One of the most popular narratives surrounding bitcoin is that it is “digital gold”. At a time of unprecedented global fiscal and monetary expansion, one would have expected bitcoin’s physical counterpart to shine. Instead, it’s endured a rather torrid time that has left investors wondering whether it still has value in a diversified portfolio.
For the year the return on #Bitcoin is 277% and the return on #Gold is -13.6%. Over the last decade the annual return on Bitcoin is 132% and the annual return on Gold is 0%.https://t.co/YdNg8ArSGC
It’s well-documented by now that younger generations around the world are showing a distinct preference for all things digital. From India to Australia, millennials are choosing to invest in bitcoin over gold.
Gold has traditionally been considered a hedge against inflation, but over the past 18 months, gold bugs have had difficulty explaining its underperformance relative to almost all other assets, especially against bitcoin.
Financial return over last 10 years:
– Gold is down 3% – Bitcoin is up 469,482%
We are going to watch the contraction of gold's market cap in real time over the next decade. Will be so obvious in hindsight.
In considering the relative performance of bitcoin and gold, it is also useful to consider the performance of bitcoin priced in gold. Unfortunately for gold enthusiasts, this metric doesn’t paint a pretty picture either.
— Master⚡️250k BTC 3k LTC 2021 (@MASTERBTCLTC) August 8, 2021
Will Bitcoin Flip Gold?
With a current bitcoin price of US$43,121, bitcoin’s market cap is around US$809 billion. This is dwarfed by physical gold’s market cap, estimated to be around US$10 trillion. Commentators have long opined about when bitcoin would overtake gold’s market cap – the so-called “flippening”.
Based on the chart above, that may be out of reach for the foreseeable future, however given the surprises we’ve seen over the past 18 months, anything is possible.
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. Band Protocol (BAND)
Band Protocol BAND is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart contracts to facilitate the exchange of information between on-chain and off-chain data sources. BAND is the native token of the Band Protocol ecosystem and is used as collateral by validators involved in fulfilling data requests, as well as the main medium of exchange on BandChain being used to pay for private data.
BAND Price Analysis
At the time of writing, BAND is ranked the 164th cryptocurrency globally and the current price is A$9.99. Let’s take a look at the chart below for price analysis:
BAND’s nearly 83% drop from its April highs found a low near A$5.54 in June before closing over a short-term high around A$9.77 last week.
This daily close over the high could signal a shift in market structure that might reach probable resistance near A$12.08. A sustained bullish move may target the swing high at A$13.62. If this stop run occurs, a run beyond the high into probable resistance near A$13.98 and A$15.27 is possible.
Bulls could buy a retracement to possible support near A$9.47, just above the August monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$6.62.
However, relatively equal lows near A$5.21 and A$4.00 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$3.40 and A$4.00.
2. Constellation (DAG)
Constellation DAG technology is an alternative system that allows cryptocurrencies to function similarly to those that utilise blockchain technology without the need for blocks and miners. A DAG is very similar to this peer grading system. Instead of having large mining firms confirming transactions via proof of work, DAG employs the very transactions that users make in order to confirm each others’ transactions. DAG is essentially a distributed peer-confirming system at scale.
DAG Price Analysis
At the time of writing, DAG is ranked the 154th cryptocurrency globally and the current price is A$0.2962. Let’s take a look at the chart below for price analysis:
DAG’s massive July spike retraced near A$0.1730 into the consolidation that began the impulse before bouncing to A$0.3340.
This consolidation could provide support again, although bears would first have to push the price through possible support near A$0.2679. The market’s structure may be shifting bearish, with A$0.2851 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$0.1568 before finding support near A$0.1241.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$0.3341 potentially giving an attractive target to lure the price over the August monthly open. If so, the price could reach for the midpoint of the massive July wick near A$0.3864.
3. Voyager Token (VGX)
Voyager Token VGX is a cryptocurrency broker that provides investors with a trusted and secure access point to crypto asset trading. Voyager is built to serve both retail and institutional investors with a nigh-instant solution for trading crypto assets. The native token of the brokerage, Voyager Token VGX, is used to reward users within the Voyager ecosystem. VGX also generates interest when held in the Voyager app, and offers cashback rewards and other services exclusive to Voyager users.
VGX Price Analysis
At the time of writing, VGX is ranked the 90th cryptocurrency globally and the current price is A$5.04. Let’s take a look at the chart below for price analysis:
VGX set a high near A$10.65 in February before retracing nearly 83% to find a low near A$1.84. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near A$4.71 is slowing the bullish advance down. However, another leg might target the last swing high at A$5.84 and relatively equal highs at A$6.73. Resistance near A$6.12 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$8.84.
A retracement before a move higher might find support in the daily gap near A$3.64, just above the August monthly open. Relatively equal lows near A$2.95 could also provide support. A run-on stop at A$2.09 and A$1.84 might find support in the gap beginning near A$1.59 or a high-timeframe level near A$1.15.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
Cartesi CTSI is trading in an uptrend, like many other Altcoins. The cryptocurrency CTSI just went up +86% 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 Cartesi?
Cartesi CTSI is taking smart contracts to the next level, solving the urgent problem of scalability and high fees on blockchains by implementing a variant of optimistic roll-ups. Most notably, Cartesi is revolutionising smart contract programming by allowing developers to code with mainstream software stacks. Noether is Cartesi’s side-chain that’s optimised for ephemeral data, providing low-cost data availability to DApps.
CTSI Price Analysis
At the time of writing, CTSI is ranked 145th cryptocurrency globally and the current price is A$1.12. This represents a +105% increase since August 2, 2021 (seven days ago), as shown in the chart below.
After looking at the above 4-Hour candle chart, we can clearly see that CTSI was trading inside the rising wedge pattern on the CTSI/USDT pair. The first resistance was on the A$0.6936 price level, which CTSI broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$1.35. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, CTSI 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 CTSI as a Strong Buy, except the Oscillators, which indicate CTSI as a Buy.
So Why Did CTSI 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 CTSI for the next Altcoins rally. Recent news was also announced regarding Kraken Exchange listing Cartesi CTSI with USD & EUR trading pairs.
CTSI has high liquidity on the Binance exchange, which could help for trading CTSI/BTC or CTSI/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin 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. Litecoin (LTC)
Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. Its main benefit comes from its speed and cost-effectiveness. Litecoin transactions are typically confirmed in just minutes, and transaction fees are nearly negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support.
Litecoin Price Analysis
At the time of writing, LTC is ranked the 15th cryptocurrency globally and the current price is A$205.31. Let’s take a look at the chart below for price analysis:
The weekend LTC run stops under swing lows down to A$195 as it tested support near A$190.
Aggressive traders expecting expansion to the upside could look for entries near possible support near A$192. Bids near A$189 may be able to capitalise on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near A$183.
In the short term, A$235 may provide some resistance. The swing high near A$250 provides a reasonable first target, with the area just above up to A$268 likely to create resistance.
A break of this zone makes the May high at A$329 a likely target, with further expansion possibly reaching near A$360.
2. Universal Market Access (UMA)
Universal Market Access UMA is a protocol for the creation of synthetic assets based on the Ethereum blockchain. Synthetic assets are a class of assets that represent different, underlying assets and have the same value. UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.
UMA Price Analysis
At the time of writing, UMA is ranked the 105th cryptocurrency globally and the current price is A$13.34. Let’s take a look at the chart below for price analysis:
Last month’s 55% drop was immediately bought up and closed the weekly candle bullish, suggesting strength for UMA bulls.
Aggressive traders could look for support near A$11.78. Levels near A$10.35, A$9.43 and A$8.64 also provide reasonable areas for bids during a retracement.
Little resistance rests overhead, but the area between A$15.38 and the swing high at A$17.26 may cap an initial move upward. Extensions indicate A$18.67 and A$21.54 as reasonable take-profit zones.
3. Swipe (SXP)
Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.
SXP Price Analysis
At the time of writing, SXP is ranked the 149th cryptocurrency globally and the current price is A$3.37. Let’s take a look at the chart below for price analysis:
An impressive 215% month for SXP has retraced over 135% as the price consolidates near the weekly gap beginning near A$3.40.
The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near A$3.31 at the top of a daily gap could provide support.
More probable support begins at the bottom of the gap, ranging from approximately A$2.25 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near A$1.95.
Impulses upward during retracement are likely, but the most substantial resistance is likely just below the May swing high near A$3.90. This swing high provides a clear first target, with extensions near A$4.18, A$4.29 and A$4.45.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
BadgerDao BADGER is trading in an uptrend, like many other Altcoins. The cryptocurrency BADGER just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +135% in a week.
What is BadgerDao?
BadgerDao BADGER is an open-source, decentralised automated organisation that is dedicated to building products and infrastructure of simplifying the use of Bitcoin as collateral across many smart contract platforms. The platform is a shared space where the developers, known as Badge Builders, have the ability to collaborate and implement Bitcoin as collateral to as many blockchains as possible. A developer can earn a percentage of the fees and BADGER tokens from the developer mining pool for every implementation.
BADGER Price Analysis
At the time of writing, BADGER is ranked 152nd cryptocurrency globally and the current price is A$37.05. This represents a +135% increase since August 1, 2021 (seven days ago), as shown in the chart below.
After looking at the above 1-Day candle chart, we can clearly see that BADGER was trading inside the rising wedge pattern on the BADGER/USDT pair. The first resistance was on the A$22.56 price level, which BADGER broke with a strong bullish trend buying volume and is now heading towards the previous high prices near A$45.27. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery with a bullish trend, BADGER 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 BADGER as a Buy, except the Oscillators, which indicate BADGER as a Neutral.
Badger has high liquidity on the Binance exchange, which could help for trading BADGER/BTC or BADGER/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.
Stafi Protocol FIS is trading in an uptrend, like many other Altcoins. The cryptocurrency FIS just went up +285% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +315% in a week.
What is Stafi Protocol?
Stafi FIS (short for Staking Finance) is a DeFi protocol that aims to unlock the liquidity of staked assets. STAFI Protocol solves the contradiction between the token liquidity and Mainnet security by issuing ABT tokens, which provide the liquidity of your Staking Assets. ABT token increases the staking rate to a higher level 100%, theoretically, and it could be tradable, its security is guided by STAFI Protocol which ensures ABT token is the only collateral that can apply to redeem staking assets from the original staking blockchain Tezos, Cosmos, Polkadot, etc.
FIS Price Analysis
At the time of writing, FIS is ranked 613th cryptocurrency globally and the current price is A$3.19. This represents a +315% increase since July 31, 2021 (seven days ago), as shown in the chart below.
After looking at the above 1-Hour candle chart, we can clearly see that FIS was trading inside the rising wedge pattern on the FIS/USDT pair. The first resistance was on the A$1.42 price levels, which FIS broke with a strong bullish trend buying volume and is now heading towards the previous high price at A$3.26. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, FIS 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 FIS as a Strong Buy, except the Oscillators, which indicate FIS as a Neutral.
So Why Did FIS 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 FIS for the next Altcoins rally. Recent news was also announced regarding BSC Bridge integrated into the rToken app.
#BSC Bridge is integrated into the #rToken app, users could easily swap rTokens among Ethereum, StaFi and BSC. We will cooperate with BSC DeFi projects to create more cases for rToken users, like lending, index and DEX, etc, more adoptions to come
Stafi FIS has high liquidity on the Binance exchange, which could help for trading FIS/BTC or FIS/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.
In the early hours of August 6, a super large transaction of US$1 billion worth of USDT stablecoin was transferred from an exchange to an unknown wallet on the Tron blockchain.
US$1 billion Tron blockchain transaction
USDT Runs on Eight Blockchains
Tether (USDT) is a popular stablecoin whose value is pegged to the US dollar. USDT is a ERC-20 token that currently runs on eight blockchains including Algorand, BCH, EOS, Ethereum, Liquid Network, Omni, Tron and Solana.
The interoperability of stablecoins to transfer between multiple global networks shows the true power of blockchain technology.
Sam Deering, CEO, Crypto News Australia
Other Recent Whale Transactions
There have been quite a few recent whale transactions including a US$430 million Bitcoin transaction for a fee of $82, although a $0.80 fee would have been enough. This was a $430 million instant settlement with no middleman or banks involved.
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. Republic Protocol (REN)
Republic Protocol 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 which 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 114th cryptocurrency globally and the current price is A$0.5937. Let’s take a look at the chart below for price analysis:
REN’s explosive Q1 – climbing over 350% – retraced nearly 230% of the move within Q2.
While the price likely needs to cool off before any significant move is higher, stubborn bulls could look for entries in possible support beginning near A$0.5174.
A break below A$0.4736 is likely to continue to an area near A$0.4589. Strong bearish momentum might push the price to possible support near A$0.4236.
In both bullish and bearish scenarios, it’s reasonable (but not guaranteed) to anticipate a retest of resistance near A$0.6734, which would sweep a cluster of relatively equal highs near A$0.6944.
Continued strength above this area could continue to resistance near A$0.7514 and the high near A$0.8435.
2. Balancer (BAL)
Balancer BAL is an automated market maker (AMM) that was developed on the Ethereum blockchain and launched in March 2020. It was able to raise a $3 million seed round by Placeholder and Accomplice. Balancer protocol functions as a self-balancing weighted portfolio, price sensor and liquidity provider. It allows users to earn profits through its recently introduced token BAL by contributing to customisable liquidity pools.
BAL Price Analysis
At the time of writing, BAL is ranked the 184th cryptocurrency globally and the current price is A$32.53. Let’s take a look at the chart below for price analysis:
Since the beginning of Q3, BAL has climbed 65% – a relatively small amount compared to many other altcoins. However, it continues to creep to new all-time highs, suggesting that the consolidation period may be near its end.
Aggressive bulls could look for entries in new possible support between A$29.15 and A$27.48. A dip below this area might also find support near A$24.66. However, a daily close near A$22.87 brings bullish strength into question.
A sudden drop in the market is likely to test possible support beginning near A$20.33. This retracement would create extensions suggesting A$48.85 – A$59.25 as a potential target for bulls.
Currently, extensions indicate a reasonable take-profit zone near A$35.44 to A$39.13, with A$41.55 having the most confluence. If bulls can maintain strength, confluent extensions point to A$43.62 – A$45.27 as a reasonable next target.
3. Curve DAO Token (CRV)
Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.
CRV Price Analysis
At the time of writing, CRV is ranked the 104th cryptocurrency globally and the current price is A$2.43. Let’s take a look at the chart below for price analysis:
June 1 spawned a bullish move in CRV, reaching over 122%. Chaotic price action near the top of this move resolved into a nearly 65% retracement.
Multiple breaks of swing lows between sweeps of swing highs suggest that the market structure has turned bearish for the weekend. If the overall market’s conditions remain bullish, this is likely to result in consolidation somewhere below the current price.
Possible support for the start of consolidation rests near A$2.35. A set of equal lows below this level will likely be swept into possible support, beginning near A$2.28.
Another spike upward is possible, but not guaranteed, as the price retraces. The area just under the July monthly open, beginning near A$2.61, gives a reasonable target. Above this resistance, the last swing high near A$2.75 provides the following 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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
TrueFi TRU is trading in an uptrend, like many other Altcoins. The cryptocurrency TRU just went up +162% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +195% in a week.
What is TrueFi?
TrueFi TRU is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens TRU and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and TrustToken holders ultimately have a say over who is a credible borrower in the prediction market. TRU gives the holder the ability to rate credit for third parties.
TRU Price Analysis
At the time of writing, TRU is ranked 464th cryptocurrency globally and the current price is A$0.4542. This represents a +195% increase since July 30, 2021 (seven days ago), as shown in the chart below.
After looking at the above 1-Day candle chart, we can clearly see that TRU was trading inside the rising wedge pattern on the TRU/USDT pair. The first resistance was on the A$0.2435 price levels, which TRU broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$0.4084. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, TRU 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 TRU as a Strong Buy, except the Oscillators, which indicate TRU as a Buy.
So Why Did TRU 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 TRU for the next Altcoins rally. Recent news was also announced regarding TrustToken Raises $12.5M from BlockTower.
TRU has high liquidity on the Binance exchange, which could help for trading TRU/BTC or TRU/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin 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. 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. 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 5th cryptocurrency globally and the current price is A$1.86. Let’s take a look at the chart below for price analysis:
Mid-May’s 115% explosion retraced ADA into support at the 62% retracement and daily gap beginning near A$1.66 before spending the rest of the month inside this range.
Aggressive bulls could look for entries in potential support near A$1.63 and A$1.60. However, a more probable and higher-risk reward entry could present itself in support near A$1.57 and A$1.53 after a sweep of the relatively equal lows near A$1.49.
The last swing high near A$2.07 provides resistance. Breaking this resistance creates likely targets at the next high, near A$2.11, and June’s high, near A$2.35.
Beyond these highs, overlapping extensions near A$2.42, A$2.48 and A$2.55 provide reasonable take-profit zones.
2. Axie Infinity (AXS)
Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.
AXS Price Analysis
At the time of writing, AXS is ranked the 39th cryptocurrency globally and the current price is A$59.90. Let’s take a look at the chart below for price analysis:
AXS’s relatively small 50% range could suggest that a much larger move is setting up in August.
Aggressive bulls could look for entries at the most recent area of support formed near A$53.41. However, equal lows near A$50.27 make a tempting target for a stop run into this support. This move could reach support near A$48.67.
A decisive move to the downside could run stops below the second set of relatively equal lows near A$44.21, possibly reaching support at an old swing high and a daily gap near A$41.83.
A recent level near A$62.55 provided resistance and caused a recent swing high to form near A$66.38, offering first targets. A move through this high may arrive at new high levels near A$74.65 and A$82.93.
3. Selfkey (KEY)
SelfKey KEY is a blockchain-based identity platform. The technology provides individuals, companies, exchanges, fintech startups and banks with a platform to manage identity data (oftentimes KYC). SelfKey aims to revolutionise the KYC on-boarding process and remain true to the ethos of Self-Sovereign Identity where individuals should be able to own and control their identity.
KEY Price Analysis
At the time of writing, KEY is ranked the 536th cryptocurrency globally and the current price is A$0.00956. Let’s take a look at the chart below for price analysis:
June gave KEY another 69% leg into resistance, beginning near A$0.01602. The retracement through the second half of the month to 52% may be setting the stage for the next significant move upward.
A sweep of relatively equal lows near A$0.008654 into the daily gap and support down to A$0.008241 may offer a favourable risk-reward entry. More aggressive bulls could begin positions at potential support near A$0.007862.
Resistance near A$0.01097 is framed by relatively equal highs just above, which provides a reasonable first profit objective. The last swing high near A$0.01346 provides the next target on a break of this resistance.
Overlapping extensions near A$0.01577, A$0.01739 and A$0.01957 may also be sources of resistance.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
