Category: Market Analysis

Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Celer Network (CELR)

The Celer Network (CELR) is a smartly designed layer-2 scaling solution that provides off-chain transactions handling. The Celer platform offers fast, simple and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem. As to the overall goal of the network, its founders envisioned unleashing the full potential of blockchain and revolutionising Dapps with more efficient and productive outputs.

CELR Price Analysis

At the time of writing, CELR is ranked the 174^th cryptocurrency globally and the current price is A$0.03565. Let’s take a look at the chart below for price analysis:

After retracing nearly 80 percent from its highs, CELR wicked into the monthly gap beginning near A$0.02814. 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$0.04012 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$0.04296. 

This move could continue into resistance near A$0.04731 and spike through the relatively equal highs near A$0.05047. A break of the next swing high near A$0.05631 is likely to find resistance once it reaches A$0.05733. If this move occurs, it may suggest a longer-term reversal.

A retest of possible support near A$0.03142 could provide an entry for a short-term trade. However, there is a higher probability for more substantial support near A$00.01715 after a run on the lows at A$0.02810 and A$0.01715.

2. Fetch.ai (FET)

Fetch.ai is a platform that aims to connect Internet of Things (IoT) devices and algorithms to enable collective learning. It was launched in 2017 by a team based in Cambridge, UK. Fetch.ai is built on a high-throughput sharded ledger and offers smart contract capabilities to deploy machine learning and artificial intelligence solutions for decentralised problem-solving.

These open-source tools are designed to help users create ecosystem infrastructure and deploy commercial models.

FET Price Analysis

At the time of writing, FET is ranked the 156^th cryptocurrency globally and the current price is A$0.3367. Let’s take a look at the chart below for price analysis:

FET has dropped nearly 82 percent from its highs, with the current low’s wick on June 22 taking stops below two major swing lows.

The resulting bounce found resistance near A$0.3764, which could continue to cap upward movement. If the price finds support in the current region near A$0.3536, it could continue to resistance near A$0.4183. A more substantial move might run stops above the swing high near A$0.4536 into resistance near A$0.4718.

A break below the monthly open is likely to target buy stops near A$0.2710, an area that could provide some support. A move below this level could target below the swing low at A$0.2169, possibly reaching the gap beginning near A$0.1700.

3. Swipe (SXP)

Swipe is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card, and the Swipe Token (SXP).

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. Holders of SXP tokens are eligible for exclusive discounts on the Swipe app and the token can be used for making fiat payments with the Swipe debit card.

SXP Price Analysis

At the time of writing, SXP is ranked the 158^th cryptocurrency globally and the current price is A$2.59. Let’s take a look at the chart below for price analysis:

SXP’s 77 percent drop has filled the February monthly gap twice as the price consolidates between A$1.78 and A$3.31.

Price’s current region, between A$2.69 and A$2.50 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$3.31 is a likely target. 

An animated move through these highs could reach up to the daily gap beginning at A$3.69. The area between A$4.26 and A$4.07 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under A$2.38 and find support near A$2.24. If this level is lost, the swing low at A$1.78 is a likely target, with A$1.60 possibly giving support.

Where to Buy or Trade Altcoins?

These three Altcoins have the high liquidity on Binance Exchange, so that could help with trading on USDT or 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 this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Elrond (EGLD)

Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 63^rd cryptocurrency globally and the current price is A$94. Let’s take a look at the chart below for price analysis:

EGLD‘s stunning – nearly 4,000% – climb since Q4 2020 has since retraced 73%, finding some support near A$87.05.

Retracements toward the monthly open, possibly running stops near $141.15 and $147.60, are likely to be capped between $145.25 and $153.64. A break through this level may find another area of resistance near the gap and old swing lows near $161.62 – possibly spiking up to $177.82.

The price appears to be struggling to maintain support between $113.23 and $98.69, making the swing lows near $100.85, $87.05, and $76.99 likely shorter-term targets. 

A run on these lows could find another area of support near $73.95. If this area fails to hold, a drop to the lower end of the monthly gap around $39.54 may be on the cards, with $34.02 offering some hope of support.

2. Mina Protocol (MINA)

Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain, since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Its technical whitepaper calls this a “succinct blockchain”.

Mina Price Analysis

At the time of writing, MINA is ranked the 233^rd cryptocurrency globally and the current price is A$2.08. Let’s take a look at the chart below for price analysis:

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

The recent low at A$2.39 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 $2.77 and $3.26. The gap at $3.04 offers a high probability target for any potential downtrend retracements. 

A more substantial bullish shift in the markets could help the price run the stops near $4.11 into resistance, beginning near $4.19. Any move upward is likely to find a cap near $5.51, although the current chart offers no hints that a movement this large should occur anytime soon.

3. Orion Protocol (ORN)

Orion aims to solve the difficulties in performing profitable transactions associated with the lack of liquidity on the majority of crypto exchanges. This is the case for both centralised and decentralised exchanges. Orion’s solution to this is to aggregate exchanges’ order books into one simple-to-use-and-understand terminal.

The Orion Protocol’s goal is to help users get the best returns out of their investments while also lowering the risks associated with using multiple exchanges.

ORN Price Analysis

At the time of writing, ORN is ranked the 236^th cryptocurrency globally and the current price is A$8.54. Let’s take a look at the chart below for price analysis:

After an 83% retracement from its March highs, ORN found a temporary low near A$6.53. A recent move above $12.61 could be the first sign of a bullish shift – but could also signal 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 $13.85, possibly reaching up to $16.51.

However, a move below the closest support near $6.558 makes stop runs on the swing lows near $7.63 and $6.53 likely. A confluence of several levels near $5.71 could provide a temporary bounce. Still, a sustained bearish market will likely target $5.18 and even $2.39.

Where to Buy or Trade Altcoins?

These three Altcoins have the high liquidity on Binance Exchange, so that could help with trading on USDT or 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 this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Mina Protocol (MINA)

Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Its technical whitepaper calls this a “succinct blockchain”.

Mina Price Analysis

At the time of writing, MINA is ranked the 223^rd cryptocurrency globally and the current price is A$3.68. Let’s take a look at the chart below for price analysis.

Since the beginning of June, MINA 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$3.50, which is the daily high of the last swing low. The high of the wick beginning near $3.02 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $2.71 the likely next bearish target.

Just above, the daily gap beginning near $4.10 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $5.12 – perhaps running to probable resistance near $5.38. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Metal (MTL)

Metal (MTL) is the native currency of Metal products and an essential part of the Metal ecosystem. Sending and receiving any crypto to friends on Metal Pay is, according to the team, instant, and feeless. Designed to make cryptocurrency payments fast and easy, users pay zero fees when sending, receiving, buying or selling MTL.

MTL Price Analysis

At the time of writing, MTL is ranked the 190^th cryptocurrency globally and the current price is A$2.91. Let’s take a look at the chart below for price analysis.

March 29’s 450% bullish daily candle has since bled near 85%, with the MTL finding a low near $2.02 in mid-May.

Bulls are buying each drop into support near $2.74, with higher lows forming each time. However, the equal lows near $2.56 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at $2.44.

Just over the June monthly open, $3.18 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near $3.57 before running into possible resistance near $3.75.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near $4.77 before encountering probable resistance near $4.87.

3. Venus (XVS)

Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralised finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.

XVS Price Analysis

At the time of writing, XVS is ranked the 144^th cryptocurrency globally and the current price is A$33.02. Let’s take a look at the chart below for price analysis.

During five days in May, XVS dumped over 86% before finding support near $25.67. 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 $32.72 before running the swing high at $37.28. If this bullish move occurs, the price could reach resistance near the June monthly open around $42.94 – and even sweep the swing high near $46.42.

Some support might exist at the daily gap near $20.11. A move this low would also fill the February 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 $12.30 and $6.21. In this zone, the daily swing low at $8.66 makes a likely target.

Where to Buy or Trade Altcoins?

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