Category: Market Analysis

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Crypto News IOTA Market Analysis Trading Zilliqa

Altcoins Trading Analysis – 3 Coins that Might Breakout Today: IOTA, UNI, ZIL

For today’s trading news, we’re looking at three altcoins that might breakout by showing bullish trends in the charts.

1. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked 31st cryptocurrency globally and the current price is $0.4395 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

The first half of December retraced most of IOTA’s November gains – but are bulls accumulating for the next move upward? Last Friday, the price bounced from a significant weekly level near $0.3758 AUD as it swept stops below the low near $0.3852 AUD. This move could be setting the stage for the first crack at resistance just under the December monthly open near $0.4105 AUD.

If this price move occurs, bulls will likely find entries at probable support near $0.3758 AUD – confluent with a significant monthly level. If this level breaks instead, bulls can anticipate support near the consolidation range’s midpoint around $0.3471 AUD.

A break of the monthly open makes the relatively equal highs near $0.4961 AUD a likely target. Continuation from this level could lead to the next resistance near $0.5247 AUD and on to the monthly high at $0.5562 AUD.

2. UniSwap (UNI)

UniSwap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance DeFi tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked 29th cryptocurrency globally and the current price is $5.08 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

UNI’s chart paints a similar picture to IOTA’s setup, with last Friday’s price bouncing from the support near 3.82 AUD.

The daily chart shows a gap from $4.56 to $4.39 AUD. Price tends to fill gaps quickly. This phenomenon means that bulls could anticipate a move through the gap and relatively equal highs near $4.39 AUD towards the resistance at monthly open around $4.64 AUD.

A retest of probable support at $4.23 AUD would give bulls an entry to target a move toward the highs. If the price sweeps the most recent swing low first, this could provide a lower-risk entry opportunity near $3.91 AUD.

Breaking the monthly open adds the relatively equal highs near $6.22 AUD to the list of targets, with a move through this level possibly continuing to the November monthly high near $6.79 AUD.

3. Zilliqa (ZIL)

Zilliqa is a public, permissionless Blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.

ZIL Price Analysis

At the time of writing, ZIL is ranked 45th cryptocurrency globally and the current price is $0.0596 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

ZIL’s nearly +120% November rally has been cooling off during December – but may now be accumulating before the next leg up.

Bulls stepped in at last weekend’s retest of the December monthly open, suggesting that larger buyers are still active in the current price range.

However, this retest created equal lows above support starting at $0.0475 AUD, which could hint at a near-term sweep of these lows. If this happens, bulls may have an excellent entry – overlapping with the +62% retracement – to target resistance beginning at $0.0653 AUD.

A break of this resistance and the high just above at $0.0628 AUD leaves thin air for bulls to explore. Traditional Fibonacci projection techniques can provide anticipatory targets, with a first target at the +127% extension near $0.0784 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

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Crypto News Market Analysis Trading

AdEx Network Breakout Analysis – ADX Pumps +30% in a Single Day

Breakout Analysis

AdEx ADX just pumped up to +30% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at ADX, price analysis, and possible reasons for the recent breakout.

What is AdEx Network?

AdEx Network describes itself as a new-generation solution aiming to address and correct some of the most prominent inefficiencies of the online advertising industry. AdEx originated in 2017 as a decentralized ad exchange and subsequently evolved into a full protocol for the trading of advertising space/time and the subsequent verification and proof of ad delivery. It covers all interactions between publishers, advertisers, and end-users.

ADX Quick Stats

SYMBOL:ADX
Global rank:190
Market cap:$48,543,775 AUD
Current price:$0.4443 AUD
All time high price:$4.86 AUD
1 day:+30.25%
7 day:+45.66%
1 year:+380.42%

ADX Price Analysis

At the time of writing, ADX is ranked 190th cryptocurrency globally and the current price is $0.4443 AUD. This is a +45.66% increase since 13th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 4-hour candle chart, ADX did a strong breakout from the falling wedge pattern & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, ADX looks well-positioned to hit the next high price levels.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

What do the technical indicators say?

The AdEx Network TradingView indicators (on the 1 day) mainly indicate ADX as a buy, except the Oscillators which indicate ADX as a sell.

So Why did ADX Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying ADX for the next Altcoins rally & it could also be contributed to some of the recent news of ADX Staking Rewards.

Recent ADX News & Events:

Where to Buy or ADX?

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

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Crypto News Initial Coin Offering Market Analysis Trading

Graph Breakout Analysis – GRT Pumps +502% on Binance Launchpad

After the launch of Graph on Binance Launchpad today, GRT took a strong Breakout with +502% gains in a single day. Let’s take a quick look at GRT, price analysis, and possible reasons for the recent breakout.

What is Graph?

The Graph is an indexing protocol and global API for organizing blockchain data and making it easily accessible with GraphQL. Developers can use Graph Explorer to search, find, and publish all the public data they need to build decentralized applications. The Graph Network makes it possible to build serverless Decentralized Apps that run entirely on public infrastructure.

Graph Quick Stats

SYMBOL:GRT
Global rank:71
Market cap:$296,431,814 AUD
Current price:$0.3519 AUD 
All-time high price:$0.4670 AUD
1 day:+502.26%
7 day:+527.70%
1 year:+527.70%

Graph Price Analysis

At the time of writing, GRT is ranked 71st cryptocurrency globally and the current price is $0.3519 AUD. This is a +502.26% increase since the launch of its ICO at Binance Launchpad today (18th December 2020). Have a look at the chart below for price analysis.

Source: Binance TradingView

After the launch of Graph on Binance Launchpad, It pumped up to $0.4670 AUD having +502% gains in just a few hours and the initial opening price of GRT was $0.0813 AUD at Binance Exchange with many different trading pairs like GRT/BTC, GRT/USDT, and GRT/ETH.

Currently, GRT is trading at $0.3519 AUD price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.

What do the technical indicators say?

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

So Why did Graph Breakout?

After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news of The Graph Mainnet Launch.

Recent Graph News & Events:

Where to Buy or Trade Graph?

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

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Crypto News Market Analysis Trading

Audius Breakout Analysis – AUDIO Pumps +40% in a Single Day

Breakout Analysis

The cryptocurrency Audius AUDIO just went up over +40% in a single day. Let’s take a quick look at AUDIO, price analysis, and possible reasons for the recent breakout.

What is Audius?

Audius is a decentralized music-sharing and streaming protocol that facilitates direct transactions between listeners and creators, giving everyone the freedom to distribute, monetize, and stream any audio content.

Audius Quick Stats

SYMBOL:AUDIO
Global rank:314
Market cap:$39,592,849 AUD
Current price:$0.3289 AUD
All-time high price:$0.6990 AUD
1 day:+40.52%
7 day:+55.15%
1 year:+176.33%

Audius Price Analysis

At the time of writing, AUDIO is ranked 314th cryptocurrency globally and the current price is $0.3289 AUD. This is a +55.15% increase since 11th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

In the past week, there was a strong rise in Bitcoin, Ethereum, and Ripple. As a result, Audius (AUDIO) also formed strong support near $0.2586 before starting a fresh increase against the AUD.

If we see the above 4-hour candle chart, AUDIO is forming a Rising Wedge pattern and is now currently trading at $0.3289 AUD after a successful breakout today. The next resistance is on the $0.4125 AUD price levels which can be broken any time soon if AUDIO keeps trading in the uptrend with strong buying 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.”

Source: TradingView

If we zoom out and take a look at the price over the past few days or so, we can see the recent breakout more clearly, the price chart looks in a strong uptrend which is good for long-term growth.

What do the Technical indicators say?

The  AUDIO TradingView indicators (on the 1 day) mainly indicate AUDIO as a buy, except the Oscillators which indicate AUDIO as a Neutral.

So Why did AUDIO Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up AUDIO to their portfolio for the next Altcoins rally. It could also be contributed to some of the recent news of Audius Mainnet.

Recent AUDIO News & Events:

Where to Buy or Trade Audius?

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

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Bitcoin Crypto News Market Analysis Trading

Bitcoin Breakout Analysis – BTC Price Hits New High at $30k AUD with +15% Gains in a Day

Bitcoin hits a fresh record high above $30,000 AUD on Thursday, extending a wild rally for the cryptocurrency that has seen it more than triple in value this year.

The world’s most valuable digital currency surged +15% to $30,902 AUD according to crypto market data provider Coin Metrics, taking its year-to-date gains to more than +200%.

What is Bitcoin?

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias “Satoshi Nakamoto” It was launched soon after, in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”

Bitcoin Quick Stats

SYMBOL:BTC
Global rank:1st
Market cap:$551,313,622,271 AUD
Current price:$30,124 AUD
All time high price:$30,902 AUD
1 day:+15.96%
7 day:+24.53%
1 year:+241.59%

Bitcoin Price Analysis

At the time of writing, Bitcoin is ranked 1st cryptocurrency globally and the current price is $30,124 AUD. This is a +24.53% increase since 11th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 8-hour candle chart, we can clearly see that Bitcoin was trading inside the rising wedge pattern on the BTC/USDT pair. The first resistance was on the $26,151 AUD price levels which BTC broke with a strong bullish trend buying volume and made a new all-time high above +$30k AUD. Seeing that the whole crypto market is waking up bullish today, Bitcoin is likely to continue the uptrend to make new all-time high prices.

“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.”

Source: TradingView

The cryptocurrency rose by more than +15% on Thursday to reach $30,472 against the AUD, extending a winning streak this year amid growing interest among big investment companies attracted to its potential for quick gains.

The price of bitcoin has surged by more than +400% this year from a low point of around $4,718 AUD in March when the coronavirus pandemic triggered a deep sell-off in financial markets around the world.

Analysts said that unlike in previous surges, a major price driver appeared to be more institutional investors buying into the cryptocurrency.

What do the Technical Indicators say?

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

So Why did Bitcoin Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout of Bitcoin. Another reason could be the whales, secretly stacking up Bitcoin to their portfolio for the next bull run rally.

A few other reasons for Bitcoin’s return to the record highs. It’s about $30,124 as of this writing, matching the previous highs from 2017’s original explosion.

Reason One: Paypal and Square’s Cash App, according to reports, are in a race to acquire enough Bitcoin to facilitate the next generation of their money transferring services. They both seek to allow their massive user bases to be able to seamlessly transact with merchants in Bitcoin, moving money back and forth from sovereign currencies into Bitcoin, etc.

Reason Two: Wall Street legends are being won over. Don’t underestimate the pull of FOMO, peer pressure, idol worship, etc, Read this article in Barron’s about how institutions are afraid of missing out.

Reason Three: Gold and Silver aren’t “working.” Go look at a chart of gold or a gold ETF since the summer. It peaked in July in US dollar terms. The weakening (some would say plunging) dollar is one of the biggest macro stories around right now. Gold should be rallying. So far it’s not. Just fell below its 200-day last week.

Recent Bitcoin News & Events:

Where to Buy or Trade Bitcoin?

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

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Crypto News Market Analysis Trading

Prometeus Breakout Analysis – Parabolic Breakout on PROM with +90% Gain in a Single Day

Prometeus PROM just pumped up to +90% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at PROM, price analysis, and possible reasons for the recent breakout.

What is Prometeus?

Prometeus Network describes itself as a secure and decentralized ecosystem designed to solve real-world problems in data brokerage. It was created for the Influencer Marketing, Medical, and Insurance data market industries. Prometeus Network is developed by Prometeus Labs, a company of data scientists and entrepreneurs.

PROM Quick Stats

SYMBOL:PROM
Global rank:199
Market cap:$43,632,422 AUD
Current price:$6.89 AUD
All time high price:$7.50 AUD
1 day:+90.25%
7 day:+105.66%
1 year:+1345.47%

PROM Price Analysis

At the time of writing, PROM is ranked 199th cryptocurrency globally and the current price is $6.89 AUD. This is a +105.66% increase since 10th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 4-hour candle chart, we can clearly see that PROM was trading inside the inverse head and shoulders pattern on the PROM/BUSD pair. The first resistance was on the $3.12 AUD price level which PROM broke with a strong bullish trend buying volume and is now heading towards the all-time high price. Seeing that many altcoins are waking up bullish today, PROM is likely to continue to increase in the uptrend.

“An inverse head and shoulders pattern is comprised of three component parts: After long bearish trends, the price falls to a trough and subsequently rises to form a peak. … The price falls for the third time, but only to the level of the first trough, before rising once more and reversing the trend.”

What do the Technical indicators say?

The  PROM TradingView indicators (on the 1 day) mainly indicate PROM as a buy, except the Oscillators which indicate PROM as a sell.

So Why did PROM Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up PROM to their portfolio for this Altcoin rally. It could also be contributed to some of the recent news of Binance Listing PROM to Innovation Zone.

Recent PROM News & Events:

Where to Buy or Trade PROM?

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

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Bancor Crypto News Market Analysis Trading

Bancor Breakout Analysis – BNT Performing Active Uptrend with +29% Gains in a Day

Breakout Analysis

Bancor is trading in active uptrend here like many other Altcoins. The Cryptocurrency Bancor BNT just went up +29% in a single day and surges over +32% in a week.

What is Bancor?

Bancor is an on-chain liquidity protocol that enables automated, decentralized exchange on Ethereum and across blockchains. The protocol is made up of a series of smart contracts that are designed to pool liquidity and perform peer-to-contract trades in a single transaction with no counterparty. Users stake BNT in automated market makers in exchange for trading fees, BNT staking rewards, and voting rights in the Bancor DAO. Bancor has processed more than $2 billion in trade volume across thousands of tokens, with millions in fees generated by stakers.

Bancor Quick Stats

SYMBOL:BNT
Global rank:93
Market cap:$164,380,611 AUD
Current price:$1.77 AUD
All time high price:$13.31 AUD
1 day:+29.79%
7 day:+32.04%
1 year:+419.44%

Bancor Price Analysis

At the time of writing, Bancor is ranked 93rd cryptocurrency globally and the current price is $1.77 AUD. This is a +32.04% increase since 9th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 2-hour candle chart, BNT just bounced back from its support levels of $0.91 AUD and took a strong breakout from Descending Triangle within the next resistance which was at $1.25 AUD. The blue line is acting as a support level for this Descending triangle trend.

“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows”

Source: TradingView

What do the technical indicators say?

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

So Why did BNT Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent news of BNT Liquidity Mining Rewards.

Recent BNT News & Events:

Where to Buy or Trade BNT?

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

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Bitcoin Crypto News Market Analysis Tether

Bitcoin Daily Issuance Reaching New Lows As Supply Drys Up

Bitcoin issuance is decreased by 50% every four years. These halvings are also a core part of the Bitcoin protocol, and are predictable well into the future.

Source: Coin Metrics Network Data Charts

New bitcoins are issued every time a new block is mined as a reward for the miner who successfully mined the block. This is the only way that new bitcoins can be created and is a key part of the Bitcoin protocol. 

Bitcoin’s current block reward is 6.25, which means 6.25 new bitcoins are issued every time a block is mined. On average, blocks are mined every ten minutes, which typically means about 800-1000 new bitcoins are issued every day. There’s slight variance from day to day due to the unpredictable nature of exactly how often new blocks are mined (Bitcoin’s difficulty adjusts every two weeks to keep the average block time around ten minutes), but over the long term this supply issuance is deterministic and predictable. 

Tether (USDT) Supply Soars

Source: Coin Metrics Network Data Charts

Tether’s total supply has passed 20 billion. After initially launching on Omni, the Ethereum based version of Tether (USDT_ETH) and Tron based version of Tether (USDT_TRX) have both grown rapidly over the last year (see our report “The Rise of Stablecoins” for an exploration of why stablecoins have been exploding). Tether is still the undisputed leader of stablecoins, with over 5x the supply of any other stablecoin. But regulatory action is once again heating up with the recent introduction of the STABLE Act. Tether may once again come under fire in 2021.

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Crypto News Market Analysis Trading

Theta Fuel Breakout Analysis – TFUEL Pumps +42% in a Week

Breakout Analysis

Theta Fuel is trading in active uptrend here like many other altcoins. The Cryptocurrency TFUEL just went up +27.96% in a single day and surges over +42.12% in a week.

What is Theta Fuel?

Theta Fuel is the second token (gas token) of the Theta Network. Theta Fuel is a native token on the Theta blockchain. TFUEL powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network.

TFUEL Quick Stats

SYMBOL:TFUEL
Global rank:114
Market cap:$112,242,519 AUD
Current price:$0.0226 AUD
All time high price:$0.0331 AUD
1 day:+27.96%
7 day:+42.12%
1 year:+594.07%

TFUEL Price Analysis

At the time of writing, TFUEL is ranked 114th cryptocurrency globally and the current price is $0.0226 AUD. This is a +42.12% increase since 8th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-hour candle chart, we can clearly see that TFUEL was trading inside the falling wedge pattern on the TFUEL/BTC pair. The first resistance was on the $0.0165 AUD price levels which TFUEL broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0254 AUD & $0.0286 AUD respectively. Seeing that many altcoins are waking up bullish today, TFUEL is likely to continue the uptrend.

“The falling wedge pattern is a continuation pattern formed when price bounces between two downward slopings, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend”

Source: TradingView

What do the Technical Indicators say?

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

So Why did TFUEL Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up TFUEL to their portfolio for this Altcoins rally. It could also be contributed to some of the recent news of TFUEL Staking & Burning.

Recent TFUEL News & Events:

Where to Buy or Trade TFUEL?

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

Categories
Crypto News Litecoin Market Analysis NEO Ripple Trading

Altcoins Trading Analysis – 3 Coins that Might Breakout Today: XRP, LTC, NEO

Market Analysis

For today’s trading news, we’re looking at three altcoins that might breakout by showing bullish trends in the charts.

1. Ripple (XRP)

Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company.

XRP Price Analysis

At the time of writing, XRP is ranked 3rd cryptocurrency globally and the current price is $0.6960 AUD AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

If we see the above 2-hour candle chart, we are moving in a symmetrical triangle, just tested the lower support line of this triangle, and we can expect the movement to the upper resistance line. If we breakout from this ABCDE triangle pattern, XRP might start a new bullish trend.

“A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.”

2. Litecoin (LTC)

Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee, a former Google employee, in 2011. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors.

LTC Price Analysis

At the time of writing, LTC is ranked 5th cryptocurrency globally and the current price is $107.69 AUD  AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

If we see the above 1-day candle chart, Litecoin LTC is forming a rising wedge pattern by making higher-highs as resistance, if LTC bounces back from the blue support line and breaks the previous resistances it can continue the bullish trend with massive gains on different trading pairs like LTC/BTC or LTC/USDT.

“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.”

3. Neo (NEO)

Neo bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet a new economy where digitized payments, identities, and assets come together. Initially known as Antshares, this project was believed to be China’s first-ever public blockchain when it was launched in February 2014. The open-source platform subsequently rebranded to Neo three years later.

NEO Price Analysis

At the time of writing, NEO is ranked 23rd cryptocurrency globally and the current price is $22.81 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

NEO is testing the weekly trendline and monthly structure. If NEO bounces back from the support and breaks the previous resistance at $24.06 AUD & $29.50 AUD respectively, we can see the bullish uptrend in prices for NEO on different trading pairs like NEO/BTC or NEO/USDT.

NEO has been in a consolidation period since breaking the $20.45 AUD price levels , looking for a delayed bullish run after watching bitcoin sit & close above higher highs with other altcoins market trends.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.