Category: Market Analysis

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Bitcoin Market Analysis Markets Trading

Q4 Looks Bullish for Bitcoin, Up 34% in a Week

Over the past week alone, bitcoin is up over 34 percent, surging past the US$55,000 mark. After a lacklustre September (jokingly referred to as “Downtember”), October (or “Uptober”) has kicked off with a bang suggesting we may be in for an exciting Q4.

2021 – A Topsy Turvy Year

Everyone knows Bitcoin is volatile, but 2021 has been noticeably so, particularly in light of the endless attacks on the network. These ranged from China banning crypto (again) and shutting down miners to Elon Musk triggered sell-offs in the wake of his “environmental concerns“.

Following a strong Q1 providing a return of 102 percent, Q2 proved to be bitcoin’s worst in over eight years, delivering 40 percent. Q3 brought bitcoin back into positive territory, with the digital asset recording a 24 percent return over the period. After reaching an important technical milestone last month (the “Golden Cross“), there are signs that Q4 may prove to be bitcoin’s best in 2021.

BTC monthly returns. Source: CryptoMichNL (Twitter)

Three Reasons Q4 Is Looking Good

Reason One: HODLers Are Accumulating

One of the main signals of a bull market is accumulation by long-term holders (HODLers). According to Glassnode, HODLers have added 2.35 million BTC to their stacks since supply bottomed out in March. Since then only 180,000 BTC have been mined, meaning HODLers accumulated 13x more coins than were produced via fresh issuance over the past seven months.

HODLer accumlation. Source: Glassnode.

Reason Two: On-Chain Volume Dominated By Large Transactions

According to Glassnode:

The rising dominance of large transaction sizes hints to the increased maturation of Bitcoin as a macro-scale asset with increasing interest from high-net-worth individuals, trading desks, and institutions.

Glassnode
Volume dominance. Source: Glassnode

Reason Three: SOPR is Flashing End of a Bear/Start of a Bull Market

In Glassnode speak, the LTH-SOPR (long-term holder, spent output profit ratio) refers to the degree of profit realised on chain. Glassnode notes that as a longer-term cyclical metric, the “LTH-SOPR usually trades in this range during late stage bear markets, and early stage bull markets. This is a result of lengthy sideways price action which compresses profit multiples, even for longer-term investors.”

7-day moving average SOPR. Source: Glassnode

Outside of on-chain analysis, the futures and options markets are currently showing that traders are no longer in fear mode and have shifted bullish.

Despite having the validity of his model challenged this year, Plan B remains confident of his end-of-year US$135,000 bitcoin prediction made in late June:

Just last week, derivative markets gave bitcoin a 3.2 percent chance of reaching US$100,000 before year end.

Between technical, fundamental, on-chain and stock-to-flow analysis, time alone will tell which is more accurate in determining how bitcoin performs in Q4. Chances are bitcoin will do what bitcoin does – whatever it wants.

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Cardano Crypto News ICON Market Analysis Trading

Top 3 Coins To Watch Today: ADA, CHR, ICX – October 7 Trading Analysis

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

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its 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 4th cryptocurrency globally and the current price is A$3.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 47% retracement from its late August high found a low near A$2.93 in late September.

The price is currently approaching resistance at a swing high near A$3.15. If this level breaks, bulls might target the swing highs near A$3.23, A$3.29, and potentially up to A$3.34. Resistance near A$3.39 and A$3.46 could cap this move.

If the market remains bullish for the near term, bulls might buy at A$3.10. However, a stop run into A$2.91 could offer a higher probability entry. A steeper drop could reach below the swing low into possible support near $2.85.

2. Chromia (CHR)

Chromia CHR is an open-source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum. It is designed to enhance existing dApps and allow for the creation of next-generation dApps by providing scalability, improved data handling, and customisable fee structures.

CHR Price Analysis

At the time of writing, CHR is ranked the 318th cryptocurrency globally and the current price is A$0.4771. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHR‘s chart paints a different picture than those of many other altcoins, with August’s high leading to a massive range before setting a low near A$0.3544 in September.

The beginning of October makes immediate bids questionable. However, the price may be finding support near A$0.3862 and possibly near A$0.3421. Since the price swept the impulse’s high at A$0.4859, bulls might be waiting to enter near the swing low and gap near A$0.4166, or slightly lower near A$0.3698.

Little resistance lies overhead, although some resistance might exist between A$0.5273 and approximately A$0.5622, just above the current price. A sweep and rejection of the high near A$0.6107 would make most areas of possible support highly suspect and could mark the end of the bullish trend.

3. 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 like 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 75th cryptocurrency globally and the current price is A$3.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, ICX set a high in early April before retracing 83% to the low at A$1.27 in June.

Price broke through resistance near A$2.89, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near A$2.76. However, a drop this far increases the chances of a stop run to A$2.70 and possibly into support near A$2.66. For now, continuing bullish market conditions could help A$2.85 become support.

The swing high around A$3.14 gives bulls a reasonable first target, with A$3.20 also likely to draw the price upward. Higher-timeframe resistance beginning near A$3.27 or A$3.30 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near A$3.38.

Where to Buy or Trade Altcoins?

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

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Crypto News Market Analysis Trading

HIVE Surges +145% in a Single Day amid HiveFest Annual Gathering for Hive Users and its Ecosystem

HIVE is trading in an uptrend, like many other Altcoins. The cryptocurrency HIVE just went up +145% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +180% in a week.

What is Hive?

Hive is a decentralised information-sharing network with an accompanying blockchain-based financial ledger built on the Delegated Proof of Stake (DPoS) protocol. Hive supports many different types of information-sharing applications. Myriad dapps, APIs, and front-ends contribute to general and straightforward accessibility of data, transactions, and records so that this existing diversity and utility ensure that the ecosystem is welcoming to content creators, consumers, investors, and builders.

HIVE Price Analysis

At the time of writing, HIVE is ranked the 130th cryptocurrency globally and the current price is A$1.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 1-Day candle chart, we can clearly see that HIVE was trading inside the head & shoulder pattern on the HIVE/USDT pair. The first resistance was on the A$1.05 price level, which HIVE broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$1.70. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, HIVE may continue to increase in the uptrend if traders keep buying with high volume.

“In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing to start.”

What Do the Technical Indicators Say?

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

So Why Did HIVE 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 HIVE for the coming Altcoins rally. Recent news was also announced regarding HiveFest the annual gathering for Hive users and its ecosystem. It is a reunion x conference x social event.

Where to Buy or Trade HIVE?

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

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Crypto News Dent Dogecoin Market Analysis Trading

Top 3 Coins To Watch Today: DOGE, DENT, REN – October 6 Trading Analysis

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

1. Dogecoin (DOGE)

Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu as its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme.

DOGE Price Analysis

At the time of writing, DOGE is ranked the 8th cryptocurrency globally and the current price is A$0.3591. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOGE marines continue pushing the price higher, printing nearly 35% gains during the first week of October.

The consolidation near A$0.3426 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near A$0.3259 provides a tempting target for a stop run into probable support near A$0.2938.

A decidedly bearish shift in the market could reach probable support near A$0.2750, near August’s monthly open.

Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near A$0.3947 as a first target. Beyond this level, extensions near A$0.4267, A$0.4552 and A$0.4836 give reasonable higher-timeframe targets.

2. Dent (DENT)

DENT is a revolutionary digital mobile operator offering eSIM cards, mobile data plans, call minutes top-ups, and a roam-free experience. According to the company website, Dent employs blockchain technology’s powers to create a global marketplace for mobile data liberalisation. Dent has an ambitious roadmap ahead, with plans to expand its services to new markets by the end of 2021.

DENT Price Analysis

At the time of writing, DENT is ranked the 120th cryptocurrency globally and the current price is A$0.008118. Let’s take a look at the chart below for price analysis:

Source: TradingView

DENT retraced 55% during September before finding support near A$0.005347. The following bounce encountered resistance at the daily gap near A$0.006388.

Bulls might wait for a sweep of the local lows into support near A$0.007842 before stepping in. A move to this level could reach into the higher timeframe gap down to A$0.007120. 

In the most bearish scenario, a significant turn in the market could push the price down to consolidation near A$0.006712.

The local resistance near A$0.008941 and the relatively equal swing highs give a reasonable first target. Just above, layered resistance near A$0.009233 and A$0.009865 could slow bulls down as they push the price towards the significant swing high at A$0.01124.

3. Ren (REN)

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

REN Price Analysis

At the time of writing, REN is ranked the 85th cryptocurrency globally and the current price is A$1.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

REN bulls have enjoyed over 350% returns since the July lows, with little resistance above to end the current price discovery.

The price may find support near A$1.42. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near A$1.33. The area around A$1.24 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near A$1.79 could potentially provide some resistance in the short term. Extensions reaching near A$1.92 and A$2.15 make reasonable take-profit zones if the bullish trend continues.

Where to Buy or Trade Altcoins?

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

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Crypto News Market Analysis Solana Stellar Tezos Trading

Top 3 Coins To Watch Today: SOL, XLM, XTZ – October 5 Trading Analysis

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

1. Solana (SOL)

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

SOL Price Analysis

At the time of writing, SOL is ranked the 6th cryptocurrency globally and the current price is A$228.74. Let’s take a look at the chart below for price analysis:

Source: TradingView

August’s 150% rally ended with a drop as early October reached the 58.6% retracement level of SOL‘s last bullish leg.

The price is currently testing possible support beginning near A$218.34, just below the October open. Some bulls might be buying here, but many may be waiting for the price to show a willingness to move up from this level.

Below, just under the October monthly open and 41.8% retracement level of a more significant bullish swing, the area near A$203.65 could provide more substantial support. However, if the price reaches this far, it’s likely to touch possible support near A$192.05 around the 68.6% retracement level.

Near-term, the top of the mid-September consolidation near A$245.38 may provide resistance. A break through this level could reach near the last significant swing high with resistance likely to begin near A$261.70. 

2. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals 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 26th cryptocurrency globally and the current price is A$0.4147. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM kicked August off with a nearly 85% rally, spiking through the Q3 highs before testing possible support at the old high’s candle body near A$0.4011.

This area could provide support, although any sharp downturn in the market is likely to drive the price towards possible support around the current range’s EQ and the 9 EMA, near A$0.3756. A surge of traders selling during this week could pressure the price back down into accumulation before the next bull trend begins.

If bulls fail to step in at the possible mid-range support, a deeper retracement to possible support near A$0.3488 is likely. This area has confluence with the 61.8% retracement level, 18 EMA, and 40 EMA.

The highs near A$0.4597 are likely to provide some short-term resistance. However, a break of this level brings attention to the round numbers at A$0.4933 and A$0.5316 as the next probable resistances where bulls might take profits.

3. 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 that 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 26th cryptocurrency globally and the current price is A$11.89. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 285% rally since mid-July saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near A$11.95 is providing some resistance. However, continuation through the all-time high at A$12.23 is not out of the question. Aggressive bulls might bid in the current region near A$11.82. 

If the price runs the recent swing low, bulls might bid in the gap near A$11.25. A deeper retracement could reach near the mid-September level and a gap near A$10.76. The region near A$9.83 and A$9.35 may also provide some support during a deeper retracement.

Where to Buy or Trade Altcoins?

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

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Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: C98, SAND, KAVA – October 4 Trading Analysis

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

1. Coin98 (C98)

Coin98 C98 is a decentralised finance (DeFi) solution that allows users access to cross-chain swaps, staking, and yield farming. The Coin98 exchange describes itself as a multi-chain liquidity aggregator that supports assets across a variety of blockchains, including but not limited to Ethereum, Binance Smart Chain, Solana, Avalanche, and Tron. Coin98 also has a wallet among its offerings which supports more than 25 networks on both its mobile and desktop platforms.

C98 Price Analysis

At the time of writing, C98 is ranked the 219th cryptocurrency globally and the current price is A$5.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

C98 retraced nearly 83% from its high before finding a low in late September. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near A$5.18, although a sweep of the stops near A$4.96 could reach below the next swing low into possible support near A$4.82. A continued downtrend might run into the weekly gap near A$4.69.

Some bears might add more shorts near A$5.25, although a push to A$5.54 is reasonable. A daily candle close over the swing high near A$5.74 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$6.15.

2. 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 (DAO) 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 114th cryptocurrency globally and the current price is A$1.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s nearly 55% retracement continues to make lower lows while showing no definitive signs of bullish reversal.

Stops below the swing low near A$1.03 mark the next likely bearish target, with the daily gap near A$0.9533 providing some chance of a short-term bounce. Swing lows near A$0.8741 and A$0.8566 are the next likely targets if this gap fails, with both lows marking areas of possible support.

A sweep of the most recent swing highs near A$1.25 might find resistance beginning near A$1.23, with a more substantial move reaching up to A$1.35. Closing above this level could hint at a longer-term trend reversal and form the range high of any following consolidation.

3. Kava.io (KAVA)

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

KAVA Price Analysis

At the time of writing, KAVA is ranked the 120th cryptocurrency globally and the current price is A$8.89. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 65% from its highs, KAVA has been consolidating in a range for the second half of Q3.

The recent sweep of the lows near A$8.29 could set the stage for at least a short rally higher, with bulls possibly buying near A$8.70 for a move toward the relatively equal highs near A$9.07. A close over these highs might hint at a longer-term move toward probable resistance near A$9.46, likely following a retracement.

Rejection from possible resistance near A$9.15, potentially including a sweep of the highs around A$8.75, could signal a run to the swing low near A$8.17. If this move occurs, bears might target the swing low and support near A$7.88.

Where to Buy or Trade Altcoins?

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

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Crypto News Market Analysis Trading VeChain

Top 3 Coins To Watch Today: OCEAN, QNT, VET – October 1 Trading Analysis

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

1. Ocean Protocol (OCEAN)

Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based data tokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.

OCEAN Price Analysis

At the time of writing, OCEAN is ranked the 136th cryptocurrency globally and the current price is A$0.8690. Let’s take a look at the chart below for price analysis:

Source: TradingView

During August, OCEAN 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 A$0.8223 and may target the swing low and possible support near A$0.7965.

The swing low and possible support near A$0.7734 could be the second bearish target if the move down continues. The relatively equal lows near A$0.7655 and possible support underneath near A$0.7590 could provide more substantial support.

The last swing high near A$0.9822 gives a near-term target if bullish conditions continue. However, resistance beginning around A$1.15 could cap this move. A break of this resistance might continue to probable resistance near A$1.28 and reach above the cluster of relatively equal highs near A$1.35.

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 43rd cryptocurrency globally and the current price is A$395.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

Mid-August marked a turning point for QNT, with the price rocketing up almost 130% from its lows to probable resistance beginning near A$476.30.

The price is currently struggling with the area between A$415.80 and A$369.33. 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 A$382.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near A$376.65, and the potential support just below that begins around A$360.12.

Continuation to the upside will likely target the monthly high near A$426.19. However, probable resistance beginning at A$439.77 and A$458.30 could cap or slow down this move.

3. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 29th cryptocurrency globally and the current price is A$0.1244. Let’s take a look at the chart below for price analysis:

Source: TradingView

In July, VET also turned the corner, breaking a key swing high during mid-August. This move could suggest a longer-term bullish trend.

The swing high near A$0.1846 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$0.2464.

Even if the bullish trend continues, a stop run at the recent swing low near A$0.1017 into possible support beginning near A$0.09942 is reasonable. If the price reaches further down, the swing low and possible support near A$0.08150 might provide another downside target. 

Where to Buy or Trade Altcoins?

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

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Crypto News EOS Market Analysis Trading

Top 3 Coins To Watch Today: EOS, ALPHA, ARPA – September 30 Trading Analysis

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

1. Eos (EOS)

EOS is a platform that’s 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 that 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 39th cryptocurrency globally and the current price is A$5.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS‘s nearly 83% drop from its May highs found a low near A$4.64 in July before closing over a short-term high around A$7.26 last week.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$7.56. A sustained bullish move may target the swing high at A$8.14. If this stop run occurs, a run beyond the high into probable resistance near A$8.35 and A$8.79 is possible.

Bulls could buy a retracement to possible support near A$5.02, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$4.75. 

However, relatively equal lows near A$4.52 and A$4.34 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$4.15 and A$3.90.

2. Alpha Finance (ALPHA)

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

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 143rd cryptocurrency globally and the current price is A$1.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

APLHA‘s massive May spike retraced near A$0.6833 into the consolidation that began the impulse before bouncing to A$0.8265. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$1.05. The market’s structure may be shifting bearish, with A$1.27 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$0.9477 before finding support near A$0.8590.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$1.32 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach the midpoint near A$1.45.

3. ARPA Chain (ARPA)

ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (MPC). Founded in April 2018, 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 analyse 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 wallets, precision marketing, joint AI model training, and key management systems.

ARPA Price Analysis

At the time of writing, ARPA is ranked the 406th cryptocurrency globally and the current price is A$0.06861. Let’s take a look at the chart below for price analysis:

Source: TradingView

ARPA set a high near A$0.1688 in April before retracing nearly 83% to find a low near A$0.0427. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.06988 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.07351 and relatively equal highs at A$0.07733. Resistance near A$0.07954 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.08290.

A retracement before a move higher might find support in the daily gap near A$0.06574, just above the monthly open. Relatively equal lows near A$0.06130 could also provide support. Run-on stops at A$0.05944 and A$0.05820 might find support in the gap beginning near A$0.05687 or a high-timeframe level near A$0.05177.

Where to Buy or Trade Altcoins?

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

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Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: MATIC, DEXE, ALGO – September 29 Trading Analysis

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

1. 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 20th cryptocurrency globally and the current price is A$1.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of August, MATIC 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 A$1.34, which is the daily high of the last swing low. The high of the wick beginning near A$1.25 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$1.08 likely to be the next bearish target.

Just above, the daily gap beginning near A$1.58 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near A$1.66 – perhaps running to probable resistance near A$1.79. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. DeXe (DEXE)

The DeXe token DEXE claims to enable the open and permissionless system. Following protocol rules and contributing resources facilitates consensus among participants. The token has two vital functions: automatic buyback and distribution among insurance vaults and participation in DeXe DAO; to become a member of DAO, users are required to acquire DEXE.

DEXE Price Analysis

At the time of writing, DEXE is ranked the 559th cryptocurrency globally and the current price is A$16.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

August 25’s 350% bullish daily candle has since bled near 85%, with the DEXE finding a low near A$12.18 in mid-September.

Bulls are buying each drop into support near A$13.65, with higher lows forming each time. However, the equal lows near A$13.22 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$12.89.

Just over the monthly open, A$17.83 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$18.46 before running into possible resistance near A$18.95.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$21.36 before encountering probable resistance near A$24.05.

3. Algorand (ALGO)

Algorand ALGO is a self-sustaining, decentralised, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 17th cryptocurrency globally and the current price is A$2.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

During July, ALGO dumped over 65% before finding support near A$1.56. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near A$2.07 before running the swing high at A$2.35. If this bullish move occurs, the price could reach resistance near the monthly open around A$2.40 – and even sweep the swing high near A$2.48.

Some support might exist at the daily gap near A$2.10. A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.

If this level fails to hold, the price will likely explore the next monthly gap between A$1.94 and A$1.86. In this zone, the daily swing low at A$1.77 makes a likely target.

Where to Buy or Trade Altcoins?

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

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Crypto News Market Analysis Trading Zcash

Top 3 Coins To Watch Today: ONE, LUNA, ZEC – September 28 Trading Analysis

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

1. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 64th cryptocurrency globally and the current price is A$0.2231. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late June, ONE kicked off a bullish trend that rallied nearly 400% by September to break March’s cycle high.

The following 50% plummet found support near A$0.1688, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at A$0.2453.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near A$0.2386, where aggressive bulls might begin bidding. The level near A$0.2035, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near A$0.2792. 

Multiple events, including mid-October’s Trustless Ethereum Bridge, could provide the bullish catalyst to keep pushing the price toward new all-time highs.

However, if Bitcoin continues its downtrend, much lower prices could be seen. The old support near A$0.1645 could provide at least a short-term bounce. If this level fails, the old highs near A$0.1269 might also give support and see the start of a new bullish cycle.

2. Terra (LUNA)

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

LUNA Price Analysis

At the time of writing, LUNA is ranked the 12th cryptocurrency globally and the current price is A$54.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its March high on August 16, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near A$52.35 has held the price down for the second half of September, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick drop to A$44.37, or into the zone beginning near A$41.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near A$59.47 provides a reasonable target. 

A break of this level could move further into uncharted territory – possibly fuelled by the long-awaited Columbus-5 launch – with the nearest probable resistances projected around A$69.28 and A$79.57.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near A$31.49.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 70th cryptocurrency globally and the current price is A$147.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since May’s high, ZEC‘s 77% 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 A$151.87 and A$128.96 – 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 A$113.87 and A$104.40 may be more likely to cause a longer-term trend reversal. Capitulation after Halo Arc and the Network Upgrade 5 could be the catalyst needed to push price aggressively into these levels.

Bears are likely to add to their shorts at probable resistance beginning near A$169.30, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$201.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$256.41 might provide a ceiling for this impulse.

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.