IoTeX

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. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are its biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users, irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 28^th cryptocurrency globally and the current price is US$151.23. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR is rallying to fill in pockets of inefficient trading left during its June decline. The closest resistance is at $172.80. This area of inefficient trading on the weekly and daily charts is near the 61.8% retracement of June’s move. It rejected the price on August 7, but the price is rechallenging it.

If it breaks, the next pocket of inefficient trading from $179.60 to $183.10 may be the following target. This zone is also near the high of inefficient trading on the weekly and the 78.6% retracement of June’s move.

In the longer term, bulls could be targeting bears’ stops above the significant weekly swing high near $206.50. This zone also shows inefficient trading on the monthly chart. If this resistance breaks, the next bullish target may be another area of inefficient trading on the weekly chart from $232.50 to $227.80.

The closest support could be near the current price, from $160.40 to $150.03. This area is at the end of July’s accumulation high. If this level breaks, a drop under the August monthly open may find more buyers near $142.30. This area shows accumulation, would run bulls’ stops under recent swing lows, and fill in a tiny pocket of inefficient trading. It also has confluence with the high of previous inefficient trading on the weekly chart.

A steeper drop may reach inefficient trading on the weekly chart, from $134.70 to $125.80. This zone is also near the bottom of previous inefficient trading from June and lines up with old swing lows from Q1 2022.

2. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 77^th cryptocurrency globally and the current price is US$0.03883. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 85% drop found a low near $0.03168 before closing over a weekly high around $0.04382. This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.04732.

A sustained bullish move could target the swing high at $0.05620. If this stop run occurs, a run beyond the high into probable resistance near $0.06184 and $0.06745 is possible.

Bulls could buy a retracement to possible support near $0.03528, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03126.

However, relatively equal lows near $0.02914 and $0.02854 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows may find support between $0.02715 and $0.02569.

3. IoTeX (IOTX)

IoTeX IOTX has built a decentralised platform with the aim of empowering the open economics for machines – an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IoTeX is the decentralised backbone for machine economics, which serves machines ranging from smart home devices to autonomous vehicles.

IOTX Price Analysis

At the time of writing, IOTX is ranked the 108^th cryptocurrency globally and the current price is US$0.03144. Let’s take a look at the chart below for price analysis:

Source: TradingView

By late Q2, IOTX had retraced 80% from its November high as it created relatively equal lows near $0.02506. Just above these lows, the price is testing possible support near $0.03145. This level saw accumulation in early August and could support at least a short move upward.

If this level instead breaks and the price drops, bears could be aiming for an inefficiently traded area between $0.02915 and $0.02827. This area is under multiple relatively equal lows that have been in place since late Q3 2021, providing an appealing target for bears.

However, a move into probable resistance near $0.03825 could occur first, even if the price later breaks down. This level is a range high for a significant amount of trading during Q1 2022.

If this resistance breaks, the price could reach the next probable resistance near $0.04516, where it consolidated before mid-Q2’s breakdown.

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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. IoTeX (IOTX)

IOTX Price Analysis

At the time of writing, IOTX is ranked the 96^th cryptocurrency globally and the current price is US$0.07691. Let’s take a look at the chart below for price analysis:

Source: TradingView

By late February, IOTX had retraced 76% from its November high as it created relatively equal lows near $0.06206.

Just above these lows, the price is testing possible support near $0.07245. This level saw accumulation in early March and could support at least a short move upward.

If this level instead breaks and the price drops, bears could be aiming for an inefficiently traded area between $0.05215 and $0.03327. This area is under multiple relatively equal lows that have been in place since late Q3 2021, providing an appealing target for bears.

However, a move into probable resistance near $0.08318 could occur first, even if the price later breaks down. This level is a range high for a significant amount of trading during Q1 2022.

If this resistance breaks, the price could reach the next probable resistance near $0.09316, where it consolidated before mid-February’s breakdown.

2. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications.

QTUM Price Analysis

At the time of writing, QTUM is ranked the 100^th cryptocurrency globally and the current price is US$6.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

QTUM retraced 74% from its November high before forming a new low near a cluster of older relatively equal lows in late January.

Last week’s sharp rally reached probable resistance near $7.12. This level is near the 61.8% and 78.6% retracements of the last significant move upward.

Possible support rests just below the March open, near $6.27. This area saw significant consolidation in late February and early March. It remains to be seen whether this is a run on bears’ stops before a more substantial move down – or a bullish shift in market structure that could lead to a more significant rally.

With the overall market being bearish and significant numbers of equal lows enticing bears below, traders may want to watch possible support near $4.10. This area is inefficiently traded and borders the last accumulation before Q1 2021’s stunning rally.

Suppose this is the start of a more significant rally. In that case, bulls might target $10.18, where higher timeframes show an inefficiently traded area near multiple bearish rejections during December. A powerful bullish swing could reach up to $11.75, where early December saw inefficient trading and the bulk of Q3 2021’s trading took place.

3. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 47^th cryptocurrency globally and the current price is US$8.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE abruptly rallied after retracing nearly 83% from its November high, climbing 218% from its late February low.

Bulls are currently taking profits in a contested area between $8.28 and $9.23. This area saw inefficient trading on higher timeframes. It could serve as support if the price trades through its high end and retests it – or as resistance if the price breaks back below.

The closest support rests just below, near $8.21. The old high at this level could support a rally into resistance near $9.50.

A move through the closest resistance might target the consolidation midpoint near $10.80, near the 27% extension of the current rally. If this level breaks, bulls might target an inefficient area near $12.89 and beyond.

If the price rejects from this level and breaks the closest support, it could find support near the midpoint of the current range and 2022 yearly open, near $6.09. The price might also find support slightly below near the 61.8% retracement level, around $5.98.

If these supports break, bears might be targeting four relatively equal lows near $3.10, under the March monthly open.

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