Category: Market Analysis

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Crypto News Market Analysis Trading

Coin98 Surges +95% in a Single Day Amid C98 Farming Pool Official Launch

After the launch of Coin98 Farming Pool, C98 took a strong breakout with +95% gains in a single day. Let’s take a quick look at C98, price analysis, and possible reasons for the recent breakout.

What is Coin98?

Coin98 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, and Tron. Coin98 also has a wallet among its offerings, which supports more than 20 networks on both its mobile and desktop platforms.

C98 Price Analysis

At the time of writing, C98 is ranked 214th cryptocurrency globally and the current price is A$7.95. Have a look at the chart below for price analysis.

Source: TradingView

After looking at the above 4-Hour candle chart, we can clearly see that C98 was trading inside the rising wedge pattern on the C98/USDT pair. The first resistance was on the A$4.89 price level, which C98 broke with a strong bullish trend buying volume and is now heading towards the recent high prices at A$8.63. Seeing many Altcoins are holding a strong position this week after the recent bitcoin price recovery, C98 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 Coin98 TradingView indicators (on the 1 day) mainly indicate C98 as a strong buy, except the Oscillators which indicate C98 as a Buy.

So Why Did Coin98 Breakout?

After the C98 opening at Binance Launchpad, mostly ICOs pump after going live on exchange for trade and general market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. The suggested start of the Altcoins season could have contributed to the recent breakout. It could also be attributed to some recent news of MoonFarm announcing that C98 Farming Pool has officially launched.

Where to Buy or Trade Coin98?

Coin98 has the highest liquidity on Binance Exchange so that would help for trading C98/BTC, C98/BUSD or C98/USDT pairs. However, you can also buy C98 from different exchanges listed on Coinmarketcap.

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Bitcoin Crypto News Market Analysis

Bitcoin Hits 3-Month High, Breaking Key $50,000 Resistance Level

Bitcoin has extended its recent stretch of positive returns by cracking the all-important US$50,000 psychological barrier. As user growth continues to skyrocket and investors find themselves firmly in positive territory, bitcoin bulls appear confident of a strong surge in the remaining months of 2021.

Within the past 35 days, bitcoin has bounced back some 70 percent from its lows. One of the main reasons offered by analysts relates to growth in long-term HODLers.

Record Levels of HODLers

On-chain data suggests we are now seeing record numbers of long-term HODLers. According to lead Bitcoin analyst at Ark Invest, Yassine Elmandjra, the number of short-term bitcoin holders is at an all-time low – a record 84 percent of bitcoin’s supply has not been moved in over three months.

Bitcoin supply last active. Source: Glassnode

A potentially more intuitive visualisation of this trend is outlined in the chart below. Notice the precipitous decline in long-term holders from November 2020 to May 2021 when the price went from around US$15,500 to US$58,000.

Total supply held by long-term holders. Source: Glassnode

Bitcoin’s Next Moves

Should the pattern outlined in the chart above repeat itself, we may be looking at a bitcoin price between US$150,000 and US$200,000. This would be more or less in alignment with Pete Humiston of Kraken Intelligence’s assessment:

Another approach to consider is the weekly moving average convergence/divergence (MACD) indicator for BTC/USD, which has now flipped from red to green. Historically, this has been a reliable indicator of the trajectory of an asset.

MACD indicator. Source: Trading View

The last time a bullish crossover occurred, BTC/USD saw a 5.5x price increase – from US$11,500 in October 2020 to all-time highs of US$64,500 just six months later. Should that play out again, bitcoin may end up over US$220,000 by the end of the year or early 2022.

The inimitable Bitcoin OG Max Keiser would seem to concur:

Of course when it comes to forward price projections, experienced investors generally advise those new to the space not to get overly focused on the short-term price fluctuations, both up and down. What matters, they say, is an asset’s long-term trajectory.

Notwithstanding, bitcoin bulls would be forgiven for being somewhat excited at present. HODLing through 2021 has certainly not been a walk in the park.

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Aion Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: KEEP, SLP, AION – August 25 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. Keep Network (KEEP)

Keep Network KEEP is an incentivised network for storing and encrypting private data on the public blockchain. The network is made of off-chain containers for private data known as keeps, while the KEEP work token enables it to be completely permissionless. Keep solves the main problem holding back blockchain adoption – that data on public blockchains are public. With Keep, developers can finally build fully decentralised apps. KEEP is the network’s native work token with dividends and a slashing model. It provides the Sybil resistance that allows the Keep network to be censorship-resistant and permissionless.

KEEP Price Analysis

At the time of writing, KEEP is ranked the 250th cryptocurrency globally and the current price is A$0.5795. Let’s take a look at the chart below for price analysis:

Source: TradingView

KEEP retraced nearly 85% from its high before finding a low in late July. 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$0.4712, although a sweep of the stops near A$0.4538 could reach below the next swing low into possible support near A$0.4288. A continued downtrend might run into the weekly gap near A$0.3967.

Some bears might add more shorts near A$0.5492, although a push to A$0.6244 is reasonable. A daily candle close over the swing high near A$0.6935 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$0.7851.

2. Small Love Potion (SLP)

Small Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP is unique because of how it has become one of the few in-game tokens to be listed by Binance in its Innovation Zone. The exchange has reserved this trading category for assets “that are likely to have higher volatility and pose a higher risk than other tokens”.

SLP Price Analysis

At the time of writing, SLP is ranked the 187th cryptocurrency globally and the current price is A$0.1943. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s nearly 80% retracement continues to make lower lows while showing no definitive signs of bullish reversal.

Stops below the swing low near A$0.1745 mark the next likely bearish target, with the daily gap near A$0.1690 providing some chance of a short-term bounce. Swing lows near A$0.1613 and A$0.1587 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$0.2387 might find resistance beginning near A$0.2540, with a more substantial move reaching up to A$0.2635. Closing above this level could hint at a longer-term trend reversal and form the range high of any following consolidation.

3. Aion (AION)

AION is the token used to secure and access The Open Application Network (OAN). Launched in 2018 in Canada, The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organisation, The OAN aims to give the public an environment to create Open Apps. The main purpose of The OAN is to facilitate interoperability between different blockchains, thus allowing users and developers to create a variety of applications. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data, and share it between different networks.

AION Price Analysis

At the time of writing, AION is ranked the 387th cryptocurrency globally and the current price is A$0.2612. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 75% from recent highs, AION has been consolidating in a range for the second half of Q2.

The recent sweep of the lows near A$0.2487 could set the stage for at least a short rally higher, with bulls possibly buying near A$0.2558 for a move toward the relatively equal highs near A$0.2849. A close over these highs might hint at a longer-term move toward probable resistance near A$0.3496, likely following a retracement.

Rejection from possible resistance near A$0.2741, potentially including a sweep of the highs around A$0.2785, could signal a run to the swing low near A$0.2366. If this move occurs, bears might target the swing low and support near A$0.1976.

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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Cardano Crypto News ICON Market Analysis Trading

Top 3 Coins To Watch Today: ADA, ICX, NWC – August 24 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 3rd cryptocurrency globally and the current price is A$4.04. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s 160% rally during the last month recently swept the May highs at A$3.43. The daily close over these highs might show that bulls plan to continue the move. If so, aggressive bulls might add more to their positions near A$3.51, with A$3.29 and A$3.13 also providing possible support.

Predicting the end of the current bullish trend is impossible. Still, extensions suggest that A$3.80, A$3.98 and A$4.18 provide reasonable near-term areas to take profits.

A bearish shift in the marketplace could drive the price down much further. If so, the swing low at A$2.60 offers a tempting target. If this stop run occurs, the price could drop further into possible support at a confluence of high-timeframe levels near A$2.22.

2. Icon (ICX)

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

ICX Price Analysis

At the time of writing, ICX is ranked the 94th cryptocurrency globally and the current price is A$2.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICX‘s recent sweep and close over the cluster of highs near A$1.86 could suggest it’s ready to kick off a new bullish trend. However, hopeful bulls should be wary of rejection near the current area that could push the price back into its three-month range.

The old highs and daily gap near A$1.88 might support the price if bulls are ready to push up from the range. The levels at A$2.06, A$2.30, A$2.58 and possibly up to A$2.97 offer reasonable areas to take profits and watch for signs of bearish reversal.

A bearish shift in the marketplace could prompt a stop run to the layered swing lows at A$1.50, A$1.39 and A$1.31. If this stop run occurs, bulls could look for support near the significant weekly zone between A$1.22 and A$1.15.

3. NewsCrypto (NWC)

The NewsCrypto token NWC is the native token of the NewsCrypto ecosystem, which offers a comprehensive set of indicators, educational resources, and entertainment for everyone from novice traders to experts in crypto. The project aims to offer everything that a crypto trader needs in one place, while also creating a community-focused ecosystem where users can learn from each other and earn NWC for posting quality content. The NWC token is used to unlock access to the online platform, which is focused on interactive education on blockchain technology and cryptocurrency trading.

NWC Price Analysis

At the time of writing, NWC is ranked the 318th cryptocurrency globally and the current price is A$1.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

NWC‘s 80% drop from May to July may have found a range low near A$0.61. The recent break and continuation through the short-term highs near A$1.05 and A$1.10 suggest some bullish strength.

Bulls are likely to take some profits near the high end of the current range. The areas near A$1.36 and A$1.55 offer some confluence for resistance. The swing high near A$1.60 might be the current target, followed by possible continuation up to A$1.86 and into resistance near A$1.89.

Aggressive bulls might bid near the last high and daily gap around A$1.14. However, a drop to possible support around A$1.02 is reasonable. A market-wide retracement could send the price down to sweep relatively equal lows near A$0.84. If this stop run occurs, the price could find support between A$0.83 and A$0.61.

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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Binance Crypto News IOST Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: MATIC, IOST, BURGER – August 23 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. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc, with the advantages of Ethereum’s security, vibrant ecosystem and openness.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

MATIC‘s stunning – nearly 315% – climb in Q2 has since retraced 75%, finding some support near A$1.80.

Retracements toward the monthly open, possibly running stops near A$1.74 and A$1.70, are likely to be capped between A$1.65 and A$1.77. A break through this level may find another area of resistance near the gap and old swing lows near A$1.63, possibly spiking up to A$1.55.

The price appears to be struggling to maintain resistance between A$2.30 and A$2.49, making the swing highs near A$2.56, A$2.61 and A$2.70 likely shorter-term targets. 

A run on these highs could find another area of resistance near A$2.74. If this area fails to break, a drop to the lower end of the monthly gap of around A$2.50 may be on the cards, with A$2.44 offering some hope of support.

2. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

IOST Price Analysis

At the time of writing, IOST is ranked the 120th cryptocurrency globally and the current price is A$0.05076. Let’s take a look at the chart below for price analysis:

Source: TradingView

IOST has continued its steady downtrend. Meanwhile, the chart offers bulls no strong support for long entries.

The recent low at A$0.02587 is likely to be swept – a region that offers a glimmer of hope for support based on some methods of measuring moves. However, bulls are likely to wait for more signs of support and a market structure shift before entering long positions.

Resistance rests just overhead between A$0.06355 and A$0.06957. The gap at A$0.07015 offers a high probability target for any potential down-trend retracements. 

A more substantial bullish shift in the markets could help the price run the stops near A$0.07344 into resistance beginning near A$0.07562. Any move upward is likely to find a cap near A$0.08149, although the current chart offers no hints that a movement this large should occur anytime soon.

3. Burger Swap (BURGER)

BurgerSwap BURGER is one of the first democratised, decentralised automated market makers (AMMs) on the Binance Smart Chain (BSC). It was built without the control of any centralised authorities through the use of smart contracts. BURGER token staking allows any user to create proposals and influence the adjustment of transaction fees, block rewards and other system parameters of the Burger Swap exchange via voting.

BURGER Price Analysis

At the time of writing, BURGER is ranked the 411th cryptocurrency globally and the current price is A$8.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 85% retracement from its May highs, BURGER found a temporary low near A$4.82. A recent move above A$9.40 could be the first sign of a bullish shift but could also be a stop run before the next drop lower. 

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near A$10.23, possibly reaching up to A$12.74.

However, a move below the closest support near A$6.45 makes stop runs on the swing lows near A$5.65 and A$4.82 likely. A confluence of several levels near A$4.20 could provide a temporary bounce. Still, a sustained bearish market will likely target A$3.90 and even A$3.28.

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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Binance Crypto News Loopring Market Analysis Swyftx Trading

LRC Surged +75% in a Single Day Amid Loopring’s Upcoming Layer-2 NFT Support

Loopring LRC is trading in an uptrend, like many other Altcoins. The cryptocurrency LRC just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +105% in a week.

What is Loopring?

Loopring LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised sidechains order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges. The main idea behind Loopring is to combine elements of centralised and decentralised cryptocurrency exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.

LRC Price Analysis

At the time of writing, LRC is ranked the 107th cryptocurrency globally and the current price is A$0.8279. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 4-Hour candle chart, we can clearly see that LRC was trading inside the rising wedge pattern on the LRC/USDT pair. The first resistance was on the A$0.4955 price level, which LRC broke with a strong bullish trend buying volume and is now heading towards the recent monthly high prices at A$0.9671 Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, LRC 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?

TradingView indicators (on the one-day window) mainly suggest LRC as a Strong Buy, except the Oscillators, which indicate LRC as a Buy.

So Why Did LRC 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 LRC for the next Altcoins rally. Recent news was also announced regarding Loopring’s layer-2 NFT support.

Where to Buy or Trade LRC?

Loopring LRC has high liquidity on the Binance exchange, which could help for trading LRC/BTC or LRC/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Binance Crypto News Dash Dent Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: HOT, DENT, DASH – August 20 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. 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 65th cryptocurrency globally and the current price is A$0.01431. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of April, 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 A$0.01146, which is the daily high of the last swing low. The high of the wick beginning near A$0.009244 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$0.008369 likely to be the next bearish target.

Just above, the daily gap beginning near A$0.01613 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$0.01799 – perhaps running to probable resistance near A$0.01955. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Dent (DENT)

Dent is a revolutionary digital mobile operator offering eSIM cards, mobile data plans, call minutes top-ups, and a roaming-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 112th cryptocurrency globally and the current price is A$0.008959. Let’s take a look at the chart below for price analysis:

Source: TradingView

April’s 250% bullish candle has since bled near 85%, with the DENT finding a low near A$0.003175 in mid-July.

Bulls are buying each drop into support near A$0.008241, with higher lows forming each time. However, the equal lows near A$0.007624 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$0.006955.

Just over the mid-August weekly open, A$0.009548 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$0.01186 before running into possible resistance near A$0.01293.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$0.01388 before encountering probable resistance near A$0.01499.

3. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 57th cryptocurrency globally and the current price is A$290.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

During May, DASH dumped over 83% before finding support near A$168. 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$259 before running the swing high at A$315. If this bullish move occurs, the price could reach resistance near the August monthly open around A$245, and may even sweep the swing high near A$238.

Some support might exist at the daily gap near A$230. A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.

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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Binance Chiliz Coin Crypto News Dogecoin Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: DOGE, CHZ, KSM – August 19 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 on 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. Tesla CEO Elon Musk has posted several tweets on social media that Dogecoin is his favourite coin.

DOGE Price Analysis

At the time of writing, DOGE is ranked the 7th cryptocurrency globally and the current price is A$0.4403. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOGE formed relatively equal lows near A$0.3468 after dropping over 75% during May. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around A$0.3257. 

If this sweep of the A$0.3200 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around A$0.3144. Should the market take a more bullish turn, the level just below near A$0.3027 could provide some short-term support.

The steep drop left large areas of inefficient price action, making the daily gap up to A$0.4962 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near A$0.5422.

2. Chiliz (CHZ)

Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between the active and passive fan, providing millions of sports fanatics with a fan token thath acts as a tokenised share of influence.

CHZ Price Analysis

At the time of writing, CHZ is ranked the 59th cryptocurrency globally and the current price is A$0.4709. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHZ’s stunning rally to A$0.9941 plummeted over 60% during May to sweep consolidation lows at A$0.2955. This could set the stage for a new bullish cycle to begin. 

The price is currently balancing around the June monthly open. A quick stop run into support beginning near A$0.3682 could set the stage for a move into the daily gap beginning near A$0.3465, potentially reaching resistance near A$0.3544.

A sweep of the highs near A$0.4822, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near A$0.5127. This run could find the next resistance around A$0.5366 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near A$0.5938.

3. 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. The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain, and can be used as a preparatory network before launching on Polkadot, though many projects opt to stick with Kusama for their final product.

KSM Price Analysis

At the time of writing, KSM is ranked the 50th cryptocurrency globally and the current price is A$414.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

May started a gradual 77% decline in KSM‘s price. The move into June swing high saw a sharp jump in price, showing that some support exists near A$231.

A sweep of the most recent swing lows into possible support beginning near A$398 could lead to a rally over the monthly open. This rally would likely sweep the swing high into the resistance near A$428. 

This potential bullish move could continue through the relatively equal swing highs near A$439 – but is likely to find some resistance in the weekly level around A$453.

Continued bearishness in the crypto markets might push the price to fill the weekly gap down to A$401. This drop would sweep the stops under the monthly low and potentially mark a new accumulation zone for the next bullish 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.

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Binance Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch Today: DOT, ENJ, SLP – August 18 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. 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. 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 9th cryptocurrency globally and the current price is A$34.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT’s 77% climb during early May returned to the monthly open, sweeping lows several times down to A$23.55.

Last week, the price bounced from the monthly open near A$29.46 again, creating possible support near A$31.87. A quick sweep of this recent swing low could reach into a support area near A$27.95, while a sharp downturn in the market is likely to run for the relatively equal lows near A$25.47.

If the price breaks through the closest significant resistance near A$36.25, the swing high at A$40.73 is a likely target. This move could reach the daily gap near A$42.69.

Strong bullish momentum could propel the price to resistance near A$45.22. If this move occurs, the significant swing high near A$48.31 provides a reasonable goal.

2. Enjin Coin (ENJ)

Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).

ENJ Price Analysis

At the time of writing, ENJ is ranked the 74th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

ENJ spent July ranging across the monthly open, reaching 28% over and 35% below. The price is currently consolidating between adjacent resistance and support at A$1.98 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near A$2.36. 

This move would likely target the swing high at A$2.40 and relatively equal highs near A$2.44. A sustained bullish trend could reach up to the May mid-high near A$2.57.

Bulls might see a sweep of the relatively equal lows near A$2.14 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around A$1.89.

3. Small Love Potion (SLP)

Small Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP is unique because of how it has become one of the few in-game tokens to be listed by Binance in its Innovation Zone. The exchange has reserved this trading category for assets “that are likely to have higher volatility and pose a higher risk than other tokens”.

SLP Price Analysis

At the time of writing, SLP is ranked the 182nd cryptocurrency globally and the current price is A$0.2392. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s strong downtrend that began in mid-July has retraced most of its Q3 move, recently sweeping lows near A$0.1998 but struggling to find strong support.

A sweep of the relatively equal lows near A$0.1845 into possible support around A$0.1762, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near A$0.1655.

The swing low near A$0.2144 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near A$0.2647, potentially reaching up to the August monthly open near A$0.2938.

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.

Categories
Blockchain Crypto News Market Analysis Tokens

$AUDIO Token Surges 200% After DeFi Music Streaming Service Partners With TikTok

Audius, a music streaming platform based on the Ethereum and Solana blockchains, has partnered with popular Chinese video-sharing and social media app TikTok to create TikTok Sounds.

Source: Twitter.com

Audius is the first streaming platform to allow direct sharing to TikTok, a coup for a music site that only recently crossed the five million users threshold.

The decentralised service is driven by the Ethereum-based $AUDIO token, which users can stake in the Audius platform to participate in governance decisions, as well as earn rewards for securing the network. $AUDIO is also given out as rewards for top artists and active users, and token staking unlocks advanced features too, such as displaying NFT collectibles on the site.

Within 24 hours of the announcement, the $AUDIO price spiked over 200 percent (see chart below).

AUDIO Token Price Surge – Source: Tradingview.com

The partnership aims to streamline TikTok’s current music upload and selection process. Audius users can simply upload tracks and share them to TikTok, a process said to take less than a minute.

Roneil Rumburg and Forrest Browning, the platform’s founders, say they followed up on personal contacts at TikTok to facilitate the integration.

We’re proud to be one of the earliest launch partners for TikTok Sounds and to give the artists on Audius a chance to increase their exposure.

Forrest Browning, Audius co-founder

Founded in 2018, Audius is the largest decentralised consumer blockchain application and boasts a roster of over 100,000 music artists. Last month, it announced a partnership with the Solana Creator Fund to attract new artists to its platform.

TikTok Claims 750m of its US Users Find New Artists on the Platform

Audius Music Platform. Source: audius.co

Like TikTok, Audius does not pay royalties to artists but provides them with a platform to engage with fans and attract new listeners. TikTok, with over 1 billion monthly users, claims that 75 percent of its US users find new artists via TikTok videos.

The partnership with Audius is a surprising move for TikTok given the app’s decision last month to ban cryptocurrency-based promotional content as well as “the promotion of all financial services and products”.

For its part, Audius claims its integration with TikTok is more about the music rather than spreading the word on cryptocurrency or decentralised finance. According to Browning, roughly 95 percent of Audius users “have no idea that blockchain is even involved”.

The TikTok sharing feature went live on August 16 for all Audius users.