Category: Market Analysis

Top 3 Coins to Watch Today: MANA, OMG, XLM – March 21 Trading Analysis

Post author By Malik Junaid
Post date March 21, 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. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 32^nd cryptocurrency globally and the current price is US$2.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.30 last week.

The price broke through resistance near $2.45, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.37. However, a drop this far increases the chances of a stop run to $2.32 and possibly into support near $2.25. For now, continuing bullish market conditions could help $2.40 become support.

The swing high around $2.73 gives bulls a reasonable first target, with $2.88 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.00 or $3.10 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.16.

2. Omg Network (OMG)

Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.

OMG Price Analysis

At the time of writing, OMG is ranked the 100^th cryptocurrency globally and the current price is US$4.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 35% drop has filled the March monthly gap twice as the price consolidated between $3.82 and $4.90.

The price’s current region, between $4.71 and $4.60 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.10 is a likely target.

An animated move through these highs could reach up to the daily gap beginning at $5.15. The area between $5.33 and $5.59 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.50 and find support near $4.43. If this level is lost, the swing low at $4.31 is a likely target, with $4.12 possibly giving support.

3. 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 29^th cryptocurrency globally and the current price is US$0.1955. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2857 in early February before retracing nearly 45% to find a low near $0.1680. 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 $0.2722 and relatively equal highs at $0.3036. Resistance near $0.3259 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3826.

A retracement before a move higher might find support in the daily gap near $0.1843, just above the monthly open. Relatively equal lows near $0.1775 could also provide support. Run-on stops at $0.1705 and $0.1653 might find support in the gap beginning near $0.1600 or a high-timeframe level near $0.1510.

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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.

Crypto News EOS Linear Market Analysis The Sandbox Trading

Top 3 Coins to Watch Today: SAND, EOS, LINA – March 18 Trading Analysis

Post author By Malik Junaid
Post date March 18, 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. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 34^th cryptocurrency globally and the current price is US$3.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive gains during February halted at $5.04 before retracing 68% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $3.68 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.89. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $3.11 and $3.02 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.

Inside this zone, the consolidation high near $2.90 to $2.82 might see more sensitivity and mark the bearish target.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.67.

2. 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 50^th cryptocurrency globally and the current price is US$2.07. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has been in an overall decline for the past 10 months and has reached 87% below its mid-May 2021 high.

Just above the current price, near $2.12, might be the bears’ first line of resistance in the upcoming weeks. This level is near the 9 EMA and consolidation highs that formed after the low sweep at $1.98.

Resistance could be found between $2.23 and $2.39, with the lower half of this range possibly proving stronger. This range has confluence with the 40 EMA and accumulation area for the early February run on bears’ stops.

While less likely, a more extended rally might reach probable resistance near $2.57. This area is in the upper half of a significant consolidation area on higher-timeframe charts.

Bulls might find support beginning near $1.79. However, $1.63 to $1.48 could offer a higher probability of a short-term bottom before a more substantial bounce. Higher timeframes show inefficient trading in this zone, as well as in another possible support beginning near $1.35.

3. Linear (LINA)

Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices, and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.

LINA Price Analysis

At the time of writing, LINA is ranked the 454^th cryptocurrency globally and the current price is US$0.02014. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q1, LINA retraced almost 58%, breaking key swing lows early to mid-month. This could provide a solid support for swing traders.

The swing high near $0.02836 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.03657.

Even if the bearish trend continues, a stop run at the recent swing low near $0.01812 into possible support beginning near $0.01645 is reasonable. If the price reaches further down, the swing low and possible support near $0.01410 might provide another downside target.

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Crypto News Fantom Market Analysis The Graph Trading Waves

Top 3 Coins to Watch Today: WAVES, FTM, GRT – March 17 Trading Analysis

Post author By Malik Junaid
Post date March 17, 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. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 40^th cryptocurrency globally and the current price is US$27.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

During the last week’s high, WAVES‘ slight drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $25.88 and $22.35 – between the 31.8% and 40.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near $33.45 and $35.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $29.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $31.42, the start of the bearish move.

2. 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 44^th cryptocurrency globally and the current price is US$1.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce since January ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.25, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $1.90.

Currently, the price is testing possible support near the weekly open, around $1.08. 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 $0.9849 to $0.9230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early December’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.8837, might mark an area of possible support as well as a bearish target.

3. The Graph (GRT)

The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.

GRT Price Analysis

At the time of writing, GRT is ranked the 49^th cryptocurrency globally and the current price is US$0.4388. Let’s take a look at the chart below for price analysis:

Source: TradingView

GRT‘s 80% retracement in Q1 set a low near $0.3147 during its consolidation that began in early March.

Relatively equal highs near $0.5244 could be the current target if the price breaks through resistance beginning near $0.5958. Bullish continuation might reach through the next significant swing high near $0.6138 into the daily gap near $0.6612.

If bullish strength continues, the zones just below the previous monthly highs near $0.7043 and $0.7412 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $0.4036 into possible support near $0.3782. If this down move occurs, the swing low near $0.3342 and possible support near $0.3016 may be the primary objective.

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Crypto News IOTA Market Analysis Quant Reserve Rights Trading

Top 3 Coins to Watch Today: IOTA, QNT, RSR – March 16 Trading Analysis

Post author By Malik Junaid
Post date March 16, 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. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind the platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked the 50^th cryptocurrency globally and the current price is US$0.6993. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 40% decline during February, IOTA has ranged between $0.7833 and $0.6503.

The recent rally was approaching probable resistance near $0.8145 but could be aiming for stops above the relatively equal highs near $0.8620. Continuation of the bullish move could target the daily gap near $0.9135.

Aggressive bulls might add to positions near $.7140 and $0.6944. Price action near $0.6740 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.6635 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.6155.

2. Quant (QNT)

Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.

QNT Price Analysis

At the time of writing, QNT is ranked the 67^th cryptocurrency globally and the current price is US$112.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

February marked a turning point for QNT, with the price gaining almost 55% from its lows to probable resistance beginning near $156.30.

The price is currently struggling with the area between $129.80 and $108.33. 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 $102.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $98.65, and the potential support just below that begins around $91.34.

Continuation to the upside will likely target the monthly high near $136.19. However, probable resistance beginning at $142.77 and $150.30 could cap or slow down this move.

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 268^th cryptocurrency globally and the current price is US$0.01203. Let’s take a look at the chart below for price analysis:

Source: TradingView

RSR has retraced approximately 72% as the price hovers over possible support beginning near $0.01208.

The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at $0.01190 could provide support for a shallow stop run.

However, lows near $0.01179 also provide a tempting downside target if bitcoin begins a bearish trend. Under these lows, bulls might find support near $0.01153 – or as low as $0.01125 if the market sees a sustained bearish move.

The confluence of levels near $0.01294 that surround the monthly open may provide some resistance, particularly if reached before a run of the lows near $0.01322.

Should the bullish trend resume, $0.01369 may provide some resistance before running the swing highs at $0.01400 and $0.01435.

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Cosmos Crypto News Elrond Glitch Market Analysis Trading

Top 3 Coins to Watch Today: ATOM, EGLD, GLCH – March 15 Trading Analysis

Post author By Malik Junaid
Post date March 15, 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. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20^th cryptocurrency globally and the current price is US$26.77. Let’s take a look at the chart below for price analysis:

Source: TradingView

ATOM has been consolidating in a range around May 2021’s high since Q3 2021.

February 2022 saw the start of a smaller range inside this larger range. Near the current price, $26.38 or $24.94 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run before late February’s rally.

Just above the current price, the 9, 18 and 40 EMAs might provide resistance near $27.86. This level saw consolidation before last week’s downward move.

A move back toward the local range highs could reach possible resistance near $33.06, where bears rejected February’s rally. This level is just above the 2022 yearly open and the March monthly open.

A more extended move by bulls might reach the larger range’s rejection area near $38.81. However, a move this far is less likely unless the overall market rallies.

Below the higher timeframe’s range, $17.55 to $14.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the June 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $17.25 and $15.96, and provides a reasonable stop run target under relatively equal lows at $20.18 and $21.40.

2. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 37^th cryptocurrency globally and the current price is US$143.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 919% rally during the second half of 2021 reversed with many other coins in November, retracing nearly 80% by January.

Just above the current price and near the March open, $141.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.

Bears might consider $170.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach up to $205.45 at the top of an inefficiently traded area before any future bearish breakdowns.

Resistance might also rest near $254.44, above the 2022 yearly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.

The price is finding support between $133.00 and $94.38. This zone might continue to hold as investors accumulate for the snapshots beginning on Tuesday. Overlapping higher-timeframe levels from $118.44 to $107.81 could provide the most substantial support inside this area.

Significant swing lows and stops near $53.41 may be the bearish target if this support breaks. If the price reaches this level, a longer-term bottom might form in a higher-timeframe inefficiently traded area between $53.41 and $29.80.

3. Glitch (GLCH)

Glitch GLCH is a fast, interoperable, blockchain-agnostic protocol purpose-built for DeFi. Rather than aiming to be a jack-of-all use cases, GLITCH has a singular focus on decentralised financial applications and trustless money markets. GLITCH solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing model. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.

GLCH Price Analysis

At the time of writing, GLCH is ranked the 630^th cryptocurrency globally and the current price is US$0.3845. Let’s take a look at the chart below for price analysis:

Source: TradingView

GLCH‘s stunning 1,988% bullrun during the second half of 2021 retraced nearly 90% by January.

January’s low found support between $0.3332 and $0.2911, which could provide support again. However, while the market remains bearish, bulls might wait to see if the price reaches near July’s accumulation zone between $0.2239 and $0.1949.

Reaching this zone would run most bulls’ trailed stops. The higher end of this range, near $0.2239, may be more sensitive if bulls begin accumulating for another market cycle.

Just above the current price, $0.3772 could provide short-term resistance. The 9 and 18 EMAs frame this level at the low end of February’s consolidation.

A more substantial rally might reach possible resistance at the 40 EMA and March open, near $0.4437. If the overall market turns more bullish, this resistance may break as bulls look to take profits around $0.5560, near the 78.6% retracement of February’s downward swing.

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Market Analysis The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – Mar 14, 2022

Post author By David Haslop
Post date March 14, 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’ll keep it short this week because not much has changed since last week. The TOTAL market cap is still ranging in what we call a Symmetrical Triangle. This pattern is generally a continuation pattern with a 72% success rate. This indicates that should the pattern play out, there’s a 72% chance it will see more downside. My target from last week of US$1.18 trillion still stands.

BTC has formed the same pattern and if we were to overlay Elliott Wave Theory, then there’s the possibility we’ll see another small move up before we see price action tank to the downside. If this pattern does play out, I’m seeing the US$20,000 level being tested.

As I pointed out in my last article, the DXY (US Dollar Currency Index) is on a bull run, which generally does the opposite of BTC, and GOLD has just tested its ATH. Meaning the flow of global capital seems to be seeking a hedge during the geopolitical unrest, and as I’ve stated before I don’t believe BTC is mature enough yet to be such a hedge.

Last Week’s Performance

I personally didn’t enter any new positions last week as the market hasn’t really given any opportunity because nothing has really changed yet. I’m still in 11 open short positions that I’ve openly shared in our Facebook Group if you’d like to check these out.

UMA/USDT

A quick 200%+ trade here shared by “bking43” in the TradeRoom shows really good confluence of the falling wedge pattern, landing in the golden pocket Fibonacci level and finding dynamic support on the 200 EMA. Looking for these confluent reasons to get into a trade is a prime example of what we teach in TCD. In, out, Profit locked in. Nice trade, bking!

This Week’s Trades

This is where I’d normally share trades I’m looking to enter this week, however I feel we are currently in what we call the “wait trade”.

This is simply waiting for the market to present us with safe entries, and at this moment I see none I’m confident in sharing.

Patience is key here! Some people struggle NOT being in the market and sometimes a bit of patience is all you need!

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Crypto News Market Analysis NEAR Protocol Polkadot Polygon Trading

Top 3 Coins to Watch Today: DOT, MATIC, NEAR – March 14 Trading Analysis

Post author By Malik Junaid
Post date March 14, 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. 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 12^th cryptocurrency globally and the current price is US$17.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% during Q1, showing little sign of interest from buyers.

March’s consolidation at possible support from $18.68 to $19.57 broke down with the rest of the market last week, 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 $24.70, and the monthly high near $26.88 may see profit-taking from bulls.

The first test of possible support near $15.70 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 $14.66, 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 $13.55 to $12.87.

2. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 16^th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its January low, MATIC has been in a steady bullish trend – printing a 54% gain by early February. The price found support near $1.45, at the 82.6% 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 $1.82 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.35, and still find support.

Currently, the price is contesting a region between $1.59 and $1.40. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.49, while $1.58 is also likely to be sensitive with the nearest support and resistance this close together.

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 22^nd cryptocurrency globally and the current price is US$10.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its December to mid-January uptrend, NEAR has dropped 74% from its highs to support at the 78.6% retracement around $9.15.

The price shifted market structure to run to the consolidation lows near $10.51, just under the monthly open. Continued bullishness in the market may create support just below, between $12.22 and $11.90.

Bulls might show more interest if the price retraces near the February open, around $11.60. Continued bearishness could see the price reach into old support around $10.00.

If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls may show more interest from $9.43 to $8.69.

On the other hand, if the current resistance breaks, the price might find resistance near $14.98, whereas early-January buyers may still be trapped in longs.

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Cosmos Crypto News Gala Market Analysis Trading Verasity

Top 3 Coins to Watch Today: GALA, ATOM, VRA – March 11 Trading Analysis

Post author By Malik Junaid
Post date March 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. 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 60^th cryptocurrency globally and the current price is US$0.2157. 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 $0.2530.

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 $0.2940, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3385.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1991 could provide at least a short-term bounce. If this level fails, the old highs near $0.1750 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Cosmos (ATOM)

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20^th cryptocurrency globally and the current price is US$27.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

February provided respectable 45% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $36.52.

If bears take back control this month, the top of the former gap beginning at $24.36 may provide support for at least a short-term bounce. The top of the consolidation range starting near $23.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $22.64 and $20.36, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $32.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.

If this high breaks, the 1.0 extension near $37.21 and the 2.0 extension near $43.90 may provide the next primary new high targets.

3. Verasity (VRA)

Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilising its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.

VRA Price Analysis

At the time of writing, VRA is ranked the 370^th cryptocurrency globally and the current price is US$0.02101. Let’s take a look at the chart below for price analysis:

Source: TradingView

VRA‘s strong downtrend that began in mid-January has retraced most of its Q1 move, recently sweeping lows near $0.01948 but struggling to find strong support.

A sweep of the relatively equal lows near $0.01838 into possible support around $0.01722, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.01643.

The swing high near $0.02346 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.02568, potentially reaching up to the last monthly high near $0.02931.

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Crypto News Filecoin ICON Market Analysis Trading TRON

Top 3 Coins to Watch Today: TRX, ICX, FIL – March 10 Trading Analysis

Post author By Malik Junaid
Post date March 10, 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. 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$0.06141. 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 45% from its mid-December high until it found a low early in February.

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 $0.05689 and the gap beginning near $0.05355 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07435 – but could reach as high as $0.08037.

2. ICON (ICX)

ICON is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer such as ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP.

ICX Price Analysis

At the time of writing, ICX is ranked the 104^th cryptocurrency globally and the current price is US$0.7918. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICX‘s 250% growth during Q4 2021 has continued its grinding downward trend at a steady pace.

At the current price, near the local range’s high, $0.9105 could support a move toward new monthly highs. If the price dips, an area near the range low and 9, 18 and 40 EMAs could provide a better risk-to-reward entry for bulls.

A more significant bearish shift in the market could send the price down to a larger range’s lows near $0.7134 and possibly as far as $0.6807. This area saw a strong reaction during last week’s retracement.

Bulls will likely take some profits near the highs at $0.9273, but the price could continue well beyond the highs. The final target is impossible to predict, but extensions from early 2021’s significant move and the current range suggest that bulls might take more profits near $1.05 and $1.16.

3. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 39^th cryptocurrency globally and the current price is US$18.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has retraced nearly 70% since its December highs, with little higher-timeframe support below the current price.

After rejecting resistance at $23.41, the price is crossing below the March open. This area near the monthly open, between $21.46 and $20.97, might form a new resistance.

A break through this level could reach near $22.88. A retest of possible higher-timeframe support near $17.43 could provide a bounce. However, if the price moves under $16.75 and retests it from below, higher timeframes show no remaining support below this region.

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Cardano Crypto News Market Analysis Oasis Network Theta Trading

Top 3 Coins to Watch Today: ADA, THETA, ROSE – March 9 Trading Analysis

Post author By Malik Junaid
Post date March 9, 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. 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 8^th cryptocurrency globally and the current price is US$0.8021. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 40% drop from its mid-February highs found a low near $0.7935 last week 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 $0.8725. A sustained bullish move may target the swing high at $0.9135. If this stop run occurs, a run beyond the high into probable resistance near $1.05 and $1.14 is possible.

Bulls could buy a retracement to possible support near $0.7840, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.7525.

However, relatively equal lows near $0.7357 and $0.7122 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.6047 and $0.6952.

2. Theta Network (THETA)

Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

THETA Price Analysis

At the time of writing, THETA is ranked the 44^th cryptocurrency globally and the current price is US$2.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

THETA has been gradually moving downwards from December into March 2022.

The 9 and 18 EMAs, near $2.67 and an old consolidation area, might provide resistance to propel the price down to possible support.

Multiple swing lows under an area of old consolidation, near $2.53, could be the next downside target. If this level breaks, higher-timeframe consolidation near $2.47 might provide the following support.

However, if the current resistance breaks, an area near $2.97 and the 40 EMA might be the next level to watch. This level supported multiple past retests, which means it may flip to resistance.

A more substantial rally could push through the monthly open, revisiting the lows of an old consolidation from $3.18 to $3.53. If this move occurs, it could set the stage for a more extensive consolidation or the start of a new bullish trend.

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 87^th cryptocurrency globally and the current price is US$0.2225. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE has dropped nearly 60% since mid-January and found a low in early March, with price action now trending upward through a higher-timeframe range.

The area beginning near $0.3246 has provided strong resistance and may do so again. However, relatively equal highs near $0.3812 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near $0.4314.

Aggressive bulls might add to their positions near $0.2278. If the price breaks through this level, it may be reaching for the cluster of swing lows near $0.2054 and $0.1915. A more substantial move down may run stops below the relatively equal monthly lows, around $0.1766, into the daily gap at this level.

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