Category: Market Analysis

Top 3 Coins to Watch Today: LTC, XLM, KAVA – April 13 Trading Analysis

Post author By Malik Junaid
Post date April 13, 2022

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 20^th cryptocurrency globally and the current price is US$103.65. 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 20% to break the weekly highs.

The following 65% plummet found support near $102.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $120.53.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $125.12, where aggressive bulls might begin bidding. The level near $134.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $147.13.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $100.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $91.23 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, 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 30^th cryptocurrency globally and the current price is US$0.1902. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2557 in early April before retracing nearly 25% to find a low near $0.1780. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.2478 is slowing the bullish advance down. However, another leg might target the last swing high at $0.2822 and relatively equal highs at $0.3136. Resistance near $0.3359 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3856.

A retracement before a move higher might find support in the daily gap near $0.1743, just above the monthly open. Relatively equal lows near $0.1675 could also provide support. Run-on stops at $0.1605 and $0.1583 might find support in the gap beginning near $0.1520.

3. Kava.io (KAVA)

KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto-assets.

KAVA Price Analysis

At the time of writing, KAVA is ranked the 96^th cryptocurrency globally and the current price is US$4.07. Let’s take a look at the chart below for price analysis:

Source: TradingView

The last year saw KAVA travel through a massive range from approximately $8.00 to $3.66. Currently, it is trending downward into the range lows.

Resistance might be found just above the current price, beginning near $4.75. This area has confluence with the 9 and 18 EMAs.

A stronger retracement against the bearish trend could reach the 40 EMA and the March monthly open, near $3.70.

Although unlikely in the current bearish market conditions, a more significant rally might reach over the 2022 yearly open to test an inefficiently traded area from $4.19 to $4.48.

During Q1, the price bounced from the support between $3.15 to $3.00 while wicking just under a narrow support zone at $2.89. These two levels could provide support again.

However, the price has been consolidating on higher timeframes since late January. Given the current bearish market conditions, it seems likely that a retest of these two support levels may fail.

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Top 3 Coins to Watch Today: FET, QKC, ROSE – April 12 Trading Analysis

Post author By Malik Junaid
Post date April 12, 2022

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. Fetch.ai (FET)

Fetch.ai FET is a platform that aims to connect Internet of Things (IoT) devices and algorithms to enable their collective learning. Fetch.ai is built on a high-throughput sharded ledger and offers smart contract capabilities to deploy machine learning and artificial intelligence solutions for decentralised problem-solving. These open-source tools are designed to help users create ecosystem infrastructure and deploy commercial models.

FET Price Analysis

At the time of writing, FET is ranked the 184^th cryptocurrency globally and the current price is US$0.3437. Let’s take a look at the chart below for price analysis:

Source: TradingView

FET rallied 139% from its February low before running to resistance near equal highs at $0.5440. These highs may be a target in the future.

The price could find support near $0.3583 as holders buy and stake FET for the stakedrop. This level is close to the 61.8% retracement, the upper half of a consolidation, and 9, 18 and 40 EMAs bullish flip.

Just below, near $0.3153, the 78.6% retracement and inefficiently traded area at the origin of March’s move could also provide support.

Until the price tests these levels, $0.4190 could provide the closest resistance. This area is inefficiently traded and contains the 9 and 18 EMAs.

Slightly higher, near $0.4596, the April monthly open and origin of the current bearish retracement could also give resistance.

If the price does find support, this could be the start of a more significant swing that may reach probable resistance between $0.6318 and $0.6943. This inefficiently traded area fills the 27% and 50% extensions and would target bears’ stops above multiple swings.

2. QuarkChain (QKC)

The QuarkChain Network QKC is a permissionless blockchain architecture that aims to meet global commercial standards. It aims to provide a secure, decentralised and scalable blockchain solution to deliver 100,000+ on-chain TPS. QuarkChain is a public chain that can support multiple consensuses, and multiple transaction models including virtual machines VMs, ledger, and token economics in one network. It can reportedly adapt to blockchain innovations by customising consensus, transaction model (including VM), ledger, and token economics in each shard to satisfy different requirements of different industries/enterprises/DApps.

QKC Price Analysis

At the time of writing, QKC is ranked the 316^th cryptocurrency globally and the current price is US$0.02138. Let’s take a look at the chart below for price analysis:

Source: TradingView

QKC surged near the end of March, setting a high 157% above its January low.

Consolidation lows near $0.02757 might provide the next significant resistance. However, the April monthly open could also offer some short-term resistance.

Near the 2022 yearly open, 40 EMA and 61.8% retracement, $0.02131 is being tested as support. The price bounced from this level and is compressing between the 9 and 18 EMAs.

Slightly lower, $0.01897 to $0.01710 may offer more robust support. The price may want to re-trade down through the inefficient area to this level, which has confluence with the 78.6% retracement and old swing highs.

If either of these supports does begin a new significant bullish rally, bulls might next target an area near $0.03599. Reaching this level would run bears’ stops above multiple relatively equal highs near the 27% extensions.

3. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 90^th cryptocurrency globally and the current price is US$0.2367. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE climbed 82% from its February low, then dropped nearly 29% into support last Tuesday and Wednesday.

The price is currently testing this support again, near $0.2490. It may provide support again and has confluence with the 61.8% and 78.6% retracements.

Resistance begins just above, at $0.2637. This inefficiently traded area, which reaches slightly beyond $0.2862, contains the April monthly open, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs.

These confluences often provide strong resistance. Since this resistance is close to the $0.2490 support, the price might enter consolidation before breaking out to the next move.

If the price breaks this resistance, bulls might eye an area of old rejection, near $0.3062, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.3495 to $0.3660.

A more significant bearish turn in the market may reach for bulls’ stops under the February lows, down to an area of old support in an inefficiently traded area between $0.1641 and $0.1174.

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TradeRoom: Our Weekly Crypto Trades Analysis – Apr 11, 2022

Post author By David Haslop
Post date April 11, 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

Well I’m back on the charts after two weeks with Covid (not fun!) and straightaway we can see BTC doing exactly what I was concerned about in my last analysis article. She’s broken out to the upside but failed to hold above that very important level of support.

*Image from my last article showing my concern for BTC*

The current price action could simply be painting a retest before continuing up, or we could be seeing a really big bear flag forming. My vote is for the latter. The bear flag price objective is usually the length of the “flag pole”, which would take the BTC price below US$20,000.
The rising price and lowering volume after a 50% market dump is indicative of a bear flag, in my opinion.

So what are we waiting for and how do we trade it? Well, as a price action trader I’m looking for key levels to either hold or break. If US$40,000 fails to hold and we create a lower low below US$37,000, I’d be feeling confident in shorts. If US$40,000 holds as support and we see some great bullish candlestick analysis in the region, I’ll scale into longs.

Again, my bias at this moment is bearish, as it has been since the end of last year. We are back below the daily 200 EMA and 100 EMA. I sure would love to buy more BTC sub-US$20,000!

This Week’s Trades

With a bearish bias, I’m looking for coins that have had recent pumps into key levels which could be setting up for shorts.

KNC/USDT

One I’m watching is KNC. It’s had some nice bullish PA up to its previous ATH exactly a year ago. It’s currently painting a big exhaustion wick on the daily and showing a decent bearish divergence on the 4H chart, all at key resistance.

JST/USDT

Watching JST for shorts at the moment, and we can see on the daily some buyer exhaustion on a lower high and with low volume. I’m inclined to short this back to US$0.06. Still 12 hours for daily close, so worth watching in my opinion.

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Top 3 Coins to Watch Today: SOL, LUNA, TRX – April 11 Trading Analysis

Post author By Malik Junaid
Post date April 11, 2022

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. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 6^th cryptocurrency globally and the current price is US$113.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 60% from its December highs and reached possible support last month near $85.34. Resistance might begin near $115.24, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $120.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $126.42 and $139.94. This zone is where the last movement down accumulated positions before breaking down.

Possible support rests near $105.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $96.10 and $90.54. If the price reaches this zone, the May 2021 swing high near $84.13 might mark a more sensitive level.

2. 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 9^th cryptocurrency globally and the current price is US$94.89. 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 95% during Q1.

The price is currently retracing from resistance near $114.90, just below the all-time high. Bulls might begin eyeing entries near $90.00, 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 $87.44 and $84.07. 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 $79.41.

While the price is retracing, $98.44 offers the closest probable resistance at the yearly open. Just above, near the March monthly open, the consolidation lows near $101.69 are also a reasonable candidate for resistance.

If the price breaks through these resistances, the significant resistance at $107.69 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 $125.40 offer a possible significant target.

3. 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 25^th cryptocurrency globally and the current price is US$0.06387. 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 50% from its mid-December high until it found a low early in February.

Price action formed a weekly support level near $0.06154, which has so far held up the price. The most recent swing low inside this range, near $0.05929, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05555 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07092, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07535 – but could reach as high as $0.08137.

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Top 3 Coins to Watch Today: BCH, ICP, GALA – April 8 Trading Analysis

Post author By Malik Junaid
Post date April 8, 2022

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. Bitcoin Cash (BCH)

Bitcoin Cash BCH is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity (big blocks). In the same way that physical money, such as a dollar bill, is handed directly to the payee, Bitcoin Cash payments are sent directly from one person to another. As a permissionless, decentralised cryptocurrency, Bitcoin Cash requires no trusted third parties and no central bank. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary middlemen such as banks and payment processors.

BCH Price Analysis

At the time of writing, BCH is ranked the 26^th cryptocurrency globally and the current price is US$336.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

March marked a turning point for BCH, with the price rocketing up almost 45% from its lows to probable resistance beginning near $386.22.

The price is currently struggling with the area between $365.43 and $329.76. 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 $340.33. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $336.21, and the potential support just below that begins around $330.64.

Continuation to the upside will likely target the monthly high near $375.30. However, probable resistance beginning at $390.55 and $420.05 could cap or slow down this move.

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 36^th cryptocurrency globally and the current price is US$19.16. Let’s take a look at the chart below for price analysis:

Source: TradingView

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

The swing high near $26.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $30.12.

Even if the bearish trend continues, a stop run at the recent swing low near $17.15 into possible support beginning near $16.50 is reasonable. If the price reaches further down, the swing low and possible support near $15.70 might provide another downside target.

The area near $14.55 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $13.79 into possible support beginning around $12.90.

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 67^th cryptocurrency globally and the current price is US$0.2259. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA kicked off a recovery trend to break the new monthly highs.

The following 55% plummet found support near $0.2076, sweeping under the 40 EMA into the 59.8% retracement level before bouncing to resistance beginning at $0.2430.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2712, where aggressive bulls might begin bidding. The level near $0.2950, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3285.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1980 could provide at least a short-term bounce. If this level fails, the old highs near $0.1754 might also give support and see the start of a new bullish cycle after retesting these support levels.

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Top 3 Coins to Watch Today: MATIC, ADA, SLP – April 7 Trading Analysis

Post author By Malik Junaid
Post date April 7, 2022

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 17^th cryptocurrency globally and the current price is US$1.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its Q1 lows, MATIC has been in a steady bullish trend – printing a 40% gain by mid-March. The price found support near $1.37, at the 70.6% retracement level, during February’s decline.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.80 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.40, and still find support.

Currently, the price is contesting a region between $1.55 and $1.45. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.54, while $1.62 is also likely to be sensitive with the nearest support and resistance this close together.

2. 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 9^th cryptocurrency globally and the current price is US$1.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop during Q3 found a low near $0.7835 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 $1.18. A sustained bullish move may target the swing high at $1.22. If this stop run occurs, a run beyond the high into probable resistance near $1.28 and $1.37 is possible.

Bulls could buy a retracement to possible support near $0.9840, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9325.

However, relatively equal lows near $0.8857 and $0.8522 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8247 and $0.8052.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 375^th cryptocurrency globally and the current price is US$0.02155. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 65% rally during March ran into a 30% retracement near $0.02015. Since then, the price has been consolidating in a 40% range between $0.02124 and $0.02632.

Just below the late-December low, $0.01824 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01758 might cap a run on the lows near $0.01632 and $0.01575.

The higher-timeframe analysis points to the area near $0.02751 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03027 and $0.03360 may be the next targets.

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Top 3 Coins to Watch Today: AXS, REN, IOST – April 6 Trading Analysis

Post author By Malik Junaid
Post date April 6, 2022

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. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 40^th cryptocurrency globally and the current price is US$62.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 30% range could suggest that a larger move is setting up in April.

Aggressive bulls could look for entries at the most recent area of support formed near $60.22. However, equal lows near $56.12 make a tempting target for a stop run into this support. This move could reach support near $53.67.

A decisive move to the downside could run stops below the second set of relatively equal lows near $50.23, possibly reaching support at an old swing high and a daily gap near $47.58.

A recent level near $69.84 provided resistance and caused a swing high to form near $75.88, offering first targets. A move through this high may arrive at new monthly high levels near $80.31 and $86.30.

2. Ren (REN)

REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes that power RenVM, known as Darknodes. REN aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.

REN Price Analysis

At the time of writing, REN is ranked the 146^th cryptocurrency globally and the current price is US$0.4801. Let’s take a look at the chart below for price analysis:

Source: TradingView

REN bulls have enjoyed over 80% returns since Q1 2022, with little resistance above to end the current price discovery.

The price may find support near $0.4256. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $0.4013. The area around $0.3750 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near $0.5326 could potentially provide some resistance in the short term. Extensions reaching near $0.5977 and $0.6492 make reasonable take-profit zones if the bullish trend continues.

3. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

IOST Price Analysis

At the time of writing, IOST is ranked the 118^th cryptocurrency globally and the current price is US$0.0355. Let’s take a look at the chart below for price analysis:

Source: TradingView

IOST rallied 95% during March and almost set new monthly highs before selling off 30% into its weekly low.

A retest of the monthly open, near $0.03625, started a new wave of selling in early April. The subsequent break of the weekly open created a new area of resistance between $0.04159 and $0.04363 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.

If this resistance breaks, a move toward the monthly highs might find resistance between $0.04074 and $0.04570. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.04930.

Old support near $0.03289 created a sharp bullish reaction in late March. This region, down to $0.03074, could provide support again.

However, a longer-term bottom is more likely to be found between $0.02827 and $0.02690, where higher-timeframe charts show an inefficiently traded area.

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Top 3 Coins to Watch Today: DFI, IRIS, MBOX – April 5 Trading Analysis

Post author By Malik Junaid
Post date April 5, 2022

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. DefiChain (DFI)

DeFiChain DFI is a blockchain platform built with the mission of maximising the full potential of DeFi within the Bitcoin (BTC) ecosystem. The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security and decentralisation.

DFI Price Analysis

At the time of writing, DFI is ranked the 207^th cryptocurrency globally and the current price is US$4.58. Let’s take a look at the chart below for price analysis:

Source: TradingView

DFI has climbed 109.51% from its late January low and is nearing its range high.

The price is currently encountering resistance near $4.750, where December’s breakdown began. This level could continue to provide resistance.

After bulls reached this resistance, the price saw a sharp 15.2% sell-off to support near $3.923, just above the consolidation that began the last leg upward. This level could provide support again.

More aggressive bulls might hunt closer possible support levels near $4.115, where the sell-off wicked through an inefficiently traded area, and from $4.472 to $4.330, where the 9 EMA and April monthly open converge.

Selling may intensify since the price is nearing its yearly range highs. However, if the price breaks its closest resistance, bulls may be eyeing the two bearish rejections near $5.764 as the next target.

2. IRISnet (IRIS)

Irisnet IRIS is a service protocol and cryptocurrency, officially launched on March 1, 2019. The primary purpose of the IRISnet protocol is to provide a blockchain-based, open network to small and medium businesses that are offering a wide variety of services, with the protocol aiming to employ different public and consortium blockchains to bring the power of decentralised, open networks to thousands of businesses and freelance service providers. Interestingly, IRISnet was named after Iris, the personification of the rainbow and the messenger of the Gods in Greek mythology.

IRIS Price Analysis

At the time of writing, IRIS is ranked the 420^th cryptocurrency globally and the current price is US$0.07611. Let’s take a look at the chart below for price analysis:

Source: TradingView

IRIS climbed nearly 66% after it ran bulls’ stops near a cluster of lows at $0.05133.

The price might find support in the current area, from $0.07636 to $0.07310. Here, the price consolidated before February’s sell-off.

Further below, $0.06525 to $0.06056 may offer more substantial support. The 9, 18 and 40 EMAs have created a bullish cross in this zone. It also has confluence with the 61.8-78.6% retracement levels of the current move and marks the consolidation high before the recent rally.

While the current level could also provide resistance, the price may reach slightly beyond, near $0.08532. This level is near the 2022 yearly open and a significant consolidation low that preceded January’s breakdown.

If this price breaks this resistance, bulls might next watch the area near $0.09808. At this level, the monthly chart shows the last significant consolidation before December’s breakdown.

If the market turns aggressively bearish, bears may enter with a hopeful short target near $0.04625. A move to this level would run bulls’ stops under all higher-timeframe swing lows into the origin of January 2021’s rally.

3. MoBox (MBOX)

MoBox MBOX is an NFT gaming ecosystem built on Binance Smart Chain, a community-driven platform empowering users by rewarding them for their engagement and enjoyment. It combines yield farming in DeFi with gaming NFTs, creating a free-to-play, play-to-earn gaming model. MOBOX Platform combines DeFi and Gaming NFTs, creating a truly free-to-play and play-to-earn ecosystem.

MBOX Price Analysis

At the time of writing, MBOX is ranked the 184^th cryptocurrency globally and the current price is US$3.75. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, MBOX broke a key swing high to the upside, reaching resistance beginning near $4.289.

This area could continue to provide resistance, although it’s reasonable to expect the price to reach slightly above to an area between $4.729 and $5.222. This area is near the 2022 yearly open. It also shows an overlap of inefficient higher-timeframe trading and December’s consolidation, which spawned a strong move downward.

As of now, the first probable support may be near $3.393. This area provided support last week. It also overlaps the consolidation high before February’s drop, contains the 9 EMA, and is an inefficiently traded area.

If the support near $3.393 fails, bulls might eye $2.519 as the next possible support. This level has confluence with the 78.6% retracement level, saw the bullish cross of the 9, 18 and 40 EMAs, and is inefficiently traded on higher timeframes.

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Top 3 Coins to Watch Today: DEGO, DOT, CELO – April 4 Trading Analysis

Post author By Malik Junaid
Post date April 4, 2022

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. 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 660^th cryptocurrency globally and the current price is US$3.92. Let’s take a look at the chart below for price analysis:

Source: TradingView

During March, bulls enjoyed 65% 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 $4.15 and $4.00, near the weekly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $3.89 and $3.78 after a sweep of the current consolidation’s swing lows.

The last swing high near $4.10 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $4.35 and the 2.0 extension near $4.60 may provide the next major targets.

2. 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 11^th cryptocurrency globally and the current price is US$23.06. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 50% during Q1, showing little sign of interest from buyers.

March’s consolidation at possible support from $22.68 to $24.57 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 $27.70, and the monthly high near $31.88 may see profit-taking from bulls.

The first test of possible support near $19.70 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 $17.66, 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 $16.55 to $16.00.

3. Celo (CELO)

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. The network also allows for the creation of smart contracts and decentralised applications (DApps) as part of decentralised finance (DeFi). The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In the future, the platform aims to host various stablecoins, with one, the Celo Dollar (CUSD), already in use.

CELO Price Analysis

At the time of writing, CELO is ranked the 70^th cryptocurrency globally and the current price is US$3.69. Let’s take a look at the chart below for price analysis:

Source: TradingView

CELO has continued its rally through the daily gap between $3.70 and $3.62, turning this region into an area of possible support.

However, a stop run under the relatively equal lows at $3.54 could form a wick below this level, potentially reaching an untapped daily gap beginning near $3.47.

Resistance starting at $3.80 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 $3.95, continue into probable resistance just above, and possibly set new monthly highs at $4.16.

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Top 3 Coins to Watch Today: ALICE, LINK, RSR – April 1 Trading Analysis

Post author By Malik Junaid
Post date April 1, 2022

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. MyNeighborAlice (ALICE)

ALICE is a multiplayer builder game where anyone can buy and own virtual islands, collect and build exciting items, and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience, as well as an ecosystem for players who want to collect and trade non-fungible tokens (NFTs).

ALICE Price Analysis

At the time of writing, ALICE is ranked the 258^th cryptocurrency globally and the current price is US$7.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

After accumulating under the November monthly open, ALICE rallied 90% in a week before retracing to support near $6.55. Buyers continue to snatch up dips under the weekly open, suggesting that accumulation is still taking place.

Bulls could look for entries in this region while being conscious of a potential stop run below the cluster of lows at $7.37. Two areas of support, beginning near $7.26 and $7.00, provide probable buys if the price dips this low.

The equal highs near $8.63 provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near $9.30. Possible targets include the old highs just above this resistance near $10.43, $10.86, and $11.59.

2. 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 24^th cryptocurrency globally and the current price is US$16.85. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early January spike retraced near $13.08 into the consolidation that began the impulse before bouncing to $17.30.

This consolidation could provide support again, although bears would first have to push the price through possible support near $14.00. The market’s structure may be shifting bearish, with $13.62 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $12.63 before finding support near $11.71.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $18.78 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the December wick near $21.58.

3. Reserve Rights (RSR)

Reserve Rights RSR is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform. Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts. The second token is the Reserve Rights token (RSR), which is used to keep the RSV stable at its $1.00 price target through a system of arbitrage opportunities.

RSR Price Analysis

At the time of writing, RSR is ranked the 190^th cryptocurrency globally and the current price is US$0.01802. Let’s take a look at the chart below for price analysis:

Source: TradingView

RSR has retraced approximately 52% as the price hovers over possible support beginning near $0.01608.

The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at $0.01570 could provide support for a shallow stop run.

However, lows near $0.01489 also provide a tempting downside target if bitcoin begins a bearish trend. Under these lows, bulls might find support near $0.01412 – or as low as $0.01365 if the market sees a sustained bearish move.

The confluence of levels near $0.01934 that surround the monthly open may provide some resistance, particularly if reached before a run of the highs near $0.02065.

If the bullish trend resumes, $0.02269 may provide some resistance before running the swing highs at $0.02319 and $0.02410.

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