For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. 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 was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
Dogecoin Price Analysis
At the time of writing, DOGE is ranked 12th cryptocurrency globally and the current price is $0.0751 AUD. Let’s take a look at the chart below for price analysis.
Last week retested the high of DOGE’s +1100% January pump to $0.1092 AUD.
Despite highly manipulated price action, traders could still hunt for lower-timeframe longs. Monday’s retest of the area between $0.0643 AUD and $0.0589 AUD showed some signs of support.
The area between $0.0532 AUD and $0.0498 AUD contains a gap that overlaps with the 0.705 retracement, which increases its chances of giving support. The level near $0.0468 AUD could also form support, although with a higher risk of breaking on a retrace to January’s open.
While the higher-timeframe market structure remains bullish, probable resistance has formed between $0.0713 AUD and $0.0856 AUD, Traders satisfied with their profits could look to exit here if the price returns to this level.
More hopeful bulls could aim for the highs near $0.0985 AUD. If the price breaks through this level, it could reach the 0.27 extension near $0.1253 AUD, with a sustained breakout possibly touching the 1.0 extension near $0.1752 AUD.
2. PundiX (NPXS)
Pundi X is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain.
The company, which has its headquarters in Singapore, has shipped its XPOS solution and devices to over 25 markets including the United States, Spain, Argentina, Korea, Australia, Colombia, Spain, and Taiwan.
NPXS Price Analysis
At the time of writing, NPXS is ranked 124th cryptocurrency globally and the current price is $0.0012 AUD. Let’s take a look at the chart below for price analysis.
February provided NPXS holders with a respectable +233% return before the price returned to a range around $0.001 to consolidate.
Monday retested a lower-timeframe 0.62 retracement level, which overlaps with a gap beginning at $0.00081 AUD. This level could provide support during the consolidation and potentially offer an aggressive entry on a local lows retest.
The gap near $0.00065 AUD provides a lower risk-reward entry, while a full retrace of January’s move could reach probable support near $0.00048 AUD, just above the February monthly open.
The recent equal highs near $0.00109 AUD cap a resistance area down to $0.00102 AUD while providing a likely near-term target. Probable resistance technically reaches up to the last significant swing high at $0.00175 AUD. Still, a break of this resistance could reach the 0.27 extension at $0.00195 AUD and potentially the 1.0 extension at $0.00253 AUD.
3. Secret (SCRT)
Secret is the native coin of the Secret Network, a decentralized network for private/secure computation. Nodes on the network (known as secret nodes) can perform generalizable computations over encrypted data, which allows smart contracts (known as secret contracts) to use private and sensitive data as inputs. Our focus is on computational privacy, not just transactional privacy. Developers can build decentralized, privacy-preserving “Secret Apps” on the network. The privacy functionality of the Secret Network is critical for many fields, including decentralized finance, Web3, machine learning, access control, and many more.
SCRT Price Analysis
At the time of writing, SCRT is ranked 151st cryptocurrency globally and the current price is $3.12 AUD. Let’s take a look at the chart below for price analysis.
SCRT launched nearly +180% upward during February before retracing on Monday to the gap beginning near $2.86 AUD.
Below this gap, the next likely areas of support begin at $2.24 AUD and $1.95 AUD in the consolidation that spawned February’s bullrun.
Equal highs near $2.98 AUD, over the resistance beginning near $2.613 AUD, provide a tempting first target. February’s swing high near $3.65 AUD gives a second target. A move through these levels could reach the .27 extension near $3.78 AUD
If the current support holds, overlapping extensions near $3.95 AUD and $4.36 AUD could hint at the next resistance areas.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
