Category: Market Analysis

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

1. Beam (BEAM)

BEAM is a confidential decentralised finance (DeFi) platform that runs on a combination of two blockchain protocols: LelantusMW and Mimblewimble. Beam allows financial counterparties to make safe, stable and reliable transactions. This helps eliminate the problem of user data mismanagement, keeping the system cleaner and more secure. User addresses are kept confidential at all times and are never disclosed to any third parties. Users have total access and control over their privacy, deciding who can access their information and what they are allowed to see.

BEAM Price Analysis

At the time of writing, BEAM is ranked the 428^th cryptocurrency globally and the current price is A$1.24. Let’s take a look at the chart below for price analysis:

Last week, BEAM suggested a bullish trend as the 9, 18 and 40 EMAs flipped into a bullish stack.

Thursday’s governance token launch and staking launch could result in a local top near the current price as traders sell the news.

If this retracement occurs, possible support beginning near A$1.13 could hold the price up for the next rally. This area may have confluence with the 8 EMA and 16 EMA later this week.

However, aggressive bulls should be wary that the end of the month often sees sharp retracements. A retracement could reach possible support near A$0.90. This area has confluence with the approximate 61.8% retracement levels for the current short-term and intermediate-term price swings.

Measured moves suggest that A$1.66 could provide some resistance, which provides a reasonable area to take some profits. 

The origin of May’s breakdown near A$1.85 could also provide resistance, although chaotic price action in this region obscures exact levels. Just above, the consolidation below May’s high, near A$1.90, might also offer a speedbump on the way to new all-time highs.

2. DSLA Protocol (DSLA)

DSLA Protocol is a risk management framework that enables infrastructure operators and developers to reduce their users’ exposure to service delays, interruptions and financial losses, using self-executing service level agreements, bonus-malus insurance policies, and crowdfunded liquidity pools. DSLA Protocol’s flagship use case is to offset the financial losses of Proof-of-Stake delegators and DeFi users while incentivising the connectivity, performance, and availability of staking pool operators and DeFi service providers.

DSLA Price Analysis

At the time of writing, DSLA is ranked the 564^th cryptocurrency globally and the current price is A$0.01233. Let’s take a look at the chart below for price analysis:

DSLA recently saw a bullish flip in the 9, 18 and 40 EMAs while spiking through September’s high.

Currently, the price is struggling in a contested area between A$0.01247 and A$0.01178. This region could provide support, especially if the price breaks last week’s high. Friday’s burn might also cause a short-term spike, although some retracement is likely during or after the event.

Slightly below, the 9 and 18 EMAs are converging with the 61.8% retracement level near the consolidation that preceded late September’s stop run. This area, near A$0.01023, could provide some support if the price experiences its typical late-month retracement.

Bulls might wait for a slightly higher risk-to-reward entry just below the 40 EMA at A$0.008649, near the origin of mid-October’s bullish impulse. However, there is no guarantee that the price will return to this level.

April’s swing low, near A$0.01986, could provide some resistance and trigger a retracement before a potential leg upward. Above this level, little apparent higher-timeframe resistance presents itself, although the consolidation low near A$0.02237 and bearish trend’s origin near A$0.02593 mark areas of probable resistance.

3. Elastos (ELA)

Elastos ELA aims to be a blockchain-powered version of the internet. The project originates all the way back to the year 2000; however, the current version that is based on blockchain technology and has been an inactive development by Elastos was founded in June 2017. The team behind the project genuinely believes that Ethereum, as well as DApp platforms, face limitations in scaling. While they are great for smart contracts, they are slow, not flexible at all, and inconvenient for full applications, according to Elastos. Elastos is a platform for decentralised apps, or DApps for short, that claims to solve many of these limitations.

ELA Price Analysis

At the time of writing, ELA is ranked the 457^th cryptocurrency globally and the current price is A$5.53. Let’s take a look at the chart below for price analysis:

ELA‘s mid-September bulls ran into resistance near A$11.46 before facing an abrupt sell-off below the 78.6% retracement level, near the low of June’s consolidation.

Currently, the price is unwilling to reach below this level. However, frequent upper wicks show that sellers are still suppressing the bulls as the 9, 18 and 40 EMAs continue to compress. Traders gradually unloading during this month’s multiple ELA events might be causing this selling pressure.

While this area could continue to provide support, the swing lows at A$5.29 and A$4.85 are more likely to mark the approximate lows of a new bullish trend. These areas are between the 61.8% and 78.6% retracement levels of the higher-timeframe bullish swing.

An abrupt sell-off, perhaps caused by a sharp retracement in Bitcoin, could reach close to the origin of the bullish move near A$3.55 and provide a higher risk-to-reward entry.

If the bullish trend resumes, the price will likely find its first significant resistance near A$7.92. A move to this level may have primed the 9, 18, and 40 EMAs for a bullish flip. 

This flip could bring new interest into the market for a second expansion move, reaching probable resistance near A$11.46 and beyond, as December’s halving creates a new hype cycle.

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. You can also buy these coins from different exchanges listed on Coinmarketcap.

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 8^th cryptocurrency globally and the current price is A$53.76. Let’s take a look at the chart below for price analysis:

After creating a second equal low in mid-July, DOT has rallied nearly 230% into resistance that starts near A$57.32.

Aggressive bulls looking for the continuation to the nearest cluster of relatively equal highs around A$59.46 might look for bids near A$60.12. More significant resistance rests above near A$62.38. A group of significant swing highs at A$64.55, A$66.87 and A$68.90 give possible targets if this resistance breaks.

A stop run on the recent low at A$49.76 into possible support beginning near A$46.88 might see stronger bidding. This area also has a confluence with the September monthly open.

A bearish market shift could reach the swing low at A$43.62 into possible support beginning near A$40.83.

2. Compound (COMP)

Compound COMP is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. These COMP tokens can be bought from third-party exchanges or can be earned by interacting with the Compound protocol, such as by depositing assets or taking out a loan.

COMP Price Analysis

At the time of writing, COMP is ranked the 22^nd cryptocurrency globally and the current price is A$422.11. Let’s take a look at the chart below for price analysis:

After rallying over 105% from its July low, COMP is encountering resistance near A$476.43.

This resistance and the October monthly open at A$455.13 currently have the price trapped. The swing high and resistance near $469.27 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near A$541.55.

The daily gap at A$408.12 could provide support, while the area beginning near A$391.49 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near A$360.48, possibly finding a floor at possible support beginning near A$325.81.

3. SafePal (SFP)

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

SFP Price Analysis

At the time of writing, SFP is ranked the 256^th cryptocurrency globally and the current price is A$3.32. Let’s take a look at the chart below for price analysis:

SFP continued its 215% rally last week through the daily gap between A$1.36 and A$1.30, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at A$2.87 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$2.60.

Resistance beginning at A$3.65 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at A$3.92, continue into probable resistance just above, and possibly set new monthly highs at A$4.25.

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.

BEL is trading in an uptrend, like many other Altcoins. The cryptocurrency BEL just went up +78% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +125% in a week.

What is Bella Protocol?

Bella Protocol BEL is a platform that provides a suite of DeFi products designed to make crypto banking simpler and more accessible. The protocol aims to create a better user experience by eliminating the high fee and slow transaction issues that can affect some blockchain platforms, while simultaneously improving the user experience through its simplified DeFi smart portal.

Bella’s smart pool feature allows users to access the best yields available in the DeFi market while benefiting from nearly zero gas fees, since these are directly subsidised by the platform. BEL can be used to farm fee rewards from the network, get exclusive discounts on Bella protocol products (such as its robo-advisor tool), and for earning staking rewards.

BEL Price Analysis

At the time of writing, BEL is ranked the 316^th cryptocurrency globally and the current price is A$4.37. Let’s take a look at the chart below for price analysis:

After looking at the above 1-Day candle chart, we can clearly see that BEL was trading inside the falling wedge pattern on the BEL/USDT pair. The first resistance was on the A$3.82 price level, which BEL broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$4.55. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, BEL may continue to increase in the uptrend if traders keep buying with high volume.

“The falling wedge pattern is characterised by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.”

What Do the Technical Indicators Say?

The BEL TradingView indicators (on the 1-day) mainly indicate BEL as a Strong Buy, except the Oscillators which indicate BEL as a Neutral.

So Why Did BEL Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying BEL for the coming Altcoins rally. Recent news was also announced regarding the Bella Foundation 20M USD venture fund.

Bella Foundation launches 20 mil USD venture fund to scale Bella ecosystem. The ecosystem fund will be part of the treasury management and a long-term effort to scale up our ecosystem effectively and efficiently.🙌

➡️https://t.co/9ifMfcpYO2

Thanks @Cointelegraph for covering!

— Bella Protocol (@BellaProtocol) October 12, 2021

Where to Buy or Trade BEL?

BEL has the highest liquidity on Binance Exchange so that would help for trading BEL/BTC or BEL/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

ARPA is trading in an uptrend, like many other Altcoins. The cryptocurrency ARPA just went up +80% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +130% in a week.

What is ARPA Chain?

ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (“MPC”). The goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyze data and extract data synergies while keeping each party’s data input private and secure. Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include credit anti-fraud, secure data wallet, precision marketing, joint AI model training, and key management systems.

ARPA Price Analysis

At the time of writing, ARPA is ranked the 290^th cryptocurrency globally and the current price is A$0.2086. Let’s take a look at the chart below for price analysis:

After looking at the above 1-Day candle chart, we can clearly see that ARPA was trading inside the rising wedge pattern on the ARPA/USDT pair. The first resistance was on the A$0.1366 price level, which ARPA broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$0.2175. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, ARPA may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

The ARPA TradingView indicators (on the 1 day) mainly indicate ARPA as a Strong Buy, except the Oscillators which indicate ARPA as a Buy.

So Why Did ARPA Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying ARPA for the coming Altcoins rally. Recent news was also announced regarding the ARPA Roadmap Update.

Anything worth having is worth waiting for — meet #ARPA RANDCAST, a verifiable, decentralized, low cost, high-efficiency random number generator to empower the creators of the metaverse!
The exciting roadmap updates are also revealed in this article, enjoy!https://t.co/SVDplQIxc2

— ARPA Official (@arpaofficial) October 12, 2021

Where to Buy or Trade ARPA?

ARPA has the highest liquidity on Binance Exchange so that would help for trading ARPA/BTC or ARPA/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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

1. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 40^th cryptocurrency globally and the current price is A$26.06. Let’s take a look at the chart below for price analysis:

CAKE‘s 71% decline during May created relatively equal lows near A$23.56 before bouncing over the local range’s midpoint near A$34.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.

Aggressive bulls could look for entries in the daily gap starting near A$23.77. The monthly open aligns with more probable support near A$22.84. 

A stop run below the monthly open near A$20.62 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near A$18.30, just above the equal lows.

Resistance rests just above, with the zone from A$27.59 to A$31.26 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near A$33.47. 

Beyond these highs, resistance near A$38.15 provides a final challenge before attacking an old daily swing high near A$40.86.

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 35^th cryptocurrency globally and the current price is A$2.82. Let’s take a look at the chart below for price analysis:

FTM continues to set new all-time highs in its chaotic upwards trend.

Support might be found in the daily gap above the October monthly open near A$2.15. A deeper retracement is likely to target the relatively equal lows into support near A$1.88. 

The daily gap near A$2.67 could also provide support. However, another gap inside the down candles, around A$2.54, provides the highest chances of solid support while offering a high risk-reward entry.

There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around A$2.97 and A$3.24 as reasonable take-profit zones.

3. Coti (COTI)

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

COTI Price Analysis

At the time of writing, COTI is ranked the 140^th cryptocurrency globally and the current price is A$0.6788. Let’s take a look at the chart below for price analysis:

COTI holders endured a wild September as the price rallied over 117% before running the month’s lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement. 

Bulls might find support around the current price near $0.6122. The next high probability support rests near A$0.5634, below the last two swing lows. A move this deep could sweep monthly lows into an area near A$0.5276.

The price is currently struggling with resistance near A$0.6933 at the monthly open. A strong move into this resistance is likely to target the swing high near A$0.7326. 

Above this swing high, a monthly high at A$0.8472 is the next likely target, which also marks another wide resistance zone. Volatility inside this resistance could tag a new all-time high at $1.00.

Where to Buy or Trade Altcoins?

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

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

1. IoTeX (IOTX)

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

To this end, IoTeX has built and launched a fast, high-performance, and EVM-compatible blockchain that provides flexibility and scalability for various applications. Also, middlewares and Dapps are built on top of the blockchain to bring self-sovereign devices and real-world oracles into reality.

IOTX Price Analysis

At the time of writing, IOTX is ranked the 115^th cryptocurrency globally and the current price is A$0.09626. Let’s take a look at the chart below for price analysis:

Early August’s stunning 600% rally retraced 68%, but IOTX may be setting up for its next bull cycle.

Late September’s consolidation around A$0.07655 broke out to the upside with an explosive move and retrace. This move supports the idea that the consolidation might have marked the bottom. This area could provide support again on a retest – perhaps after traders “sell the news” of Monday’s hardfork while waiting for the next event.

Closer to the current price, zones near A$0.08534 and A$0.09121 might also see interest from bulls during any sharp retracements – perhaps caused by any sudden moves in Bitcoin. These areas also have confluence with the 9, 18 and 40 EMAs, which flipped bullish last week.

If Bitcoin finds its top and performs its classic sudden drop, a relatively broad zone between A$0.06132 and A$0.05382 could support the price or mark a future accumulation zone. This area is near the 78.6% retracement level of the northern summer’s upward move.

The price is currently battling resistance near A$0.1025, where long wicks show that sellers are still unloading their supply. If this level breaks, the next probable resistance begins near A$0.1300, just above the current range high. A reclaim of this level might target potential resistance near A$0.1580, then continue to much higher prices.

2. Pundi X (PUNDIX)

PundiX is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain. The goal of the Pundi X project is to make cryptocurrency available to everyone. While other similar projects attempt to outperform the banking system, Pundi X looks to simplify transforming retail businesses to make this happen.

PUNDIX Price Analysis

At the time of writing, PUNDIX is ranked the 225^th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:

From mid-June to today, PUNDIX (formerly NPXS) has been consolidating in a wide range between A$3.05 and A$0.78 after its deep Q2 2021 retracement.

The 9, 18 and 40 EMAs are likely to flip bullish this week, which could grab the attention of bulls who can push it up from this range. These EMAs could provide at least short-term support near A$2.23. 

However, bulls with deep pockets may be waiting for a return further into the current range after the excitement from Wednesday’s chain launch wears off. Two areas where they might bid are near the October open, around A$1.88, and close to the range lows, near A$1.31.

Older pre-redenomination NPXS charts show significant upside potential. Still, bulls will likely be scaling out portions of their positions in logical areas to take profits. A zone between A$3.23 and A$2.98, near old lows, could provide some resistance. The upper half of this area, beginning near A$3.40, could be the most decisive level. 

If the price reclaims this resistance, old consolidations near A$4.49 and A$5.16 may provide some resistance. These zones could cause a top to form, leading to re-accumulation before the next leg up.

3. WOO Network (WOO)

WOO Network is a deep liquidity network connecting traders, exchanges, institutions and DeFi platforms with democratised access to the best-in-class liquidity and trading execution at lower or zero cost. WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts. Presently, a diverse set of products and services interfacing retail, institutions, CeFi and DeFi have been built: WOO X is a zero-fee trading platform providing professional and institutional traders with the best-in-class liquidity and execution. It features fully customisable modules for workspace customisation.

WOO Price Analysis

At the time of writing, WOO is ranked the 129^th cryptocurrency globally and the current price is A$1.31. Let’s take a look at the chart below for price analysis:

Mid-May’s drop marked the start of a five-month trading range, with WOO recently climbing into the upper half of this range.

Resistance, beginning near A$1.47, continues to hold the price down. However, the consolidation and the 9 EMA around A$1.29, just above October’s monthly open, could provide some short-term support.

Bulls are more likely to wait and see if the price drops following Friday’s airdrop, then might buy support from A$0.9722 to A$0.8869. This zone has confluence with the 61.8% retracement.

If bulls instead break resistance from A$1.47 to A$1.56, the wicks near the range highs from A$1.70 to A$1.80 could be the next target.

Longer-term, a strong reclaim of these zones and measured moves could point at A$2.09 and A$2.37 as the following levels where bulls might take profits.

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. You can buy WOO coin from different exchanges listed on coinmarketcap.