According to on-chain analysts Glassnode, there are growing signals that the bottom may be in. Most recently, the firm revealed that over 80 percent of US dollar-denominated investments have not moved in three months, suggesting that holders are increasingly unwilling to sell any lower:
Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.
This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.
Glassnode argues that its “Realised Cap HODL Wave” metric clearly shows similar patterns to the bear markets of 2012, 2015 and 2018.
In brief, the metric intends to illustrate the relative economic weight stored by bitcoins of various holding times, and changes arising from holding and spending behaviour. For a more complete explanation, this useful overview is instructive.
Concurring with an earlier Glassnode assessment, Coinbase’s head of institutional research noted in its report that on-chain data revealed recent selling was “almost exclusively” short-term speculators. Long-term holders (in excess of six months), by contrast, were not found to be selling.
In fact, these HODLers were found to represent 77 percent of coins in circulation, which although down from 80 percent earlier this year, was viewed as a “positive sentiment” suggesting that holders were less likely to sell.
BTC HODLing. Source: Coinbase Analytics
Amid ongoing pressure of a negative macro and crypto environment, bitcoin’s price has remain subdued, recently slipping below US$19,000 on news of the US’ highest inflation print in 40 years.
Bitcoin has since somewhat recovered, and at the time of writing was trading at US23,300, above its 200-week moving average (MA) of US$22,600. Notwithstanding, technical analysts suggest that a definitive and sustained breakout above the 200-week MA is necessary to reverse the bearish trend.
Of course, we’ll only know in hindsight whether bitcoin bottomed out at US$17,500. However, from a Bitcoiner’s perspective, the fundamentals remain unchanged and if anything it’s offered a priceless opportunity to stack more sats for less.
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 whose stated 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 8th cryptocurrency globally and the current price is US$0.5085. Let’s take a look at the chart below for price analysis:
From its Q2 high, ADA dropped nearly 75% before finding support near $0.4269. The price has been consolidating since it set this low and is currently testing support near $0.4629. This level has held as support despite the larger market’s sharp downturn since mid-June.
It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4006 and $0.3950 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.3772 could provide support.
If this region holds as support, bulls might find the first resistance near $0.5710. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range.
A break of this resistance may retest resistance just above the June monthly open, near $0.6590. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.
However, bulls should be cautious of the bearish market conditions and a potential hardfork delay. A break of the two closest support levels could lead to a much more significant drop near $0.3588. This level, near the 2021 yearly open, is inefficiently traded on the monthly and weekly charts.
2. PancakeSwap (CAKE)
PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.
CAKE Price Analysis
At the time of writing, CAKE is ranked the 78th cryptocurrency globally and the current price is US$3.54. Let’s take a look at the chart below for price analysis:
CAKE‘s 79% decline after Q1 created relatively equal lows near $2.96 before bouncing over the local range’s midpoint near $3.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.
Aggressive bulls could look for entries in the daily gap starting near $3.36. The monthly open aligns with more probable support near $3.28.
A stop run below the monthly open near $3.10 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $2.90, just above the equal lows.
Resistance rests just above, with the zone from $3.95 to $4.27 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near $4.77.
Beyond these highs, resistance near $4.98 provides a final challenge before attacking an old daily swing high near $5.42.
3. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$46.57. Let’s take a look at the chart below for price analysis:
SOL has retraced 89% from its Q2 highs and reached possible support last month near $27.34. Resistance might begin near $49.64, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $58.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $63.42 and $66.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $41.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $37.10 and $33.54. If the price reaches this zone, the Q1 2021 swing high near $29.12 may mark a more sensitive level.
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. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 35th cryptocurrency globally and the current price is US$0.9145. Let’s take a look at the chart below for price analysis:
MANA dropped 80% since March 1 and made a low near $0.5800. It has consolidated above this low since May 12.
The price might find support between $0.8808 and $0.8537. This level saw accumulation on July 17, contains the 9 and 18 EMAs, and borders the July monthly open.
A deeper retracement could reach near $0.8290. A drop to this level would rebalance more inefficient trading on the daily chart. It could also run bulls’ stops below today’s opening price and July 16’s swing low.
The price is testing the closest resistance, at $0.8962. Bears entered shorts here before last week’s drop. It’s also near the 40 EMA.
If this resistance breaks, $0.9346 to $0.9923 may provide the next resistance. This area is between the 61.8% and 78.6% retracement of the last month’s downtrend. Bulls also rejected bulls here in late June on the weekly chart.
A more significant rally might reach an area of inefficient trading on the monthly chart from $1.0932 to $1.3375. This move would sweep most bears’ trailed stops above relative equal highs up to this level. Yet, bulls aiming for this level may want to be cautious since the overall trend is still bearish.
If the downtrend continues, $0.7255 may offer the next support. A drop to this level would run bulls’ stops under the June 18 and July 13 swing lows. It’s an area where bulls have rejected bears many times since September 2021.
Under this level, support might be near the last downswing’s 50% extension, from $0.6290 to $0.5800. Bulls rejected bears here in Q2 2021 on the monthly and weekly charts. Near this level, stops near early May’s and last September’s swing lows give bears an attractive target.
2. MetisDAO (METIS)
METIS is based on the spirit of Optimistic Rollup, building an easy-to-use, highly scalable, low-cost and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including NFT platforms, decentralised Reddit-like social platforms, open-source developer communities, influencer communities, gaming communities, freelancer communities, crowdfunding, yield farming, DEX trading, and much more.
METIS Price Analysis
At the time of writing, METIS is ranked the 238th cryptocurrency globally and the current price is US$29.60. Let’s take a look at the chart below for price analysis:
METIS plummeted 91% from the end of March to mid-June. Since then, it has consolidated while creeping upwards. This upward movement accelerated last week.
An area between $25.518 and $23.746 should provide the closest support if the bullish rally continues. This level is near the top of early June’s accumulation on the weekly chart. It will also soon contain the 9 EMA.
The closest resistance may be at $28.90. Reaching this level would sweep bears’ stops above June 28’s swing high. Many swing highs above this level could continue attracting the price upward.
An area of inefficient trading on the weekly chart, between $32.955 and $41.634, may be the primary goal for bulls. The top of this range, above $39.518, also shows inefficient trading on the daily chart. It gives bulls a logical place to take profits if the price can reach this far.
Suppose the price resumes the downtrend without reaching significantly higher. In that case, higher timeframes suggest that $14.00 might be the next possible support level. This area, down to $11.641, shows inefficient trading on the monthly and weekly charts. It’s also under the June 18 swing low, giving bears an attractive target for hunting bulls’ stops.
A continued decline might reach a zone between $9.211 and $7.690. This area shows inefficient trading on the monthly and weekly charts. It also borders the July 2021 accumulation zone’s high.
3. Siacoin (SC)
Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.
SC Price Analysis
At the time of writing, SC is ranked the 129th cryptocurrency globally and the current price is US$0.004232. Let’s take a look at the chart below for price analysis:
SC crashed 79% from its April high and set a low at $0.003129 in mid-June before beginning a consolidation.
The current price, near $0.004143, could support the next upward move. This level is at the high of late June’s consolidation.
Above, an area near $0.004350 may offer the first resistance. This level is at the bottom of inefficient trading on the weekly and daily charts. It’s also a place where bulls rejected bears in early May.
A move to this level might reach slightly higher. An area of inefficient trading on the weekly chart, between $0.004560 and $0.005242, could prompt a reversal. This area contains the 61.8% retracement and pockets of inefficient trading on the daily chart.
If the rally continues, $0.005963 offers the next logical target for bulls. Moving to this level would sweep bears’ stops above relative equal highs into inefficient trading on the monthly and weekly charts.
Should the downtrend resume, $0.003449 may offer the closest higher-timeframe support. Bulls and bears have taken turns rejecting each other near this level on higher-timeframe charts. It also saw accumulation in December 2020 before a parabolic rally. Reaching this level would sweep bulls’ stops under July 1’s swing low.
A drop to this level could easily reach $0.003140. A move to this level would sweep bulls’ stops under June’s low into the upper half of October 2020’s accumulation.
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. SKALE Network (SKL)
Skale SKL is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralised project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralisation of Ethereum-based apps. Token holders on the SKALE Network are incentivised and earn rewards by helping to improve the scalability and security of the platform by serving as validators.
SKL Price Analysis
At the time of writing, SKL is ranked the 150th cryptocurrency globally and the current price is US$0.05101. Let’s take a look at the chart below for price analysis:
Since the beginning of Q2, SKL 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 $0.05020, which is the daily high of the last swing low. The high of the wick beginning near $0.04671 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.04130 the likely next bearish target.
Just above, the daily gap beginning near $0.05788 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.06293 – perhaps running to probable resistance near $0.06544. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.
2. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
ONE Price Analysis
At the time of writing, ONE is ranked the 108th cryptocurrency globally and the current price is US$0.02152. Let’s take a look at the chart below for price analysis:
ONE bulls have had to endure a 85% drop since early Q2 until the price set a low and began a range in June.
Currently, the price is aggressively moving toward possible resistance, beginning near $0.02951. Stops above the swing high at $0.03325 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.
If the price continues through this high, it could be reaching for an inefficient area near $0.03742. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.03975 and $0.04038, which surrounds the yearly open.
If the price stays above the weekly low of $0.02095, this price could support a run above the $0.01935 swing high. Just below, at $0.01854, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.
A deeper retracement might retest the accumulation area between $0.01725 and $0.01680. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01480. This area overlaps the 47% extension of a recent significant bearish swing.
3. Zcash (ZEC)
Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain but, unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.
ZEC Price Analysis
At the time of writing, ZEC is ranked the 52nd cryptocurrency globally and the current price is US$60.44. Let’s take a look at the chart below for price analysis:
ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs may cause bulls to be less aggressive in bidding. However, possible support near $52.47 and $44.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce.
Last year’s long-term consolidation suggests that the areas near $83.23 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $75.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $88.12, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $97.32 may provide a ceiling for this impulse.
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. Tranchess (CHESS)
Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.
CHESS Price Analysis
At the time of writing, CHESS is ranked the 548th cryptocurrency globally and the current price is US$0.2954. Let’s take a look at the chart below for price analysis:
CHESS dropped 85% from its early April swing high before beginning a consolidation range in mid-May.
Most trading occurred between the June monthly open and $0.2650. Here, relatively equal lows have formed under the oldest historical low, around $0.3570.
These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.2162 and $0.2270. A continued move down could run more bulls’ stops below May’s low at $0.1840.
No historical price action exists under May’s low to pinpoint possible support. Round numbers suggest that $0.1535 could offer some support on an initial stop run under May’s low.
Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.09240. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.
2. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 28th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:
After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4522.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5312 might look for bids near $0.5736. More significant resistance rests above, near $0.6125. A group of significant swing highs at $0.6510 and $.6718 give possible targets if this resistance breaks.
A stop run on the recent low at $0.3033 into possible support beginning near $0.2630 might see stronger bidding. This area also has a confluence with the recent monthly lows.
3. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 63rd cryptocurrency globally and the current price is US$0.2499. Let’s take a look at the chart below for price analysis:
FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4167, possibly forming the next bullish leg’s target.
Currently, the price is testing possible support near the weekly open, around $0.2165. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $0.1854 to $0.1723 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.
A more bearish tone in the market could propel the price lower. The lows, near $0.1470, may mark an area of possible support as well as a bearish target.
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. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche.
AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 16th cryptocurrency globally and the current price is US$17.88. Let’s take a look at the chart below for price analysis:
AVAX‘s gains in Q2 ended with an almost 80% retracement as the rest of the altcoin market dropped from early last month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $25.30.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $18.35 to $17.00 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.10, and potentially lower to a higher-timeframe support zone between $15.60 and $14.32.
If the higher-timeframe recovery trend resumes and the current resistance near $23.64 breaks, the wicks near $27.14 and the new monthly highs may see profit-taking.
2. 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 116th cryptocurrency globally and the current price is US$0.8333. Let’s take a look at the chart below for price analysis:
VGX set a high near $2.30 in Q1 before retracing nearly 83% to find a low near $0.4584. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.9771 is slowing the bullish advance down. However, another leg might target the last swing high at $1.24 and relatively equal highs at $1.36. Resistance near $1.55 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $1.84.
A retracement before a move higher might find support in the daily gap near $0.7064, just above the monthly open. Relatively equal lows near $0.6295 could also provide support. A run-on stop at $0.5709 and $0.5084 might find support in the gap beginning near $0.4859 or a high-timeframe level near $0.4215.
3. Aave (AAVE)
AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token, giving owners a say in the future development of the protocol.
AAVE Price Analysis
At the time of writing, AAVE is ranked the 44th cryptocurrency globally and the current price is US$76.70. Let’s take a look at the chart below for price analysis:
AAVE‘s strong downtrend that began during early April has retraced most of its Q2 move, recently sweeping lows near $66.25.
A sweep of the relatively equal lows near $62.87 into possible support around $58.12, 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 $50.45.
The swing high near $82.10 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 $96.82, potentially reaching up to the new monthly highs near $110 and $123.
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. 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 299th cryptocurrency globally and the current price is US$3.23. Let’s take a look at the chart below for price analysis:
After an 85% retracement from its May highs, BURGER found a temporary low near $0.8244. A recent move above $3.10 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 $4.23, possibly reaching up to $5.74.
However, a move below the closest support near $2.85 makes stop runs on the swing lows near $2.55 and $2.34 likely. A confluence of several levels near $2.10 could provide a temporary bounce. Still, a sustained bearish market will likely target $3.42 and even $3.50.
2. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 31st cryptocurrency globally and the current price is US$0.02167. Let’s take a look at the chart below for price analysis:
VET‘s 50% move during late Q1 ran into resistance near $0.08240, at the 35% extension of the Q1 swing.
An old high and the 18 EMA have provided support near $0.02083 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.
Just below, near $0.01843, the 50.8% retracement of the current Q1 swing might also mark an area of support.
If the market turns bearish, $0.01632 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.02848, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03378. Above, old consolidations near $0.03925 and $0.04272 may also provide some resistance before another round of price discovery.
3. Mina (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. The Mina network has a size of only 22 KB, minuscule when compared to Bitcoin’s 300 GB blockchain.
MINA Price Analysis
At the time of writing, MINA is ranked the 80th cryptocurrency globally and the current price is US$0.6470. Let’s take a look at the chart below for price analysis:
MINA‘s 85% pump during Q1 ran into resistance near $3.26. Since then, the price has been consolidating between $0.5248 and $1.12.
Just below the monthly open, $0.6139 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.5972 may cap a run on the lows near $0.5746 and $0.5308.
The higher-timeframe analysis points to the area near $0.7389 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.7928 and $0.8750 may be the next targets.
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. Ceek VR (CEEK)
CEEK is an award-winning developer of premium social virtual and augmented reality experiences. Its mission is to empower creators with the tools needed to generate new revenue streams from their artistry digitally. Ceek is helping music artists, athletes, event creators and makers create content direct to fan experiences that drive long-term sustainable engagement within existing and emerging virtual worlds.
CEEK Price Analysis
At the time of writing, CEEK is ranked the 106th cryptocurrency globally and the current price is US$0.3247. Let’s take a look at the chart below for price analysis:
CEEK has bounced 320% from its early June low and is now filling in an area of inefficient trading formed from April to June.
The price is testing possible support near $0.2889. This area shows inefficient trading on the daily chart. It also overlaps with old swing lows, an old swing high, and the low end of inefficient trading on the weekly chart.
If this level fails to hold, the price might resume its bearish trend. The consolidation near the June monthly open could provide a speedbump for bears. This zone is between the recent rally’s 61.8% and 78.6% retracements. It also shows inefficient trading on the weekly and daily charts.
For now, an area near $0.3376 offers the closest resistance. This level overlaps with the recent swing high. It’s also near the top of an inefficiently traded area on the weekly chart.
If this level breaks, bulls may be targeting $0.3850 next. Here, the price broke down in late April from its consolidation. As it broke down, it formed an area of inefficient trading on the weekly and daily charts.
If the rally continues, $0.4445 might offer the next resistance. The 9, 18 and 40 EMAs flipped bearish near this level. It’s also near the midpoint of April’s consolidation range. This midpoint is near the 61.8% retracement of the late April and early May drop.
2. Filecoin (FIL)
Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-space-time.
FIL Price Analysis
At the time of writing, FIL is ranked the 39th cryptocurrency globally and the current price is US$5.37. Let’s take a look at the chart below for price analysis:
FIL has dropped 83% from its April high. It found support near $5.080 before starting a consolidation range.
This level, near the lows, could continue to provide support. A year-long consolidation from 2019 to 2020 pivoted around this level many times. It’s also near the middle of the last down candle before 2020’s massive rally. A retest of this level would run bulls’ stops under swing lows formed in late June and early July.
The price is testing a closer area of possible support near $5.3010. Bulls rejected bears many times in early July at this level. It’s also in the upper part of June 18’s swing low candle.
The closest resistance is likely near $5.485. This area, up to $5.680, shows inefficient trading on the daily chart. It also contains the 9 and 18 EMAs.
If the price breaks through this level, it may aim for bears’ stops above $5.9250. Even if it doesn’t reach these stops, the area between $5.8210 and $5.9525 could provide a bearish setup. Here, bears rejected bulls near the bottom of an area of inefficient trading on the weekly chart.
If the market turns more bullish, a rally beginning in this range may be aiming for the June monthly open, near $7.990. This level is near the bottom of an area of inefficient trading on the monthly chart. The daily chart also shows that bears rejected bulls here before June’s drop.
3. STEPN (GMT)
Stepn GMT is a self-styled “Web3 lifestyle app” with GameFi elements on the Solana blockchain. It combines aspects of a play-to-earn game with a fitness app to create a new category called “move-to-earn”. Users buy NFT sneakers, which they can use to earn in-game currency while walking, running, or jogging. STEPN aims to revolutionise the market of fitness applications by incentivising millions of users to follow a healthier lifestyle. The app solves several problems like “proof of movement” – proving that users really exercised – and a functioning GPS system. Moreover, STEPN incentivises users financially and plans to introduce social rewards elements and successfully contribute to carbon neutrality.
GMT Price Analysis
At the time of writing, GMT is ranked the 69th cryptocurrency globally and the current price is US$0.8755. Let’s take a look at the chart below for price analysis:
GMT has retraced much of 2022’s parabolic run. It dropped 87% from its April high before rallying in mid-June.
Bulls are testing $0.8718 to see if it can hold as support. This area shows inefficient trading on the daily chart. It’s also near the top of early July’s accumulation before the most recent rally.
Even if the price eventually moves higher, it may first drop under the July monthly open to an area near $0.8099. Bulls rejected bears in early July at this level. It also overlaps with an area of accumulation in late June.
If the market sees it as bearish, a retest of $0.9514 could prove this level as resistance. Bears already rejected bulls once here. This level also contains the 40 EMA and is inefficiently traded on the daily chart.
A break through this resistance could retest an old area of inefficient trading, near $1.0832. The target would likely be bulls’ stops above highs at $1.1130 and $1.0557.
If the price reaches this level, it may go one step further and retest the June monthly open near $1.1651. This level is at the low end of inefficient trading on the monthly chart. It’s also the origin of early June’s sudden breakdown.
Yet, while the market remains bearish, traders may want to focus on bearish scenarios. Rejection from any resistance might reach near $0.6813. This area shows inefficient trading on the daily chart. Bulls also rejected bears here on the weekly chart before starting June’s rally.
Below this level, $0.5346 may be the next target if the bearish trend continues. This area shows inefficient trading on the daily and weekly charts. It’s also just below relative equal lows, formed in mid-June. Bulls’ stops under these lows offer attractive targets to bears.
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. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.
NEAR Price Analysis
At the time of writing, NEAR is ranked the 25th cryptocurrency globally and the current price is US$3.57. Let’s take a look at the chart below for price analysis:
During Q2, NEAR retraced 70% from its highs to support at the retracement of around $3.09.
The price shifted market structure to run to the consolidation lows near $3.40, just under the monthly open. A continued bearish trend in the market may create support just below, between $3.00 and $2.76.
On the other hand, if the current resistance breaks, the price may find resistance near $4.23 and $5.14, whereas mid-Q2 buyers might still be trapped in longs.
2. Chainlink (LINK)
The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
LINK Price Analysis
At the time of writing, LINK is ranked the 23rd cryptocurrency globally and the current price is US$6.20. Let’s take a look at the chart below for price analysis:
LINK‘s early Q2 trend retraced near $5.80 into the consolidation that began the impulse before bouncing to $8.92. This consolidation could provide support again, although bears would first have to push the price through possible support near $6.10.
The market’s structure may be shifting bearish, with $7.40 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.00 before finding support near $5.87.
However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $7.27 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $9.18.
3. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum. The Internet Computer scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, it enables the complete re-imagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 34th cryptocurrency globally and the current price is US$6.51. Let’s take a look at the chart below for price analysis:
ICP has dropped 53% from its most recent Q2 high as it continues its nine-month downtrend. The edge of the recent swing’s lower candle bodies could provide the closest support, near $5.12. This level overlaps with the 100% extension of June’s opening rally.
Currently, the price is testing possible resistance near $7.00. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bears’ stops at $7.30.
If the price breaks through this resistance, it may find its next resistance near $7.69. This level is near the midpoint of May 12’s swing low and the midpoint of an inefficiently traded area on the weekly chart.
A rally this high may reach slightly higher, near $8.32. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.
Below, there is no historical price action to suggest possible support. The next downside targets may be near $4.70 and $3.95. These approximate levels are near the 150% and 200% extensions of June’s opening rally.
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. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 32nd cryptocurrency globally and the current price is US$0.9282. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a high during Q1 and Q2 before retracing 70% to the low at $0.7330 last month.
The price broke through resistance near $0.9134, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $0.8713. However, a drop this far increases the chances of a stop run to $0.8105 and possibly into support near $0.7825. For now, continuing recovery market conditions could help $0.7510 become support.
The swing high around $1.10 gives bulls a reasonable first target, with $1.18 also likely to draw the price upward. Higher-timeframe resistance beginning near $1.29 or $1.37 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $1.45.
2. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 15th cryptocurrency globally and the current price is US$20.16. Let’s take a look at the chart below for price analysis:
AVAX‘s gains in Q2 ended with an almost 75% retracement as the rest of the altcoin market dropped from early last month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $30.35.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $18.15 to $17.45 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.30, and potentially lower to a higher-timeframe support zone between $15.72 and $14.80.
If the higher-timeframe recovery trend resumes and the current resistance near $24.35 breaks, the wicks near $28.84 and the new monthly highs may see profit-taking.
3. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 18th cryptocurrency globally and the current price is US$0.5669. Let’s take a look at the chart below for price analysis:
Since its Q1 highs, MATIC has been in a steady bearish trend, retracing nearly 75%. The price found support near $0.3820, at the 65.8% retracement level.
Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.5139, near the 45.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.4720, and still find support.
Currently, the price is contesting a region between $0.4539 and $0.4325. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $0.6931, while $0.7530 is also likely to be sensitive with the nearest support and resistance this close together.
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.
