Category: Market Analysis

Marlin POND is trading in an uptrend, like many other Altcoins. The cryptocurrency POND just went up +165% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +203% in a week.

What is Marlin?

Marlin POND is an open protocol that provides high-performance programmable network infrastructure for DeFi and Web 3.0. The nodes in the Marlin network, called Meta nodes, operate the MarlinVM, which provides a virtual router interface for developers to deploy customised overlays and perform edge computations. Its native utility token POND is used for running validator nodes on the network via staking, and voting on governance proposals to determine how network resources are allocated.

POND Price Analysis

At the time of writing, POND is ranked the 374^th cryptocurrency globally and the current price is A$0.1905. 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 POND was trading inside the rising wedge pattern on the POND/USDT pair. The first resistance was on the A$0.1297 price level, which POND broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$0.2105. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, POND 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 POND TradingView indicators (on the 1 day) mainly indicate POND as a Strong Buy, except the Oscillators which indicate POND as a Buy.

So Why Did POND 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 POND for the coming Altcoins rally. Recent news was also announced regarding some project enhancements and other pertinent topics.

Currently, it is very important to increase communication efficiency. However, in the century of technology, it seems that blockchains will play a great role in the decentralised economy and should be trusted by the people. So, the main goal of the Marlin is to contribute to increasing the rapidity of Web 3 and also make it more safe and reliable by changing the architecture of networking under blockchains.

Where to Buy or Trade POND?

POND has the highest liquidity on Binance Exchange so that would help for trading POND/BTC or POND/USDT pairs. However, you can also buy POND 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. Polygon (MATIC)

Polygon Network 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. MATIC, the native token of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in MATIC tokens.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 19^th cryptocurrency globally and the current price is A$1.78. Let’s take a look at the chart below for price analysis:

After retracing nearly 80% from its highs, MATIC wicked into the monthly gap beginning near A$1.20. This wick formed the bottom of the current range.

The price shows no apparent signs of a longer-term reversal, which may mean that the closest resistance near A$1.89 will continue to suppress the price. However, some support could be found near the monthly open, possibly giving bulls footing for a stop run through the swing high at A$1.93. 

This move could continue into resistance near A$1.98 and spike through the relatively equal highs near A$2.07. A break of the next swing high near A$2.19 is likely to find resistance once it reaches A$2.25. If this move occurs, it may suggest a longer-term reversal.

A retest of possible support near A$1.67 could provide an entry for a short-term trade. However, there is a higher probability for more substantial support near A$1.62 after a run on the lows at A$1.55 and A$1.49.

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.

COMP Price Analysis

At the time of writing, COMP is ranked the 57^th cryptocurrency globally and the current price is A$561.29. Let’s take a look at the chart below for price analysis:

COMP has dropped nearly 82% from its highs, with the current low’s wick in June taking stops below two major swing lows.

The resulting bounce found resistance near A$548.36, which could continue to cap upward movement. If the price finds support in the current region near A$570.29, it could continue to resistance just above the relatively equal highs near A$589.72. A more substantial move might run stops above the swing high near A$597.11 into resistance near A$612.83.

A break below the monthly open is likely to target buy stops near A$550.28, an area that could provide some support. A move below this level could target below the swing low at A$529.06, possibly reaching the gap beginning near A$508.33.

3. Omg Network (OMG)

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

OMG Price Analysis

At the time of writing, OMG is ranked the 91^st cryptocurrency globally and the current price is A$10.55. Let’s take a look at the chart below for price analysis:

OMG‘s 77% drop has filled the June monthly gap twice as the price consolidated between A$6.25 and A$6.87.

The price’s current region, between A$9.36 and $10.97 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to A$11.28 is a likely target. 

An animated move through these highs could reach up to the daily gap beginning at A$11.49. The area between A$11.83 and A$12.17 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under A$9.66 and find support near A$9.30. If this level is lost, the swing low at A$8.92 is a likely target, with A$8.69 possibly giving support.

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. 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.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 36^th cryptocurrency globally and the current price is A$1.93. Let’s take a look at the chart below for price analysis:

After creating a second equal low in mid-July, ALGO has rallied nearly 100% into resistance that starts near A$1.78.

Aggressive bulls looking for continuation to the nearest cluster of relatively equal highs around A$2.09 might look for bids near A$1.70. More significant resistance rests above near A$2.10. A group of significant swing highs at A$2.28, A$2.42 and A$2.48 provide possible targets if this resistance breaks.

A stop run on the recent low at A$1.59 into possible support beginning near A$1.59 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$1.29 into possible support beginning near A$1.27.

2. Kusama (KSM)

Kusama KSM is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers. Kusama is built on Substrate, a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot, one of the most successful interoperable blockchains.

KSM Price Analysis

At the time of writing, KSM is ranked the 48^th cryptocurrency globally and the current price is A$522.80. Let’s take a look at the chart below for price analysis:

After rallying over 200% from its July low, KSM is encountering resistance near A$560.70. This resistance and the September monthly open at A$531.51 currently have the price trapped. The swing high and resistance near A$604.83 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for shortstops and resistance near A$728.46.

The daily gap at A$493.71 could provide support, while the area beginning near A$458.73 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$349.77, possibly finding a floor at possible support beginning near A$303.49.

3. Raydium (RAY)

Raydium RAY is an automated market maker AMM and liquidity provider built on the Solana blockchain for the Serum decentralised exchange DEX. Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that funds deposited into Raydium are converted into limit orders that sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow as well as their existing liquidity.

RAY Price Analysis

At the time of writing, RAY is ranked the 220^th cryptocurrency globally and the current price is A$16.24. Let’s take a look at the chart below for price analysis:

RAY continued its rally through the daily gap between A$15.88 and A$15.10, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at A$15.17 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$14.20.

Resistance beginning at A$17.25 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$20.31, continue into probable resistance just above, and possibly set new all-time highs at A$21.92.

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.

Hive.io HIVE is trading in an uptrend, like many other Altcoins. The cryptocurrency HIVE just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +113% in a week.

What is Hive.io?

Hive.io 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 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 154^th cryptocurrency globally and the current price is A$1.31. Let’s take a look at the chart below for price analysis:

After looking at the above 1-Week candle chart, we can clearly see that HIVE was trading inside the rising wedge pattern on the HIVE/USDT pair. The first resistance was on the A$0.79 price level, which HIVE broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$1.35. 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.

“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 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 massive price corrections. Another reason for this sudden pump in price could be whales secretly buying HIVE for the next Altcoins rally. Recent news was also announced regarding The Start of Hive Power Up Month.

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.