The Ethereum Merge – the term used to describe Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) – is getting closer to realisation, possibly by mid-September.
However, according to one prominent figure in the Ethereum community, Chandler Guo, a new PoW version of ETH is “coming soon”.
Last week, Chinese crypto miner Guo tweeted about the advent of a PoW ETH, despite the already existing ETC (Ethereum Classic), which Guo was part of. He proclaimed: “I fork[ed] Ethereum once, I will fork it again!”
The plan is gaining traction on Crypto Twitter, though many in the Ethereum community remain confused and had mixed reactions. Some of them stated there was no need for a new PoW:
It might be profitable to sell arms to both sides of the war.
You could also sell tickets and popcorn to us spectators.
It seems several high-profile players in the industry are supporting the idea of an ETH fork, including the Justin Sun-backed crypto exchange Poloniex, and Huobi.
Sun tweeted about his intention to donate over 1 million ETH if Guo carried out his plan, saying: “We are willing to continue to support the development of the community.”
Many users inquired about Tether’s (USDT) involvement regarding an ETH fork, with Tether CTO Paolo Ardoino clearly outlining Tether’s support for the Merge:
It’s not about what I/we prefer between PoW/PoS. Stablecoins should act responsibly and avoid disruption for users. Especially for DeFi, it’s really delicate.
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. Filecoin (FIL)
Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-space-time.
FIL Price Analysis
At the time of writing, FIL is ranked the 32nd cryptocurrency globally and the current price is US$8.64. Let’s take a look at the chart below for price analysis:
FIL has dropped 80% from its Q2 highs. It found support near $5.20 before starting a consolidation range. This level, near the lows, could continue to provide support. A year-long consolidation from 2019 to 2020 pivoted around this level many times. It’s also near the middle of the last down candle before 2020’s massive rally. A retest of this level would run bulls’ stops under swing lows formed in late June and early July.
The price is testing a closer area of possible support near $8.00. Bulls rejected bears many times in early July at this level. It’s also in the upper part of July’s swing low candle. The closest resistance is likely near $8.95. This area, up to $9.30, shows inefficient trading on the daily chart. It also contains the 9 and 18 EMAs.
If the price breaks through this level, it may aim for bears’ stops above $9.62. Even if it doesn’t reach these stops, the area between $9.90 and $10.25 could provide a bearish setup. Here, bears rejected bulls near the bottom of an area of inefficient trading on the weekly chart.
If the market turns more bullish, a rally beginning in this range may be aiming for the new monthly highs, near $10.39. This level is near the bottom of an area of inefficient trading on the daily chart.
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 decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further with time. Ethereum Classic set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.
ETC Price Analysis
At the time of writing, ETC is ranked the 19th cryptocurrency globally and the current price is US$36.94. Let’s take a look at the chart below for price analysis:
During July, ETC 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 $40.32 and may target the swing low and possible support near $33.90.
The swing low and possible support near $30.21 could be the second bearish target if the move down continues. The relatively equal lows near $29.00 and possible support underneath near $27.45 could provide more substantial support.
The last swing high near $43.52 gives a near-term target if the bullish continuation continues. However, resistance beginning around $47.80 could cap this move. A break of this resistance might continue to probable resistance near $53.03 and reach above the cluster of relatively equal highs near $58.49.
3. Chainlink (LINK)
The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the 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.
LINK Price Analysis
At the time of writing, LINK is ranked the 24th cryptocurrency globally and the current price is US$7.51. Let’s take a look at the chart below for price analysis:
LINK‘s early Q2 trend retraced near $5.70 into the consolidation that began the impulse before bouncing to $8.42. This consolidation could provide support again, although bears would first have to push the price through possible support near $7.90.
The market’s structure may be shifting bearish, with $7.10 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.70 before finding support near $6.27.
However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $8.37 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $9.18.
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. 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 decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further with time. Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.
ETC Price Analysis
At the time of writing, ETC is ranked the 30th cryptocurrency globally and the current price is US$48.65. Let’s take a look at the chart below for price analysis:
During October, ETC 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 $46.32 and may target the swing low and possible support near $43.90.
The swing low and possible support near $40.21 could be the second bearish target if the move down continues. The relatively equal lows near $38.00 and possible support underneath near $36.75 could provide more substantial support.
The last swing high near $52.44 gives a near-term target if bullish continuation continues. However, resistance beginning around $55.80 could cap this move. A break of this resistance might continue to probable resistance near $57.03 and reach above the cluster of relatively equal highs near $62.89.
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 80th cryptocurrency globally and the current price is US$3.68. Let’s take a look at the chart below for price analysis:
Last month, bulls enjoyed 95% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $4.60.
The 4-Hour chart shows that support may be forming between $3.56 and $3.50, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $3.44 and $3.39 after a sweep of the current consolidation’s swing lows.
The last swing high near $3.98 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $4.29 and the 2.0 extension near $4.52 and $4.65 may provide the next major targets.
3. Dego Finance (DEGO)
Dego Finance DEGO is a decentralised ecosystem that offers a diverse combination of the non-fungible token (NFT) and decentralised finance (DeFi) tools. It is an independent, open NFT ecosystem. Any user is allowed to launch an NFT and initiate mining, auctions and trading, covering the entire lifecycle of the product. Dego’s NFT protocol is a cross-chain, second-layer infrastructure for Blockchain projects that can be leveraged for user acquisition and token distribution.
DEGO Price Analysis
At the time of writing, DEGO is ranked the 554th cryptocurrency globally and the current price is US$7.48. Let’s take a look at the chart below for price analysis:
During October, bulls enjoyed 85% gains at DEGO‘s peak before the price confirmed strong resistance beginning at $10.25.
The 1-Day chart shows that support may be forming between $7.32 and $7.12, near the weekly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $6.82 and $6.58 after a sweep of the current consolidation’s swing lows.
The last swing high near $7.83 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $8.15 and the 2.0 extension near $8.40 may provide the next major targets.
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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. 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 decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further and further from each other with time. Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.
ETC Price Analysis
At the time of writing, ETC is ranked the 29th cryptocurrency globally and the current price is A$70.88. Let’s take a look at the chart below for price analysis:
During August, ETC 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 A$78.46 and may target the swing low and possible support near A$68.22.
The swing low and possible support near A$66.82 could be the second bearish target if the move down continues. The relatively equal lows near A$65.30 and possible support underneath near A$63.54 could provide more substantial support.
The last swing high near A$80.44 gives a near-term target if bullish continuation continues. However, resistance beginning around A$82.69 could cap this move. A break of this resistance might continue to probable resistance near A$86.27 and reach above the cluster of relatively equal highs near A$92.15.
2. 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 22nd cryptocurrency globally and the current price is A$1.64. Let’s take a look at the chart below for price analysis:
August marked a turning point for MATIC, with the price rocketing up almost 85% from its lows to probable resistance beginning near A$2.35.
The price is currently struggling with the area between A$1.75 and A$1.41. This region could provide support after a close above – or resistance after a close below.
A retracement could reach into the daily gap and possible support around A$1.60. A more bearish shift in the marketplace will likely aim for the relatively equal lows near A$1.55, and the potential support just below that begins around A$1.49.
Continuation to the upside will likely target the monthly high near A$1.77. However, probable resistance beginning at A$1.84 and A$1.90 could cap or slow down this move.
3. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 27th cryptocurrency globally and the current price is A$56.97. Let’s take a look at the chart below for price analysis:
In mid-August, ICP also turned the corner, breaking a key swing high in early September. This move could suggest a longer-term bullish trend.
The swing high near A$74.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$80.35.
Even if the bullish trend continues, a stop run at the recent swing low near A$54.30 into possible support beginning near A$50.87 is reasonable. If the price reaches further down, the swing low and possible support near A$48.27 might provide another downside target.
The area near A$46.75 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near A$42.18 into possible support beginning around A$40.73.
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. Wink Link (WIN)
The first TRON ecosystem comprehensive oracle Wink Link WINK fully integrates the real world with the blockchain space. It will be able to provide reliable, unpredictable and verifiable random numbers, and fully restore trust and improve user experience by tapping into data, events, and payment systems, etc, from the real world. The WINK team completed the acquisition of justlink.io on April 26, 2021, and WINkLink becomes the first TRON ecosystem comprehensive oracle. WIN, a TRON-based TRC20 token, will be the governance token of the WINkLink oracle network.
WIN Price Analysis
At the time of writing, WIN is ranked the 134th cryptocurrency globally and the current price is A$0.0008757. Let’s take a look at the chart below for price analysis:
WIN‘s nearly 83% drop from its April highs found a low near A$0.0005285 in July before closing over a short-term high around A$0.0009247 last week.
This daily close over the high could signal a shift in market structure that may reach probable resistance near A$0.0009823. A sustained bullish move may target the swing high at A$0.001057. If this stop run occurs, a run beyond the high into probable resistance near A$0.001146 and A$0.001209 is possible.
Bulls could buy a retracement to possible support near A$0.0008176, just above the August monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$0.0007644.
However, relatively equal lows near A$0.0007296 and A$0.0006988 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$0.0006735 and A$0.0006374.
2. Ethereum Classic (ETC)
Ethereum Classic ETC is a hard fork of Ethereum (ETH) that launched in July 2016. Its main function is as a smart contract network with the ability to host and support decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum; Ethereum Classic’s main aim is to preserve the Ethereum blockchain as it originally was, without artificially countering the DAO hack.
ETC Price Analysis
At the time of writing, ETC is ranked the 20th cryptocurrency globally and the current price is A$87.95. Let’s take a look at the chart below for price analysis:
ETC‘s massive May spike retraced near A$55.36 into the consolidation that began the impulse before bouncing to A$61.47.
This consolidation could provide support again, although bears would first have to push the price through possible support near A$83.25. The market’s structure may be shifting bearish, with A$78.14 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$73.98 before finding support near A$68.29.
However, the bullish higher-timeframe trend may prevail, with relatively equal highs near A$98.66 potentially providing an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the massive May wick near A$108.63.
3. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked, but soon afterward its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers, who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 21st cryptocurrency globally and the current price is A$0.484. Let’s take a look at the chart below for price analysis:
XLM set a high near A$0.9156 in May before retracing nearly 83% to find a low near A$0.3266. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near A$0.4955 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.5368 and relatively equal highs at A$0.5844. Resistance near A$0.6155 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.6514.
A retracement before a move higher may find support in the daily gap near A$0.4375, just above the August monthly open. Relatively equal lows near A$0.3845 could also provide support. Run-on stops at A$0.3597 and A$0.3359 might find support in the gap beginning near A$0.2815 or a high-timeframe level near A$0.3169.
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. 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:
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:
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:
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.
The cryptocurrency market took a big hit in the second quarter of the year, to the extent that almost US$1 trillion was wiped off the entire crypto market capitalisation from the all-time high (ATH) in May.
Comparison of crypto returns. Source: Coin Metrics
In Q2 2021, Bitcoin (BTC) registered its worst quarterly performance for the past three years. However, Dogecoin (DOGE), Ether (ETH), and a few other major altcoins made positive returns within the same period.
BTC Returned -38%, Worst Record Since 2018
Bitcoin had been in an uptrend during the first three months of this year. However, it began tumbling in value shortly after reaching an all-time high of over US$63,000 on April 14. Based on data from Coin Metrics, BTC closed Q2 with a negative return of -38 percent.
Despite the fact that the largest crypto tanked heavily in Q2, a few major altcoins came out with positive returns, including Ethereum (ETH).
At today’s price of US$2,000, ETH has lost about 54 percent value from its ATH of US$4,362 on May 12. However, it still pulled through the second quarter with about 13 percent gain.
It’s worth noting that the meme cryptocurrency Dogecoin (DOGE) was the best-performing major crypto in Q2, based on the data from Coin Metrics. Dogecoin posted a return of 391 percent in Q2, although it has lost over 70 percent of its value from the ATH.
Ethereum Classic (ETC) and MATIC follow on the list with about 297 and 226 percent gains, respectively.
