Category: Market Analysis

Top 3 Coins to Watch Today: FIL, GALA, SLP – January 6 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 36^th cryptocurrency globally and the current price is US$36.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 75% from its October high, FIL set a low near $33.57 as it formed its current range.

Last week, the price swept highs near $40.34. Relatively equal daily highs near $45.23 provide a reasonable target, although resistance beginning near $47.68 could cap the move. A break of this resistance is likely to target the swing high near $50.12 into higher-timeframe resistance beginning near $58.07.

The current area near $33.40 could provide support, although bulls may be more likely to buy near the price fractal near $30.15 if a retracement reaches this level. A break of this area could continue down to sweep the monthly low near $28.93 into possible support beginning near $25.36.

2. 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 55^th cryptocurrency globally and the current price is US$0.4285. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late October, GALA kicked off a bullish trend that rallied nearly 500% by November to break the new all-time highs.

The following 60% plummet found support near $0.4066, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $0.4630.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.5212, where aggressive bulls might begin bidding. The level near $0.5540, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.6180.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.3931 could provide at least a short-term bounce. If this level fails, the old highs near $0.3550 might also give support and see the start of a new bullish cycle after retesting these support levels.

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 504^th cryptocurrency globally and the current price is US$0.02532. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 83% rally during Q4 ran into 45% retracement near $0.02515. Since then, the price has been consolidating in a 120% range between $0.02324 and $0.02945.

Just below the late-December low, $0.02397 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.02278 might cap a run on the lows near $0.02104 and $0.02035.

The higher-timeframe analysis points to the area near $0.02851 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03247 and $0.03740 may be the next targets.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Crypto News EOS Market Analysis Monero NEO Trading

Top 3 Coins to Watch Today: EOS, NEO, XMR – January 5 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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$3.17. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 80% decline from early October, EOS has ranged between $3.10 and $3.55. The recent rally is approaching probable resistance near $3.25 – but could be aiming for stops above the relatively equal highs near $3.40. Continuation of the bullish move could target the daily gap near $3.52.

Aggressive bulls might add to positions near $3.22 and $3.10. Price action near $3.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $2.92 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 $2.81.

2. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.

NEO Price Analysis

At the time of writing, NEO is ranked the 70^th cryptocurrency globally and the current price is US$26.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during mid-December, NEO has rallied nearly 35% into resistance that starts near $35.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $37.33 might look for bids near $40.86. More significant resistance rests above, near $43.15. A group of significant swing highs at $45.36, $46.55 and $48.23 give possible targets if this resistance breaks.

A stop run on the recent low at $25.00 into possible support beginning near $23.13 might see stronger bidding. This area also has a confluence with the August monthly open.

A bearish market shift could reach the swing low at $21.68 into possible support beginning near $19.24.

3. Monero (XMR)

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

XMR Price Analysis

At the time of writing, XMR is ranked the 44^th cryptocurrency globally and the current price is US$226.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR‘s 65% rally during Q4 ran into resistance near $289. Since then, the price has been consolidating in a 120% range between $195 and $240.

Just below the monthly open, $219 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $213 might cap a run on the lows near $206 and $200.

The higher-timeframe analysis points to the area near $235 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $248 and $253 may be the next target.

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Cardano Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: ADA, MATIC, SAND – January 4 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 6^th cryptocurrency globally and the current price is US$1.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 75% drop from its November highs found a low near $1.22 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.48. A sustained bullish move may target the swing high at $1.57. If this stop run occurs, a run beyond the high into probable resistance near $1.65 and $1.80 is possible.

Bulls could buy a retracement to possible support near $1.30, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.24.

However, relatively equal lows near $1.19 and $1.14 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.05.

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 14^th cryptocurrency globally and the current price is US$2.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

December 2021 marked a turning point for MATIC, with the price rocketing up almost 85% from its lows to probable resistance beginning near $2.85.

The price is currently struggling with the area between $2.38 and $2.60. 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 $2.35. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $2.24, and the potential support just below that begins around $2.15.

Continuation to the upside will likely target the recent monthly highs near $2.89. However, probable resistance beginning at $2.70 and $2.78 could cap or slow down this move.

3. 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 36^th cryptocurrency globally and the current price is US$5.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since November’s high, SAND‘s 65% 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 $5.62 and $5.42 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near $6.34 and $6.90 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $6.15, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $6.30, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $6.54 might provide a ceiling for this impulse.

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Crypto News Market Analysis Tezos Trading

Top 3 Coins to Watch Today: FTM, XTZ, RVN – January 3 Trading Analysis

Post author By Malik Junaid
Post date January 3, 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. 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 29^th cryptocurrency globally and the current price is US$2.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

During early November, FTM broke several swing highs that could be the signal for a new bullish trend.

Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $2.23 and may target the swing low and possible support near $2.10.

The swing low and possible support near $2.00 could be the second bearish target if the move down continues. The relatively equal lows near $1.95 and possible support underneath near $1.89 could provide more substantial support.

The last swing high near $2.55 gives a near-term target if bullish continuation continues. However, resistance beginning around $2.62 could cap this move. A break of this resistance might continue to probable resistance near $2.73 and reach above the cluster of relatively equal new monthly highs near $2.85 and $2.93.

2. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 44^th cryptocurrency globally and the current price is US$4.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 82% drop since late November saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $4.89 is providing some resistance. However, continuation through the monthly high at $5.19 is not out of the question. Aggressive bulls might bid in the current region near $4.88.

If the price runs the recent swing low, bulls might bid in the gap near $4.60. A deeper retracement could reach near the mid-December level and a gap near $4.54. The region near $4.49 and $4.42 may also provide some support during a deeper retracement.

3. Ravencoin (RVN)

Ravencoin RVN is a digital peer-to-peer (P2P) network that aims to implement a use case-specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin aims to solve the problem of assets transfer and trading over the blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with. RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain.

RVN Price Analysis

At the time of writing, RVN is ranked the 92^nd cryptocurrency globally and the current price is US$0.1035. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the November high, RVN‘s 75% 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 $0.09345 and $0.09038 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Last year’s long-term consolidation suggests that the areas near $0.1346 and $0.1478 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $0.1152, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $0.1295, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $0.1326 might provide a ceiling for this impulse.

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Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Dec 27, 2021

Post author By David Haslop
Post date December 28, 2021

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

Merry Christmas everyone! I hope you all took some time away from the charts and crypto to spend it with loved ones!

In last week’s article I mentioned that the TOTAL crypto cap needed to hold on that daily 200 EMA, which it did and then continued to break out from its new downtrend. It’s currently finding resistance at US$2.4 trillion.

The TOTAL2 (ALTcoin market) has broken its US$1.4 trillion resistance, while the BTC.D (% of BTC dominance over the market) has dropped again significantly, underlining the fact that the capital flow has been in ALTS.

Something to note at this point is that BTC.D is now at a support level and could see a reversal, meaning capital flow will leave ALTS and go back into BTC.

What plays well with this possibility is that BTC seems to have broken out of the current local downtrend and performed a support/resistance flip on the 4H chart, and is currently being snagged on that daily 200EMA. Breaking through this level around US$51,800 will help confirm a bullish bias for me. The last thing we’d need to see is a clear and strong breach of the 618 retrace (Fibonacci level) of the US$52,000 – US$53,000 zone WITH VOLUME. Failing that, I see another test of US$45,000.

Last Week’s Performance

BTC/USDT

Following my short trade on BTC I wrote about last week, I’m now in a BTC long trade and currently sitting at around 100%. I waited for the breakout of the falling wedge and a retest of support before entering. Not a massive trade just yet, but waiting for confirmation is always the safest trade to take.

SHIB/USDT

It almost hurts me to even write this but traders see opportunity in anything – even overhyped, high supply coins. SHIB, for example, broke out of a falling wedge that started at the beginning of November. With the hype around this coin lining up with the technicals, it was a no-brainer entry. Although I didn’t enter on the initial pump, I waited for the safest entry. Price action broke out and then tested new support, which is where I entered my longs. This thing has crazy volatility, so it’s likely a riskier trade than most.

NEO/USDT

I took the NEO long that I also mentioned in last week’s article. I got the hammer and bullish engulfing I was hoping to see and entered on the breakout. It’s currently up 120% and I’m looking for that to double if BTC sees some bullish PA (price action).

SOL/USDT

One of my favourites to trade is SOL. Finding a bounce off trend forming ascending triangle (3 touch rule), I decided to enter. I added to my position after the triangle break and retest (we teach how to trade these patterns in our Trading Fundamentals course). Trade is still active, currently up 179%.

This Week’s Trades

FIL/USDT

I’m currently watching FIL because it hasn’t yet reacted to the market the way many other ALTs have. I’m seeing a really large bullish divergence and a downtrend break. What I’m waiting to see is a break and test of US$38.00, or a retest on trend for an entry.

MANA/USDT

I’m actually already in a MANA trade and wanted to add this to the list due to its crazy potential. If this US$4.00 resistance breaks, I see potential here for MANA to do 50% or more.

Invite to Join our TradeRoom

If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
Join our “Apprentice” plan now for your 7-day trial.

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

Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.

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

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

Tags btc, FIL, MANA, NEO, SHIB, SOL

Cardano Crypto News Litecoin Market Analysis Ripple Trading

Top 3 Coins to Watch Today: XRP, LTC, ADA – December 23 Trading Analysis

Post author By Malik Junaid
Post date December 23, 2021

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. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 7^th cryptocurrency globally and the current price is US$0.9425. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 80% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.7822. Last week, the price bounced from the monthly open near $0.8243 again, creating possible support near $0.8050. A quick sweep of this recent swing low could reach into a support area near $0.7912, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7725.

If the price breaks through the closest significant resistance near $0.9556, the swing high at $0.9934 is a likely target. This move could reach a daily gap of near $1.12.

Strong bullish momentum could propel the price to resistance near $1.15. If this move occurs, the significant swing high near $1.22 provides a reasonable goal.

2. 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 18^th cryptocurrency globally and the current price is US$155.75. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late September, LTC kicked off a bullish trend that rallied nearly 83% by November to break the monthly highs.

The following 65% plummet found support near $148.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $158.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $168.12, where aggressive bulls might begin bidding. The level near $177.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $190.05.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $146.18 could provide at least a short-term bounce. If this level fails, the old highs near $139.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

3. 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 6^th cryptocurrency globally and the current price is US$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 70% drop from its November highs found a low near $1.20 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.42. A sustained bullish move may target the swing high at $1.50. If this stop run occurs, a run beyond the high into probable resistance near $1.62 and $1.78 is possible.

Bulls could buy a retracement to possible support near $1.27, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.22.

However, relatively equal lows near $1.18 and $1.13 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.03.

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Crypto News Ethereum Market Analysis Trading

Top 3 Coins to Watch Today: ETH, SHIB, HOT – December 22 Trading Analysis

Post author By Malik Junaid
Post date December 22, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2^nd cryptocurrency globally and the current price is US$3,981.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH‘s long-term range from November’s high could be coming to an end. The 9, 18 and 40 EMAs flipped bullish at the beginning of December after late November’s retracement, showing strength as BTC recovered. Currently, the price is hovering just under the monthly high as bulls take some profits.

Two swing highs and the 9 EMA could mark $3880.87 to $3726.72 as an area of possible support. A deeper retracement will likely find some buyers around the 61.8% retracement near $3567.59.

The monthly high will likely see some profit-taking, but the area near the 27% extension, at $4250.12, could also provide some resistance. The 61.8% extensions of the last two swings converge near $4520.54, which could be the target for a monthly high break before a new setup emerges.

2. Shiba Inu (SHIB)

Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.

SHIB Price Analysis

At the time of writing, SHIB is ranked the 12^th cryptocurrency globally and the current price is US$0.00003321. Let’s take a look at the chart below for price analysis:

Source: TradingView

SHIB wasted no time during October, rocketing upward over 465% from the first week of the month into the resistance near $0.00007982.

For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00003142 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002829.

Bulls entering at these levels could set their first target near the previous resistance near $0.00003580. Beyond this level, probable targets include the new monthly highs near $0.00003824 and the resistance above near $0.00004092.

A break of this resistance later this month could continue to the new weekly highs near $0.00004522 and $0.00004954.

3. Holo (HOT)

Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.

HOT Price Analysis

At the time of writing, HOT is ranked the 78^th cryptocurrency globally and the current price is US$0.008031. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of December, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near $0.007596, which is the daily high of the last swing low. The high of the wick beginning near $0.007350 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.006829 likely to be the next bearish target.

Just above, the daily gap beginning near $0.008333 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.008599 – perhaps running to probable resistance near $0.008945. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

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Top 3 Coins to Watch Today: AVAX, FET, DGB – December 21 Trading Analysis

Post author By Malik Junaid
Post date December 21, 2021

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. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 10^th cryptocurrency globally and the current price is US$104.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 188% bullish trend in Q4 ended in a 49% retracement as the rest of the altcoin market dropped. Bulls stepped in near the 61.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $112.35.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.

Near the 40 EMA, a broad zone from $98.00 to $86.35 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 78.6% retracement, at $75.50, and potentially lower to a higher-timeframe support zone between $69.82 and $57.75.

If the higher-timeframe bullish trend resumes and the current resistance near $112.35 breaks, the wicks near $134.84 and the all-time high might see profit-taking.

A more significant expansion could reach near the 80 level, at $180, and potentially the 150% extension of Q4’s move, near $200.

2. 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 160^th cryptocurrency globally and the current price is US$0.4376. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a lengthy distribution from September to October, FET‘s price finally fell toward 2021’s range low.

The 78.6% retracement of the range, near $0.4389, could support at least a short-term bounce or trigger a consolidation.

Until the daily chart shows signs of reversal, possible support near clustered swing highs and swing lows near $0.3529 could be a bearish target.

If this level fails to provide support, an inefficiently traded area on higher-timeframe charts, from $0.1587 to $0.1197, could be the next draw for price.

Any retracement upward may be capped near $0.5506, around the 61.8% retracement of the higher-timeframe range. However, the two-month consolidation lows near $0.6920 are still a reasonable target for a bounce.

Just above this level, the H1 2021 swing high and midpoint of the consolidation range, near $0.7807, may also provide resistance. If the price clears this resistance, it could signal a new bullish trend.

3. DigiByte (DGB)

DigiByte DGB is an open-source blockchain and asset creation platform. A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity, and transaction speed. DigiByte consists of three layers: a smart contract “App Store”, a public ledger, and the core protocol featuring nodes communicating to relay transactions.

DGB Price Analysis

At the time of writing, DGB is ranked the 134^th cryptocurrency globally and the current price is US$0.03202. Let’s take a look at the chart below for price analysis:

Source: TradingView

After climbing nearly 150% since the beginning of Q3, a 115% range has trapped DGB between $0.04749 and $0.03122 during Q4.

A consolidation near $0.03492, visible on the weekly chart, provided support on the last touch. This level could provide support again on a stop run under the $0.03015.

A deeper run-on stop at $0.02920 might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new monthly high soon. Below, little significant support exists until $0.02713.

Higher-timeframe levels overlapping with a daily gap beginning at $0.03495 are likely to provide resistance, perhaps on a sweep of the equal highs near $0.03640. Breaking this resistance makes the relatively equal highs near $0.03855 and the monthly high at $0.04047 the next probable targets.

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TradeRoom: Our Weekly Crypto Trades Analysis – Dec 20, 2021

Post author By David Haslop
Post date December 20, 2021

Crypto Market Outlook

I expected to see some bullish signs showing for the TOTAL market cap by now and the fact we haven’t yet could be a bearish indicator. It’s currently sitting at US$2.19 trillion and really showing no sign of strength yet. We could see the market drop further to around US$1.8 trillion soon, especially if we don’t hold above that 200 EMA.

Let’s take a look at BTC, which has been trending down with a series of lower highs and lower lows since December 8 and just like the total cap, I’m really not seeing any sign of reversal just yet. Last week I outlined a possible target of US$40,000 and I think we could see that still in play. I still don’t think it’s full bear mode yet but something to keep in mind is that it’s Christmas time. Investors and traders alike will take time off, meaning there will be less liquidity in the markets. This means it could pump OR dump a lot easier. We expect volatility.

Last Week’s Performance

BTC/USD

I shared this chart in our TradeRoom earlier this week and on our LIVE market scan while searching for a good short entry. This is why we feel it’s important to follow the charts instead of just getting excited on hopium and FOMOing into the market again.

ETH/USD

ETH had a nice little short that I wrote about in last week’s article. It played out almost perfectly with a 240% leveraged trade. Like BTC, ETH retraced to that 61.8% Fibonacci pocket, which also coincided with the local downtrend. We thought this was a great shorting opportunity and it didn’t disappoint us.

This Week’s Trades

ADA/USDT

ADA is still on the same path I wrote about in our November 29 article. I still believe there’s a high probability that ADA will hit US$1, and as I said in the previous article if that US$1 level doesn’t hold, then ADA may see dramatic losses happen. Great for shorters, not great for holders. There’s some small support at US$0.82, although after that ADA will see US$0.30 so it’s important for US$1 to hold strong. I’m expecting to see a lot of buyers there, so plan to scale into longs pending candlestick analysis.

NEO/USDT

An old 2017 fan favourite, NEO is currently forming some daily bullish divergence at a key level of daily support. What I’m looking for here is a bullish engulfing candle to show me some strength. If we see that, NEO could do 40% on spot to take it back to US$35.00. If support fails to hold, then I’ll look to short to US$13.00, which is a 45% drop. Either direction it takes, we’re still looking to trade it.

Invite to Join our TradeRoom

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

Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.

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Top 3 Coins to Watch Today: YFI, ALICE, TLM – December 20 Trading Analysis

Post author By Malik Junaid
Post date December 20, 2021

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. Yearn Finance (YFI)

Yearn Finance YFI is an aggregator service for decentralised finance (DeFi) investors, using automation to allow them to maximise profits from yield farming. Its goal is to simplify the ever-expanding DeFi space for investors who are not technically minded or who wish to interact in a less committed manner than serious traders. The platform makes use of various bespoke tools to act as an aggregator for DeFi protocols such as Curve, Compound and Aave, bringing those who stake cryptocurrency the highest possible yield.

YFI Price Analysis

At the time of writing, YFI is ranked the 83^rd cryptocurrency globally and the current price is US$31,967. Let’s take a look at the chart below for price analysis:

Source: TradingView

YFI‘s 58% rally during mid-December saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $34,576 is providing some resistance. However, continuation through the monthly high at $33,156 is not out of the question. Aggressive bulls might bid in the current region near $32,132.

If the price runs the recent swing low, bulls might bid in the gap near $29,360. A deeper retracement could reach near the mid-September level and a gap near $28,190. The region near $27,753 and $26,935 may also provide some support during a deeper retracement.

2. 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 154^th cryptocurrency globally and the current price is US$12.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After accumulating under the November monthly open, ALICE rallied 105% in a week before retracing to support near $18.55. 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 $13.17. Two areas of support, beginning near $11.57 and $9.29, provide probable buys if the price dips this low.

The equal highs near $15.63 provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near $18.66. Possible targets include the old highs just above this resistance near $20.83, $21.46, and $22.39.

3. Alien Worlds (TLM)

Alien Worlds TLM is a decentralised, non-fungible token (NFT) metaverse where players compete for scarce resources of Trilium (TLM) in a simulated economy based around planetary worlds. Due to this, Alien Worlds also has a decentralised finance (DeFi) element to the game, as players advance by staking TLM and using TLM to vote in Planet Decentralised Autonomous Organisations (DAOs).

TLM Price Analysis

At the time of writing, TLM is ranked the 298^th cryptocurrency globally and the current price is US$0.2113. Let’s take a look at the chart below for price analysis:

Source: TradingView

TLM formed relatively equal lows near $0.1924 after dropping over 45% during November. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around $0.1785.

If this sweep of the $0.1753 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around $0.1644. Should the market take a more bullish turn, the level just below near $0.1563 could provide some short-term support.

The steep drop left large areas of inefficient price action, making the daily gap up to $0.2436 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near $0.2605.

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