Category: Market Analysis

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Crypto Coin (CRO)

Crypto.com Coin (CRO) is the native cryptocurrency token of Crypto.com Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked 45^th cryptocurrency globally and the current price is $0.1918 AUD. Let’s take a look at the chart below for price analysis.

After climbing nearly 380% since the beginning of the year, a 115% range has trapped CRO between $0.3718 AUD and $0.1863 AUD during Q2.

A consolidation near $0.1889 AUD, visible on the weekly chart, provided support on the last touch. This level could provide support again on a stop run under the $0.1789 AUD.

A deeper run on stops at $0.1563 AUD might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new all-time high soon. Below, little significant support exists until $0.1361 AUD.

Higher-timeframe levels overlapping with a daily gap beginning at $0.2507 AUD are likely to provide resistance, perhaps on a sweep of the equal highs near $0.2486 AUD. Breaking this resistance makes the relatively equal highs near $0.2918 AUD and the all-time high at $0.3518 AUD the next possible targets.

2. GMR Finance (GMR)

GMR Finance aims to bring the gaming community, content creators and game developers together with GMR token. Converting clips into Non-Fungible Tokens will be available with just a few clicks. A NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

GMR Price Analysis

At the time of writing, GMR is ranked 2949^th cryptocurrency globally and the current price is 0.0000004739 AUD. Let’s take a look at the chart below for price analysis. NOTE: This is a 4h chart of GMR paired against BNB.

GMR’s euphoric early-May pump turned into a late-May dump, with little higher-timeframe support for bulls to justify entries.

Currently, the price is distributing at the 62% retracement level. A small consolidation near 0.0000004522 AUD is visible on the daily chart, with a clearer consolidation on the 4h chart. This area does have some confluence with the 79% retracement level and could offer some support in the future.

The daily gap’s midpoint near 0.0000003933 AUD has suppressed the price, although a push through this level could fill the daily gap up to 0.0000006194 AUD. A lack of sensitivity at this resistance could suggest a minor retracement before a possible move to new all-time highs.

3. Hedera Hashgraph (HBAR)

Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralized applications (DApps). It has been called “trust layer of the internet” and it is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.

HBAR Price Analysis

At the time of writing, HBAR is ranked 55^th cryptocurrency globally and the current price is $0.393 AUD. Let’s take a look at the chart below for price analysis.

HBAR‘s 1400% pump during Q1 ran into resistance near $0.5509 AUD on March 15th. Since then, the price has been consolidating in a 120% range between $0.3143 AUD and $0.4709 AUD.

Just below the May open, $0.3229 AUD is the first level that could provide substantial support. If the price breaks down through that, overlapping levels near $0.2281 AUD might cap a run on the lows near $0.2543 AUD and $0.2682 AUD.

The higher-timeframe analysis points to the area near $0.4306 AUD as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.5202 AUD and $0.6109 AUD may be the next targets.

Where to Buy or Trade Altcoins?

These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

Polygon (MATIC) is trading in an uptrend, like many other altcoins. The cryptocurrency MATIC just went up +40% in a single day by breaking a rising wedge pattern with strong buying volume and surges over +132.23% in a week.

What is MATIC?

Polygon (previously Matic Network) is one of the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.

MATIC Price Analysis

At the time of writing, MATIC is ranked 35^th cryptocurrency globally and the current price is $1.11 AUD. This is a +132.23% increase since 22^nd April 2021 (7 days ago) as shown in the chart below.

After looking at the above 1-day candle chart, we can clearly see that Matic was trading inside the rising wedge pattern on the MATIC/USDT pair. The first resistance was on the $0.56 AUD price levels which MATIC broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding strong this week, MATIC might continue to increase in the uptrend if the traders keep buying with high volume.

A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.

Larry Swing from Investopedia

A week ago, the MATIC/USDT price challenged the strength of $0.61 AUD level, where buyers showed that they were still in the game and abruptly bought back the price, having already made 2x.
That seems to suggest a chance that in the near future the price of MATIC/USD might reach the level of $1.30 AUD, and possibly even a round mark of $1.50 AUD.

What do the Technical indicators say?

The Matic TradingView indicators (on the 1 day) mainly indicate MATIC as a strong buy, except the Oscillators which indicate MATIC as a neutral.

So Why did Matic Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying MATIC for the next Altcoins rally. It could also have contributed to some of the recent news to earn staking rewards while participating in DeFi with StakeHound.

Record activity on Ethereum has led to network congestion and high transaction costs this year. The dynamic in turn has driven an increase in demand for alternative “smart-contact” blockchain networks, such as Binance Smart Chain (BSC), along with scaling projects like Polygon that provide faster and cheaper transactions using layer 2 sidechains. These are tangential networks running alongside the main Ethereum blockchain.

In recent weeks, Polygon has won increasing adoption, with top names from the world of decentralized finance (DeFi) announcing integration with the layer 2 scaling solution in a bid to bypass congestion and high fees on Ethereum’s network.

Where to Buy or Trade Matic?

MATIC has the highest liquidity on the Binance exchange so that would help for trading MATIC/BTC or MATIC/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. The Graph (GRT)

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. There is a hosted service in production that makes it easy for developers to get started building on. The Graph currently supports indexing data from Ethereum, IPFS, and POA, with more networks.

GRT Price Analysis

At the time of writing, GRT is ranked 60^th cryptocurrency globally and the current price is $1.88 AUD. Let’s take a look at the chart below for price analysis.

After its early Q1 bullrun, GRT has been ranging between approximately $3.00 AUD and $1.50 AUD.

Last week’s sharp decline ran equal lows into a gap on the daily chart. This down move could set the stage for an attack on the relatively equal highs near $2.23 AUD if the price was to break through resistance possibly near $1.90 AUD and $1.98 AUD. 

Above these highs, resistance near $2.44 AUD could halt a bullish move, although reaching the all-time high at $2.88 AUD is possible.

Aggressive bulls might look for entries in possible support near $1.55 AUD and $1.35 AUD, just below the current price. If the price sweeps last week’s low, the levels near $1.20 AUD and $1.05 AUD may also provide support.

2. Shiba Inu (SHIB)

Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap.

SHIB Price Analysis

At the time of writing, SHIB is ranked 2438^th cryptocurrency globally and the current price is $0.000001513 AUD. Let’s take a look at the chart below for price analysis.

SHIB’s spectacular April pump has retraced most of its gains as it finds support near $0.000001325 AUD.

Stops under the relatively equal lows near $0.00001113 AUD might be swept, along with the swing low near $0.00000908 AUD. If this sweep happens, the price could find support near $0.00000850 AUD. A move further down could find more support near $0.00000730 AUD.

Spikes upward are likely to encounter resistance beginning near $0.000001630. If the bullish trend resumes after re-accumulation, some traders might take profits as the price approaches possible resistance starting around $0.00002404 AUD and $0.000003187 AUD.

The all-time high near 0.000005348 AUD looks like a primary target. Any moves beyond this level are challenging to predict from current price action.

3. Swipe (SXP)

Swipe is a platform that tries 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). The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe’s second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offers increasing perks and benefits.

SXP Price Analysis

At the time of writing, SXP is ranked 158^th cryptocurrency globally and the current price is $4.53 AUD. Let’s take a look at the chart below for price analysis.

The second half of April punished SXP bulls with a nearly 50% drop before the price found support near an old swing low around $3.35 AUD.

Aggressive bulls might look for entries at possible support beginning near $3.98 AUD. However, stops under equal lows near $3.30 AUD could be swept.

The area near $3.20 AUD provides a possible target for this stop run if it occurs. A more sustained bearish trend could reach down to the broad zone of possible support between $2.80 AUD and $2.65 AUD.

The price is currently challenging resistance at a gap beginning near $4.53 AUD. If this level breaks, bulls could find more resistance near $4.87 AUD while targeting the highs up to $4.70 AUD.

A sweep of these highs is likely to find resistance by the time price reaches the area near $4.90 AUD. The next reasonable targets would be the swing highs and resistance near $5.15 AUD and $5.80 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.