Category: Market Analysis

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Crypto News EOS Horizen Market Analysis SafePal Trading

Top 3 Coins to Watch Today: EOS, SFP, ZEN – May 9 Trading Analysis

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 44th cryptocurrency globally and the current price is US$1.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has been ranging since early 2022. Last week, the price bounced from an inefficiently traded area near $1.92 before testing the consolidation range low near $1.87. Both of these regions could provide support or resistance again.

Today, the price is testing possible support near $1.95. 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 $2.15 would suggest that the price is preparing to consolidate for longer or run Q1 2022’s lows into possible support near $1.78. This region saw strong buying in late 2018 and early 2020.

If the two closer resistances break, bulls might eye $2.37 to $2.66 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.

2. SafePal (SFP)

SafePal SFP is a cryptocurrency wallet launched in 2018 that helps users to protect and grow their digital assets. SafePal provides hardware and software wallets, all paired and managed through the SafePal App, and was the first hardware wallet invested in and backed by Binance. SFP is a BEP-20 token that can be transferred to any wallet that supports the Binance Smart Chain network. It can also be exchanged with other assets and can serve as a means of payment for services. SFP also serves as the SafePal governance token, and holders can create proposals and vote on new features such as adding new blockchains on SafePal products.

SFP Price Analysis

At the time of writing, SFP is ranked the 409th cryptocurrency globally and the current price is US$0.6182. Let’s take a look at the chart below for price analysis:

Source: TradingView

SFP continued its rally during March through the daily gap between $0.6237 and $0.7030, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $0.5827 could form a wick below this level, potentially reaching an untapped daily gap beginning near $0.5460.

Resistance beginning at $0.8765 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at $0.9432, continue into probable resistance just above, and possibly set new monthly highs at $1.05.

3. Horizen (ZEN)

Horizen ZEN is an interoperable blockchain system, supported by a decentralised node infrastructure. Its sidechain platform focuses on scalable data privacy, and as such enables businesses as well as developers to build private or public blockchains using the unique sidechain technology known as Zendoo. Horizen claims to be completely decentralised, fully customisable with privacy features, and supports low costs associated with building blockchains with configurable revenue models and an unlimited number of tokens and digital assets.

ZEN Price Analysis

At the time of writing, ZEN is ranked the 126th cryptocurrency globally and the current price is US$32.31. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEN saw an energetic run during Q1, climbing approximately 90% before cooling off into resistance beginning near $50.85 pinned down last month’s attempt to rally, which is likely to retest possible support near $30.14.

A deeper marketwide retracement could take out the relatively equal lows below the weekly open and support near $28.69. This move may offer entries near probable support between $26.47 and $25.78.

However, more bullish market conditions may prompt a rally to the relatively equal highs near $38.67 into resistance beginning at $40.46. If the price reaches this level, the last high at $46.58 gives the next likely target before price discovery begins.

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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.

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Algorand Alpha Finance Lab Crypto News Litecoin Market Analysis Trading

Top 3 Coins to Watch Today: LTC, ALGO, ALPHA – May 5 Trading Analysis

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. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 22nd cryptocurrency globally and the current price is US$102.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, LTC kicked off a recovery trend that gained nearly 23% to break the weekly highs.

The following 55% plummet found support near $96.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $110.53.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $120.12, where aggressive bulls might begin bidding. The level near $133.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $149.13. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $96.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $89.23 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.6615. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.7522.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.8412 might look for bids near $0.9036. More significant resistance rests above, near $0.9815. A group of significant swing highs at $1.10 and $1.16 give possible targets if this resistance breaks.

A stop run on the recent low at $0.6533 into possible support beginning near $0.6130 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. Alpha Finance (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 306th cryptocurrency globally and the current price is US$0.2847. Let’s take a look at the chart below for price analysis:

Source: TradingView

ALPHA‘s 60% rally from its Q1 lows met resistance near $0.5995, before creating a new range for Q2.

After a bearish flip of the 9, 18 and 40 EMAs, the price broke below $0.4310. This area, which has confluence with multiple swing lows and the February monthly open, may provide resistance on any future retest.

The price might find support near $0.3045 to $0.2549 if the overall market’s conditions turn more bullish. This zone has confluence with the 61.8% to 78.6% retracements and accumulation zone for Q1’s rally.

Suppose the price does rally through the probable resistance near December’s open. In that case, the January swing highs and above, near $0.4561, could provide resistance again. A shift back to more bullish market conditions could push the price to the 50% extension of the summer’s swing, near $0.5034.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

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Crypto News Market Analysis Polkadot Trading TRON

Top 3 Coins to Watch Today: DOT, TRX, CRO – May 4 Trading Analysis

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. 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 14th cryptocurrency globally and the current price is US$14.91. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 62% during Q1, showing little sign of interest from buyers.

April’s consolidation at possible support from $15.68 to $19.57 broke down with the rest of the market last month, 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 January’s consolidation range, near $22.70, and the monthly high near $26.88 may see profit-taking from bulls.

The first test of possible support near $14.80 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 $14.10, running stops under the Q3 2021 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 $13.55 to $12.37.

2. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 20th cryptocurrency globally and the current price is US$0.07217. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the January drop, falling nearly 60% from its mid-December high until it found a low in March.

Price action formed a weekly support level near $0.06054, which has so far held up the price. The most recent swing low inside this range, near $0.05829, might be the target for any future stop runs. After this low, the swing low near $0.05589 and the gap beginning near $0.05326 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07592, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07835, but could reach as high as $0.08637.

3. Crypto Coin (CRO)

Crypto.com coin CRO is the native cryptocurrency token of Crypto.com Chain, a decentralised, open-source blockchain developed by the Crypto.com payment, trading and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked the 22nd cryptocurrency globally and the current price is US$0.2877. Let’s take a look at the chart below for price analysis:

Source: TradingView

CRO went parabolic during November, reaching nearly 115% percent within a few days as it blasted through its old all-time high.

This fast move left little compelling higher-timeframe support near the current price. A level near $0.2522, which has confluence with the 8 EMA and 127% extension of H2 2021’s swing, could provide support.

Further below, near $0.2291, 2021’s previous monthly high could also provide some support on a retest. The last consolidation before the breakout, near December’s open, might give the most substantial support. However, this would require significant retracement from the current price point.

While next targets are impossible to predict, extensions from H1 2021’s move suggest that the 40% extension, near $0.3675, could provide some resistance. Above this level, the 48% extension near $0.4348 could also trigger bulls to take profits.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

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Crypto News Market Analysis The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – May 2, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

The TOTAL market cap lost US$100 billion over the weekend and is currently having a small retrace of that loss. I suspect this will be pretty short-lived, which would bring us to a very important last line of defence. If the TOTAL drops below US$1.58 trillion, there’s huge potential for a US$400 billion loss. This will undoubtedly hurt a lot of people, so please investigate stop losses and make sure you’re prepared for the worst-case scenario!

TOTAL market cap

The BTC monthly closed just below that monthly support and has a window of opportunity to keep us in a ranging situation. Failing that, we get another bearish month and it’s anyone’s guess how low we could drop from here. If you zoom right out and take a good look at the monthly chart, you will see there’s really no structure between US$34,000 and US$14,000.

BTC monthly chart

I’m putting forward some very bearish cases here and that does not mean it’s game over. There’s still opportunity for BTC to bounce, but it must happen above US$30,000! If that level breaks, then it will be a long winter in my opinion.

BTC/USDT 1D chart

BTC is currently sitting on a weekly 100 EMA and some daily support. My bias is still that we see a bear flag that I wrote about last week play out over the next month or two. If so, ALTS will bleed hard.

Last Week’s Performance

ADA/USDT

ADA, like many others, is also at its last line of defence. I entered short last week and am now currently sitting at around 120% ROI. I’d like to see this trade reach approximately 800% in 10x.

ADA/USDT

DOGE/USDT

This entry was partially TA and partially luck! Last week I wrote about my thoughts on DOGE dropping 70%, then Elon decided to buy Twitter (as you do) and DOGE pumped. The luck part was that I didn’t enter right away and instead got in a short on the pump. I’m currently sitting at 170% ROI.

DOGE/USDT

This Week’s Trades

TORN/USDT

I’ve been watching TORN since last week and have just entered a short trade today. Candlestick analysis is showing a lot of indecision at a crucial level of daily resistance. R:R looks good enough for me to enter.

TORN/USDT

TRX/USDT

A 2017 fan favourite, TRX, looks like it could be setting up for a short trade. It’s currently sitting at both daily 200 EMA and daily resistance. If we see BTC drop, this could present a prime entry for short trades.

TRX/USDT

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The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them. 

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In the TradeRoom, you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!

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Crypto News Market Analysis Rari Governance Token Syscoin Trading

Top 3 Coins to Watch Today: SYS, RGT, GST – May 3 Trading Analysis

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. Syscoin (SYS)

Syscoin SYS is a full Layer-1 and Layer-2 blockchain solution built to combine industry-proven technology to support cutting-edge applications, all in one network. The project’s goal is to build a protocol that transforms the blockchain experience and combines the best of Bitcoin and Ethereum. Through Bitcoin merge-mining, Syscoin transforms Bitcoin’s Proof-of-Work security and decentralisation into a functional and scalable solution. Syscoin’s token platform currently features a custom notary API, fungible tokens, NFTs, and fractionalised NFTs.

SYS Price Analysis

At the time of writing, SYS is ranked the 159th cryptocurrency globally and the current price is US$0.4138. Let’s take a look at the chart below for price analysis:

Source: TradingView

SYS has ranged between approximately $0.6865 and $0.3965 since late February. It is currently near the bottom of this range.

An inefficiently traded area near $0.4376 could provide resistance. However, eager bears should be wary since the price is very oversold relative to its local range.

Above, the 18 EMA and April’s consolidation low overlap with an inefficiently traded area at $0.4884. This area might also provide resistance during a retest. 

A more substantial rally may seek to return to the local range highs. This move would clear bear’s stops and may target an inefficiently traded area near the April monthly open at $0.6170.

Over the weekend, the price tested possible support at $0.4098, near the midpoint of October 2021’s accumulation range and relatively equal swing lows. It seems likely that the price will dip deeper into this support to run bulls’ stops.

If this support breaks, $0.3627 could provide bulls with their next level of interest. This level saw significant buying on a retracement before November’s rally and could provide support again.

Just below, $0.3090 may also provide support. This region had a significant five-week accumulation before early October 2021’s bullish rally and April 2021’s sudden upward spike.

2. Rari Governance Token (RGT)

The Rari Governance Token RGT is the native token behind Rari Capital. Rari Capital is a non-custodial DeFi Robo-advisor that autonomously earns users yield. It is a decentralised protocol for lending and borrowing. The Rari Governance Token is used for fee discounts and protocol governance.

RGT Price Analysis

At the time of writing, RGT is ranked the 294th cryptocurrency globally and the current price is US$10.65. Let’s take a look at the chart below for price analysis:

Source: TradingView

RGT has been in a downtrend since early 2022. Last week saw an acceleration to the downside as hackers drained $80 million from its liquidity pools.

The sharp move to the downside created an inefficiently traded area between $11.59 and $12.55, which may provide resistance on a retest. This zone has confluence with the 9 EMA.

If this resistance breaks, the price may retest the bottom of March’s consolidation near $13.35. This area has confluence with the 18 EMA and soon the 40 EMA. 

A more significant rally could target the bottom of January’s consolidation, near $20.14. This climb may not happen until the overall market’s conditions turn more bullish.

Below, there is no price action to suggest higher-probability support levels. Extensions from March’s consolidation range hint at downside targets near $10.50, $8.00, and $5.50. The price is currently testing the closest of these levels.

3. Green Satoshi Token (GST)

Green Satoshi Token GST is the game token of STEPN — a Web 3.0 lifestyle app with inbuilt fun social elements and gamification design. STEPN is the first move-to-earn NFT game where players earn GST tokens by walking, jogging, and running outdoors while wearing NFT sneakers. GST tokens can also be used to level up and mint new sneakers, and players can sell/rent their NFT sneakers on the App Marketplace.

GST Price Analysis

At the time of writing, GST is ranked the 714th cryptocurrency globally and the current price is US$5.84. Let’s take a look at the chart below for price analysis:

Source: TradingView

GST has seen massive volatility recently as STEPN’s other coin, GMT, went on its parabolic run. GST’s price climbed 147% during April, dropped 60%, and is now retesting possible resistance.

Above the April monthly open, $5.73 to $6.06 could provide resistance. Breaking through this resistance could reach near $7.35, which is approximately the midpoint of last week’s long upper wick. If the price breaks this level, last week’s high near $9.45 provides another reasonable target.

Bulls stepped in on each recent drop below $5.14. This level could provide support again and has confluence with the 18 EMA. A move below this level might see support near the 40 EMA and accumulation on the weekly, near $4.61.

A more significant move down could target an old inefficiently traded area on the weekly between $4.05 and $3.67. The lower portion of this range, under $3.81, may provide higher-probability support.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

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Crypto News Fantom Internet Computer Market Analysis NEAR Protocol Trading

Top 3 Coins to Watch Today: FTM, ICP, NEAR – May 2 Trading Analysis

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. 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 50th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.60, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.6911. 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 $0.6534 to $0.6230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.5930, might mark an area of possible support as well as a bearish target.

2. 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 37th cryptocurrency globally and the current price is US$13.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q1, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $20.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $23.12.

Even if the bearish trend continues, a stop run at the recent swing low near $13.01 into possible support beginning near $12.75 is reasonable. If the price reaches further down, the swing low and possible support near $12.13 might provide another downside target. 

The area near $11.95 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $11.40 into possible support beginning around $10.88.

3. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 19th cryptocurrency globally and the current price is US$11.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 45% from its highs to support at the retracement of around $10.15.

The price shifted market structure to run to the consolidation lows near $12.11, just under the monthly open. A continued bearish trend in the market may create support just below, between $11.84 and $11.25.  

On the other hand, if the current resistance breaks, the price might find resistance near $17.98, whereas mid-January buyers may still be trapped in longs.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

Categories
Crypto News dYdX Market Analysis Secret Terra Trading

Top 3 Coins to Watch Today: LUNA, DYDX, SCRT – April 29 Trading Analysis

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. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 8th cryptocurrency globally and the current price is US$88.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

LUNA showed significant strength in the face of a mostly bearish altcoin market, rallying over 105% during Q1.

The price is currently retracing from resistance near $116.90, just below the all-time high. Bulls might begin eyeing entries near $85.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.

A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $82.44 and $79.10. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $74.41.

While the price is retracing, $96.44 offers the closest probable resistance at the yearly open. Just above, near the March monthly open, the consolidation lows near $102.69 are also a reasonable candidate for resistance.

If the price breaks through these resistances, the significant resistance at $108.69 might also break and allow LUNA to set new monthly highs. However, bulls should keep in mind that the overall market is mostly bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $123.40 offer a possible significant target.

2. Dydx (DYDX)

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers, and partners of dYdX to work collectively towards an enhanced protocol. DYDX enables a robust ecosystem around governance, rewards, and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.

DYDX Price Analysis

At the time of writing, DYDX is ranked the 165th cryptocurrency globally and the current price is US$4.50. Let’s take a look at the chart below for price analysis:

Source: TradingView

DYDX consolidated between $4.18 and $6.26 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $4.92. A stop run and swift rejection above $5.34 could provide a more favorable risk-to-reward entry for bears. An old 4h gap around $5.85 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $4.38. Little exists below the current range to identify precise support levels. However, the area between $4.30 and $4.25 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $6.10 provides a reasonable target. The highs and daily resistance levels between $6.27 and $6.40 may provide a second target.

3. Secret (SCRT)

Secret SCRT is the native coin of the Secret Network, a decentralised network for private/secure computation. Nodes on the network (known as secret nodes) can perform generalisable 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 decentralised, privacy-preserving “Secret Apps” on the network. The privacy functionality of the Secret Network is critical for many fields, including decentralised finance, Web3, machine learning, access control, and many more.

SCRT Price Analysis

At the time of writing, SCRT is ranked the 95th cryptocurrency globally and the current price is US$4.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

SCRT‘s 109% rally from its late December lows has retraced 70% and is entering higher-timeframe support.

An area from $4.45 to $4.10, near the low of Q4’s bullish leg and highs of early 2021’s consolidation, could provide some support.

However, relentless selling suggests that the price may continue dropping into a thinly traded area between $3.92 and $3.67, which has confluence with the 78.6% retracement of the previous Q3-Q4 rally.

Any retracement upward might meet resistance near $5.12, which has confluence with the 18 EMA and old resistance.

A stronger push through the probable resistance near $5.34 could reach $6.10, where the price consolidated over an old high. However, this may not happen until the next bullish cycle. 

Close above, a zone beginning near $6.28 may provide some resistance, with more sensitivity near $6.80.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

Categories
Crypto News Gala Hedera Market Analysis Polygon Trading

Top 3 Coins to Watch Today: MATIC, HBAR, GALA – April 28 Trading Analysis

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 in securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is US$1.26. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its Q1 highs, MATIC has been in a steady bearish trend – retracing nearly 25% by mid-April. The price found support near $1.20, at the 50.6% retracement level.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.39 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.20, and still find support.

Currently, the price is contesting a region between $1.19 and $1.35. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.44, while $1.53 is also likely to be sensitive with the nearest support and resistance this close together.

2. Hedera (HBAR)

Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.

HBAR Price Analysis

At the time of writing, HBAR is ranked the 36th cryptocurrency globally and the current price is US$0.1691. Let’s take a look at the chart below for price analysis:

Source: TradingView

HBAR‘s 50% Q1 run retraced almost to its origin, narrowly missing probable support near $0.1695 before bears swatted down the bounce near resistance around $0.1989.

With the daily gap between $0.1812 and $0.1750 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $0.1545 and $0.1500, which would also sweep the lows of last week’s bounce.

The relatively equal highs near $0.2256 provide a likely first target on lower timeframes. However, the resistance beginning at $0.2435 may initially suppress a further move up.

A clean break through this resistance will need to contend with the next resistance near $0.2692, under the last swing high. This swing high at $0.2770 gives a reasonable take-profit area before a possible move to the 1.0 extension near $0.2956.

3. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 74th cryptocurrency globally and the current price is US$0.1688. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA turned into a recovery trend to make the new monthly highs.

The following 60% plummet found support near $0.1679, sweeping under the 40 EMA into the 58.8% retracement level before bouncing to resistance beginning at $0.1930.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2112, where aggressive bulls might begin bidding. The level near $0.2350, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.2685. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1580 could provide at least a short-term bounce. If this level fails, the old highs near $0.1435 might also give support and see the start of a new bullish cycle after retesting these support levels.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

Categories
Australia Bitcoin DeFi Ethereum Market Analysis

Australians Made $2.1 Billion in Gains from Crypto in 2021

Australians realised US$2.1 billion in crypto gains in the 2021 calendar year, putting Australia in 17th place globally for annual realised crypto gains, according to blockchain analytics firm Chainalysis.

Globally, gains were up more than five-fold compared to the previous year, increasing from US$32.5 billion in 2020 to US$162.7 billion in 2021, with the US seeing the most gains by a wide margin:

Many Countries Record Increases of 400-500%

This is the first year that Chainalysis has reported annual gain data on cryptocurrencies other than Bitcoin (BTC), so it’s hard to draw direct comparisons – but based on the BTC data, it appears gains in Australia are up around 5x, which is in line with similar economies around the world. In 2020, Australia saw around US$0.2 billion in BTC gains, while in 2021 this figure was close to US$1 billion.

Many other countries saw similar increases: the US recorded growth of 476 percent, from US$8.1 billion to US$47.0 billion; UK gains grew 431 percent; and gains in Germany were up 423 percent.

China’s gains increased from US$1.7 billion to US$5.1 billion, a modest gain of 194 percent. This relatively subdued growth is most likely a reflection of the Chinese government’s crackdown on crypto activity over the past year.

Majority of Gains From Ethereum

On a per-crypto basis, the majority of realised gains globally came from Ethereum at US$76.3 billion, with Bitcoin coming in second at US$74.7 billion.

Crypto gains by country by coin. Source: Chainalysis

Chainalysis attributes Ethereum’s dominance to the explosion in DeFi in 2021, saying:

We believe this reflects increased demand for Ethereum as the result of DeFi’s rise in 2021, as most DeFi protocols are built on the Ethereum blockchain and use Ethereum as their primary currency.

Chainalysis

Good Signs for Crypto

Chainalysis believes its data shows that crypto is in a vigorous growth phase and suggests it still represents a good economic opportunity moving forward, explaining:

While there are still risks the industry must work to mitigate, the data not only shows that crypto asset prices are growing, but also that cryptocurrency remains a source of economic opportunity for users in emerging markets.

Chainalysis

The crypto environment in Australia in particular looks bright, with increased regulatory clarity on the way and numerous crypto ETFs set to launch in the coming weeks.

Categories
Cardano COTI Crypto News iExec RLC Market Analysis Trading

Top 3 Coins to Watch Today: ADA, COTI, RLC – April 27 Trading Analysis

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 9th cryptocurrency globally and the current price is US$0.8328. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 55% drop during Q1 found a low near $0.7935 during mid-March 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 $0.8815. A sustained bullish move may target the swing high at $0.9622. If this stop run occurs, a run beyond the high into probable resistance near $1.10 and $1.15 is possible.

Bulls could buy a retracement to possible support near $0.8145, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.7925. 

However, relatively equal lows near $0.7757 and $0.7522 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7347 and $0.7152.

2. Coti (COTI)

COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions, as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.

COTI Price Analysis

At the time of writing, COTI is ranked the 185th cryptocurrency globally and the current price is US$0.2209. Let’s take a look at the chart below for price analysis:

Source: TradingView

COTI‘s rally during H2 2021 broke down in November and has since been in a bearish trend on the daily chart. The price recently swept lows below a contested area at $0.1942, which prompted a rally during the last week into resistance at the 40 EMA near $0.3148. 

It remains to be seen whether this contested area from $0.2073 to $0.1910 can support a retest.

Unless the overall market turns bullish, a bearish continuation to possible support near $0.2155 – just under the 79.6% retracement level – seems likely. This area has sparked multiple consolidations.

A break of this level might continue to possible support near $0.1799, where the H2 2021 rally began accumulating before its run.

If the market continues its rally, breaking through resistance near the 2021 yearly open, the macro range highs near $0.3415 might provide the next resistance.

3. iExec Rlc (RLC)

iExec RLC claims to have developed the first decentralised marketplace for cloud computing resources. Blockchain technology is used to organise a market network where users can monetise their computing power, applications and datasets. By providing on-demand access to cloud computing resources, iExec is reportedly able to support compute-intensive applications in fields such as AI, big data, healthcare, rendering, or FinTech.

RLC Price Analysis

At the time of writing, RLC is ranked 147th cryptocurrency globally and the current price is US$1.81. Let’s take a look at the chart below for price analysis:

Source: TradingView

RLC printed nearly +46% gains during March. After this move, the price has been consolidating for the past week around a monthly level near $1.80.

Overlapping support zones should provide bullish strength, with the current region beginning at $1.72 providing a reasonable entry accompanied by a wide stop. Relatively equal daily lows near $1.66 could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $1.60.

Last month’s high near $1.98 provides the highest probability target, with the next swing high inside resistance at $2.08 giving another target and potential short-term reversal area.

A strong move through this level into resistance beginning at $2.15 is likely to target the monthly high at $2.19, potentially reaching the next monthly high near $2.25.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.