely.
If the price does rally through the swing high at $0.8255 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8650.
Overlapping swing highs and lows near $0.9046 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $0.9717, where higher timeframes show an inefficiently traded zone.
2. Ocean Protocol (OCEAN)
Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based datatokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.
OCEAN Price Analysis
At the time of writing, OCEAN is ranked the 164th cryptocurrency globally and the current price is US$0.5427. Let’s take a look at the chart below for price analysis:
During March, OCEAN broke several swing highs that could be the signal for a new bullish trend.
Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $0.6023 and may target the swing low and possible support near $0.5165.
The swing low and possible support near $0.4834 could be the second bearish target if the move down continues. The relatively equal lows near $0.4655 and possible support underneath near $0.4490 could provide more substantial support.
The last swing high near $0.6625 gives a near-term target if bullish conditions continue. However, resistance beginning around $0.6915 could cap this move. A break of this resistance might continue to probable resistance near $0.7428 and reach above the cluster of relatively equal highs near $0.8035.
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 40th cryptocurrency globally and the current price is US$2.92. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during February halted at $5.10 before retracing 70% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $3.60 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.85. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $2.90 and $3.82 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.
Inside this zone, the consolidation high near $2.78 to $2.73 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.
Amazon CEO Andy Jassy has revealed that the e-commerce giant does not have any plans of integrating cryptocurrency payments, though it is considering adding non-fungible tokens (NFTs) to its retail business, according to an interview with CNBC.
While admitting he does not personally own bitcoin or NFTs, Jassy said he was optimistic about the future of cryptocurrencies and NFTs in particular.
On the subject of Amazon’s plans for crypto integration, he said:
We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger.
Andy Jassy, CEO, Amazon
Outcomes So Far Fail to Match Intentions
Amazon has in the past spoken of its interest in cryptocurrencies when rumours were circulating that the digital behemoth would be accepting bitcoin as payment by the end of 2021. The possibility of a native token was also a topic of discussion at the time. Amazon even went as far as hiring blockchain experts to expand its reach into DeFi.
Amazon CEO Andy Jassy. Source: the verge.com
Jassy also told CNBC that he expected NFTs would continue to grow significantly and that he could envision a future where Amazon sells NFTs: “I think it’s possible down the road on the platform,” Jassy noted after replacing Jeff Bezos as CEO of Amazon last year. Jassy had previously led Amazon Web Services since its inception last year.
Asked whether he personally owns cryptocurrencies, Jassy disclosed: “I don’t have bitcoin myself.”
The Monero (XMR) community on Reddit has planned a bank run targeting numerous centralised exchanges (CEXs) in a response to a “lack of transparency” over the coin. The date of the run, April 18, coincides with the XMR anniversary.
Across social media, members of the Monero community have expressed their concerns over how CEXs are misleading XMR clients. Some of the allegations include that centralised exchanges are suspending XMR withdrawals and misrepresenting XMR reserves.
Customers Led Up the Garden Path
Security engineer and Monero holder Seth Simmons joined the list of users fed up with misleading statements from centralised exchanges. “Looking more and more like exchanges are paper trading Monero and lying about how much they have to customers,” he tweeted:
Looking more and more like exchanges are paper trading #Monero and lying about how much they have to customers.
The event, called “The Monerun”, was thoroughly detailed on Reddit. Some exchanges have already disabled withdrawals, but to test the credibility of those who haven’t, are joining forces to pull off the liquidity:
Monero’s obfuscated ledger has enabled a number of exchanges to misrepresent their reserves and sell XMR that they don’t actually have, knowing that all too many of us will never withdraw, and no one can see onchain the evidence of their misdeeds.
‘The Monerun’, Reddit
Not a Good Recent Run For Monero
Two months ago, the dominance of Monero’s largest mining pool, MineXMR, dropped dramatically amid concerns of 51 percent attacks, raising criticism over its security aspects.
On December 8 of last year, XMR took a hit when it was alerted that the Monero multi-sig wallet code was compromised, not exactly affecting the temporary supporting multisigs but rather affecting the current wallet code implementing them.
Vlad Tenev, chief executive of US-based brokerage Robinhood, has been mercilessly mocked for his assertion that Dogecoin could become the native currency of the internet:
Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.
Tenev took to Twitter to share his thoughts on what it would take for Doge to become the base layer of value on the internet.
His initial claim relates to transaction fees, saying that they have to be “vanishingly small”. He continues to say that, fortunately, Doge is “already there” compared to the 1-3 percent network fees that major card networks charge.
He then turns to block time, saying that at one minute, Doge’s current throughput is sub-optimal for competing with Visa’s 65,000 transactions per second. However, says Tenev, “Fortunately, this is easy to solve simply by increasing the block size limit.”
While critics may be concerned that an increased block size would come at the expense of decentralisation, Tenev believes that the increased throughput is “actually a fair tradeoff”.
Under-fire Robinhood CEO Vlad Tenev. Source: CNN
Finally, he dismisses criticisms of Doge’s inflationary monetary policy and indeterminate hard cap supply limit by saying that it is less than the US dollar, and further, that “the inflation rate actually declines over time, and in a couple of decades it will be below 2 percent”.
Where to Begin?
You’d imagine that Robinhood would have earned some goodwill from the Bitcoin community following its recent Lightning Network announcement. However, the Twitter thread seemingly touched a nerve given all Tenev’s assertions have been thoroughly addressed as far back as 2017 during the infamous “Blocksize Wars”.
Some described the thread as “embarrassing”:
It appears you've spent about 2 hours on this topic.
I recommend spending 2 minutes researching the lightning network and then deleting this embarrassing take.
For anyone paying attention between 2017 and now, it’s self-evident that Tenev’s assertions are misguided at best, and at worst, smack of self-interest. In the end, the saga was neatly summed up by Bitcoin proponent Mike Alfred, who offered Tenev some unsolicited advice:
Your stock is down 75% since the IPO. Your culture is broken. Maybe focus on fixing your own house before playing around with shitcoins.
North Korean hacking group Lazarus has been blamed for last month’s US$625 million exploit of Ronin Network, an Ethereum sidechain used by play-to-earn crypto game Axie Infinity.
The link was made public on April 15 when US Treasury announced it had added a new Ethereum wallet to its list of sanctions for the Lazarus Group. It’s the same wallet address that Axie Infinity creator Sky Mavis named as the Ronin attacker in late March, as confirmed by Etherscan.
THREAD: Updates to OFAC’s SDN designation for Lazarus Group confirm that the North Korean cybercriminal group was behind the March hack of Ronin Bridge, in which over $600 million worth of ETH and USDC was stolen.
Blockchain analytics firms Chainalysis and Elliptic have corroborated that the wallet address is the same used in the Ronin exploit. Elliptic also confirmed that 18 percent of the stolen funds had already been laundered before the Easter weekend. The wallet still holds 147,753 ETH, worth about US$430 million at the time of writing.
“Identification of the wallet will make clear to other VC actors that by transacting with it, they risk exposure to US sanctions,” said a Treasury spokesperson, who added:
There may be mandatory secondary sanctions on persons who knowingly, directly or indirectly, engage in money laundering, the counterfeiting of goods or currency, bulk cash smuggling, or narcotics trafficking that supports the Government of North Korea or any senior official or person acting for or on behalf of that government.
US Treasury spokesperson
‘Critical Chokepoints’ in the War on Hackers
The spokesperson said that anti-money laundering and countering the financing of terrorists were “critical chokepoints” in the war on hackers, and called on the crypto industry to implement these types of safeguards.
According to a Ronin blog post, “We are still in the process of adding additional security measures before redeploying the Ronin Bridge to mitigate future risk.” Redeployment was expected before the end of this month and a full post-mortem would follow at a later date.
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. Crabada (CRA)
Crabada CRA is a crab-themed play-to-earn NFT game on Avalanche, where players assemble a team of three crabada to earn the in-game currency Treasure Under Sea (TUS). Being an idle game, players deploy their Mining Party consisting of three crabada to mine treasure. Each mining expedition takes four hours and returns 3.75 CRA and 303.75 TUS. Players can also engage in looting missions to try to take over another player’s mining party. Moreover, idle crabada can be lent to other players and deployed as mercenaries.
CRA Price Analysis
At the time of writing, CRA is ranked the 564th cryptocurrency globally and the current price is US$0.488. Let’s take a look at the chart below for price analysis:
CRA has declined nearly 69% since its March high and is 8.6% from its all-time low. So far, there are no signs of reversal.
Traders may still want to monitor the coin for signs of a short-term bounce or reversal as it reaches or declines below its all-time low. Starting Monday, the next month contains a series of launches that could trigger investor interest. These catalysts combined with this low – the last reference point in historical price action for possible support – make it an area of interest.
The closest resistance begins near $0.4799, where the price briefly consolidated before Monday’s move downward. Just above, near $0.5367, the 9 EMA and an inefficiently traded area may also provide resistance.
A more sustained bounce could reach the low end of an inefficiently traded area near the 18 EMA at $0.6643. If this resistance breaks, the price might retest the previous range’s low and inefficiently traded area near the 2022 yearly open, from $0.7123 to $0.7622.
2. Eos (EOS)
EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
EOS Price Analysis
At the time of writing, EOS is ranked the 47th cryptocurrency globally and the current price is US$2.38. Let’s take a look at the chart below for price analysis:
EOS has been ranging since early 2022. Last week, the price bounced from an inefficiently traded area near $2.146 before testing the consolidation range low near $2.644. Both of these regions could provide support or resistance again.
Today, the price is testing possible support near $2.347. Bulls have rejected bears multiple times on higher timeframes in this region. The price is in the middle of its range with no apparent signs of its next direction, while market conditions remain bearish.
However, any rejection from possible resistance near $2.418 would suggest that the price is preparing to consolidate for longer or run Q1 2022’s lows into possible support near $1.766. This region saw strong buying in late 2018 and early 2020.
If the two closer resistances break, bulls might eye $3.274 to $3.660 as the next significant resistance. This large, inefficiently traded area on the monthly, above March’s high, provides an appealing target for bulls aiming for bears’ stops.
3. Synapse Network (SNP)
The Synapse Network SNP is a fully functional solution aimed at bridging the gap between investors and brilliant projects. Harnessing the full power of decentralised assets and cross-chain technology, the Synapse ecosystem will let everyone enter the previously extremely elitist world of fundraising, granting the chance to get involved in promising startups since their earliest phases and with minimum capital. Alongside the value of this connection, the network also offers its full backing, providing funds, connecting with VCs and aiding users with its extensive network of tech partners.
SNP Price Analysis
At the time of writing, SNP is ranked the 5567th cryptocurrency globally and the current price is US$0.07587. Let’s take a look at the chart below for price analysis:
SNP has declined nearly 91% since December 2021, with no sign of a bullish reversal. The consolidation last Thursday and Friday might provide resistance to push the price down for another leg of selling.
A rally slightly higher is likely to meet resistance at a more extensive consolidation’s low between $0.08035 and $0.09107. An inefficiently traded area between $0.08241 and $0.08500 could provide the most sensitivity inside this zone.
A gap and old low near $0.1211 could be the target for a more significant rally. At these levels, there is no historical price action to hint at possible support. Extensions from the early February and early April rallies converge near $0.0644 and $0.0480. These zones could support at least short-term bounces.
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. Eos (EOS)
EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
EOS Price Analysis
At the time of writing, EOS is ranked the 47th cryptocurrency globally and the current price is US$2.55. Let’s take a look at the chart below for price analysis:
Q1 began a bearish trend for EOS, which dropped 70% before setting a low near $1.90 in early March.
After a several-week accumulation and running stops below the December 2021 swing low, late March began a bullish rally that climbed 38% by March 29, reaching the 2022 yearly open.
The old 2021 lows, near $3.20, could mark a resistance area. If this is the start of a larger bullish market cycle, bulls might take their next profits near $3.81 – an inefficient area near November’s breakdown. Another potential resistance is near $4.26, which saw multiple rejections during distribution before November’s breakdown.
An area of old consolidation from $2.75 to $2.97 could provide the next bullish setup before any continuation upward. This area contains the last swing high before late February’s stop run. A drop just below, near $2.30, is also reasonable. This level is near the March monthly open and 40 EMA.
If the bearish trend resumes, bulls might find the next higher-timeframe support between $2.10 and $1.90. This region, especially under $1.72, was inefficiently traded and has not been revisited since 2019.
2. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 42nd cryptocurrency globally and the current price is US$1.16. Let’s take a look at the chart below for price analysis:
FTM‘s bounce since March ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.65, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $1.92.
Currently, the price is testing possible support near the weekly open, around $1.07. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $0.9749 to $0.9130 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early December’s swing.
A more bearish tone in the market could propel the price lower. The lows, near $0.8730, might mark an area of possible support as well as a bearish target.
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 190th cryptocurrency globally and the current price is US$0.6253. Let’s take a look at the chart below for price analysis:
OGN climbed just over 40% from March’s monthly open as it positioned itself to challenge two old swing highs.
The region between $0.4668 and $0.5447 has provided support for the past 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 $0.4344 and $0.4372.
If the resistance between $0.7517 and $0.8130 breaks, the next resistance is between $0.8641 and the December swing high at $0.9568, which marks the first primary target for this trend.
Beyond this first target, traders could target a swing high from last year at $1.08, and possibly up to resistance between $1.15 and $1.22.
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.
