NFT sales have hit a 12-month low amid the turmoil of the cryptocurrency market crash. Sales of NFTs totalled just over US$1 billion in June, compared to a market peak of US$12.6 billion in January.
Has the Bubble Finally Burst?
June sales of NFTs amounted to their worst performance since the same month last year when sales were US$684 million, according to data from research firm Chainalysis. The cryptocurrency market, which was worth US$3 trillion in November 2021, has dropped below US$1 trillion and the decline in NFTs is linked to crypto’s broader malaise:
"Global NFT sales in June were $1B, a 92% decline from January's $12.6B in sales, according to Chainalysis. June 2022 was the worst-performing month for NFT sales since June 2021, when they totaled $648M."@inside
It is important to note that dollar volumes were so high given that prices of altcoins had been on the rise. In June, when the market crash occurred, the dollar value of traded NFTs plummeted along with the prices of the coins.
According to Chainalysis economist Ethan McMahon, “Times like this inevitably lead to consolidation within the affected markets, and for NFTs we will likely see a pullback in terms of the collections and types of NFTs that reach prominence.”
New Collections Launched Despite Downturn
In the period between May and June, 18,000 new NFT collections were launched despite declining interest:
Numbers of NFT collections launched since 2018. Source: IntoTheBlock
OpenSea continues to dominate the space when it comes to NFT trading and remains highly favoured among investors. While other networks such as Solana have also fuelled the network, contenders such as LooksRare – which was only launched this year – stole market share from OpenSea, but only momentarily. OpenSea maintains more than 55 percent of all NFT volume recorded for June, while LooksRare accounts for 32.45 percent:
2022 NFT marketplace monthly volume decline. Source: The Block
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. Hedera (HBAR)
Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 38th cryptocurrency globally and the current price is US$0.06191. Let’s take a look at the chart below for price analysis:
HBAR‘s 55% Q1 run retraced almost to its origin, narrowly missing probable support near $0.6295 before bears swatted down the bounce near resistance around $0.07589.
With the daily gap between $0.05912 and $0.05750 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $0.05523 and $0.05100, which would also sweep the lows of last week’s bounce.
The relatively equal highs near $0.06954 provide a likely first target on lower timeframes. However, the resistance beginning at $0.07315 may initially suppress a further move up.
A clean break through this resistance will need to contend with the next resistance near $0.07692, under the last swing high. This swing high at $0.07950 gives a reasonable take-profit area before a possible move to the 1.0 extension near $0.08256.
2. Crypto Coin (CRO)
Crypto.com coin CRO is the native cryptocurrency token of Crypto.com Chain, a decentralised, 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 the 22nd cryptocurrency globally and the current price is US$0.1174. Let’s take a look at the chart below for price analysis:
CRO has been trading sideways after Q1, reaching nearly 35% percent within a few weeks as it blasted through its old monthly highs.
This fast move left little compelling higher-timeframe support near the current price. A level near $0.1022, which has confluence with the 8 EMA and 127% extension of H2 2021’s swing, could provide support.
Further below, near $0.09231, 2021’s previous monthly high could also provide some support on a retest. The last consolidation before the breakout, near December’s open, might give the most substantial support. However, this would require significant retracement from the current price point.
While next targets are impossible to predict, extensions from Q1 2022’s move suggest that the 40% extension, near $0.1475, could provide some resistance. Above this level, the 48% extension near $0.1648 could also trigger bulls to take profits.
3. Enjin Coin (ENJ)
Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).
ENJ Price Analysis
At the time of writing, ENJ is ranked the 75th cryptocurrency globally and the current price is US$0.5379. Let’s take a look at the chart below for price analysis:
ENJ spent Q2 ranging between 30% over and 23% below. The price is currently consolidating between adjacent resistance and support at $0.6045 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.6495.
This move would likely target the swing high at $0.6912 and relatively equal highs near $0.7249. A sustained bullish trend could reach up to the monthly high near $0.7532.
Bulls may see a sweep of the relatively equal lows near $0.5142 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.4835 and $0.4130.
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. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 7th cryptocurrency globally and the current price is US$0.3249. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 80% retracement, near $0.3210. If this level breaks, a move into possible support – just below the lows near $0.2932 – seems likely.
If the price does rally through the swing high at $0.3755 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4050.
Overlapping swing highs and lows near $0.4426 may provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.5032, where higher timeframes show an inefficiently traded zone.
2. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 34th cryptocurrency globally and the current price is US$1.19. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during Q1 halted at $3.10 before retracing 85% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $1.27 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $1.40. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $0.9890 and $0.9146 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $0.8645.
3. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing and driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.06821. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the Q2 drop, falling nearly 54% from mid-May until it found a low last week.
Price action formed a weekly support level near $0.06254, which has so far held up the price. The most recent swing low inside this range, near $0.06049, may be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05126 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08492, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09235 but could reach as high as $0.1093.
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. Alpha Finance (ALPHA)
Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.
ALPHA Price Analysis
At the time of writing, ALPHA is ranked the 349th cryptocurrency globally and the current price is US$0.1157. Let’s take a look at the chart below for price analysis:
ALPHA dropped almost 87% from its April high by June 18, then saw a small rally. In the last week, the price has retraced before beginning consolidation near the 9 EMA.
The high of June 18’s swing low candle has given support near $0.1095. This level, just under the July monthly open, could continue to provide support.
The closest resistance is likely above June 26’s swing high, near $0.1232. This area showed inefficient trading before late June’s revisit.
A rally to this level could reach higher, to $0.1380. Relative equal highs provide an attractive target to bulls aiming for bears’ stops. This area also contains the 40 EMA, shows inefficient trading on the daily and weekly charts, and aligns with May’s consolidation lows.
A more sustained rally might reach higher to $0.1816. This is a significant swing high that started early June’s breakdown. The price is less likely to reach this high while market conditions remain bearish.
Since the larger market is bearish, traders should expect lower prices in the longer term. The weekly chart shows inefficient trading from $0.0960 to $0.0556. This general area may provide support for a longer-term bottom.
Inside this region, $0.0822 to $0.0800 shows inefficient trading on the daily chart. This level may be a sensitive bearish target, even if it doesn’t form a long-term bottom.
2. Groestlcoin (GRS)
Groestlcoin GRS is mined using the Groestl algorithm. Groestl was chosen as one of the five finalists of the NIST hash function competition. It uses the same S-box as AES in a custom construction. The cryptocurrency operates as open source software on a peer-to-peer model (transactions take place directly between the payer and payee). This means that no trusted intermediary, such a bank or PayPal, is required to verify the details of the sender and receiver. Rather, the transactions are verified by nodes (the network of computers/users spread globally) and recorded in an open ledger.
GRS Price Analysis
At the time of writing, GRS is ranked the 502nd cryptocurrency globally and the current price is US$0.3456. Let’s take a look at the chart below for price analysis:
GRS fell 66% from its April high before forming a range of fast, wild price moves.
An area near $0.3220 has provided support during three retests and could provide support again. Bulls may want to be cautious since many retests of a level increase the chance it will break.
Still, this level marks the swing low that began July 1’s massive rally. A bounce could happen after the price takes bulls’ stops under this low.
A drop lower could tag a level near $0.2698. This level overlaps with swing highs at the top of the 2020-2021 bull run’s consolidation range.
Below, $0.2267 is also within striking range and could provide some support. This area, deeper in the old consolidation range, is the last point of significant accumulation before December 2020’s explosive rally.
Above, $0.4452 has provided resistance and could provide resistance again. Bears rejected bulls at this level on July 1, which overlaps with the June monthly open.
If the price breaks through this level, $0.5456 might be the next resistance. Moving to this level would run bears’ stops above relative equal swing highs.
This level also shows inefficient trading on the monthly chart. It’s also near the final consolidation’s low before May 5’s sudden price collapse. Still, the market has shown no signs that a significant bullish reversal will come soon.
3. REI Network (REI)
REI Network was developed to better adapt to the development trend of the blockchain, and to achieve a lightweight, Ethereum-compatible, higher-performance, and no-fee blockchain framework. It is a new EVM-compatible public chain compared to GXChain 2.0, is development-friendly, lightweight and free, and thus can fully support the development of various types of on-chain dApps such as DeFi, GameFi, and Metaverse.
REI Price Analysis
At the time of writing, REI is ranked the 445th cryptocurrency globally and the current price is US$0.03521. Let’s take a look at the chart below for price analysis:
REI had a sharp 89% drop over nine days, beginning on May 4. So far, the price has respected this drop’s low.
Under the July open, $0.03171 provided support during a retest on June 30 and could provide support again.
This level is near the high of mid-June’s consolidation range, and a significant swing low’s candle body formed on May 12. Anticipation for next week’s hard fork could help the price hold this level as support.
The recent swing high suggests resistance near $0.03825. The 40 EMA is entering this level, and daily candle bodies show that bulls rejected bears in this area on June 23.
If the bulls break through this level, the next significant resistance may be near $0.04784. This level provided resistance during late May and early June’s trading. It’s also near the midpoint of bearish rejections on May 19 and June 23.
A much more significant rally could reach as high as $0.10218 – unlikely, unless the overall market turns more bullish. This area shows inefficient trading on higher-timeframe charts. It is near April’s consolidation lows that preceded the last significant breakdown.
The charts show very little below the current price to suggest possible support. A swing low near $0.02000, where May’s drop ended, could provide support again.
Below this swing low, no historical price action indicates support. The current range’s 25% extensions could hint at $0.00750 to $0.00500 as an area of possible interest to bulls.
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. Gala (GALA)
GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change how players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking by giving players control of the games and in-game assets with the help of blockchain technology.
GALA Price Analysis
At the time of writing, GALA is ranked the 84th cryptocurrency globally and the current price is US$0.05267. Let’s take a look at the chart below for price analysis:
After setting a low last week, GALA turned into a recovery trend to make the new monthly highs.
The following 80% plummet found support near $0.05039, sweeping under the 40 EMA into the 60.8% retracement level before bouncing to resistance beginning at $0.06320.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.06912, where aggressive bulls might begin bidding. The level near $0.07534, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.08685.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.04620 could provide at least a short-term bounce. If this level fails, the old highs near $0.03935 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Elrond (EGLD)
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, used for paying network fees, staking, and rewarding validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 43rd cryptocurrency globally and the current price is US$50.33. Let’s take a look at the chart below for price analysis:
EGLD‘s 65% rally during Q1 reversed with many other coins in Q2, retracing nearly 45%.
Just above the current price and near the June monthly open, $70.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.
Bears might consider $75.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach $87.45 at the top of an inefficiently traded area before any future bearish breakdowns.
Resistance might also rest near $90.45, above the recent monthly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.
The price is finding support between $49.44 and $40.586. This zone might continue to hold, while overlapping higher-timeframe levels from $38.44 to $35.81 could provide the most substantial support inside this area.
3. ARPA Chain (ARPA)
ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (MPC). Founded in April 2018, the goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyse data and extract data synergies while keeping each party’s data input private and secure. Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include credit anti-fraud, secure data wallets, precision marketing, joint AI model training, and key management systems.
ARPA Price Analysis
At the time of writing, ARPA is ranked the 367th cryptocurrency globally and the current price is US$0.03729. Let’s take a look at the chart below for price analysis:
ARPA set a high near $0.08732 in April before retracing nearly 83% to find a low near $0.03157. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.04288 is slowing the bullish advance down. However, another leg might target the last swing high at $0.04351 and relatively equal highs at $0.04833. Resistance near $0.05472 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.06148.
A retracement before a move higher might find support in the daily gap near $0.03574, just above the monthly open. Relatively equal lows near $0.03130 could also provide support. Run-on stops at $0.02944 and $0.02820 might find support in the gap beginning near $0.02687 or a high-timeframe level near $0.02477.
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. 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 50th cryptocurrency globally and the current price is US$53.23. 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 $50.47 and $41.96 – 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 $84.23 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $95.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $106.12, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $115.32 might provide a ceiling for this impulse.
2. Request (REQ)
The Request REQ utility token ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralised payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies.
REQ Price Analysis
At the time of writing, REQ is ranked the 160th cryptocurrency globally and the current price is US$0.1174. Let’s take a look at the chart below for price analysis:
REQ has continued its rally through the daily gap between $0.08133 and $0.1057, turning this region into an area of possible support.
However, a stop run under the relatively equal lows at $0.07583 could form a wick below this level, potentially reaching an untapped daily gap beginning near $0.07051.
Resistance beginning at $0.1372 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at $0.1507, continue into probable resistance just above, and possibly set a new monthly high at $0.1833.
3. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 27th cryptocurrency globally and the current price is US$7.10. Let’s take a look at the chart below for price analysis:
ATOM has been consolidating in a range around Q1 2022’s high. Q2 2022 saw the start of a smaller range inside this larger range. Near the current price, $7.00 or $6.80 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run.
Just above the current price, the 9, 18 and 40 EMAs might provide resistance near $7.86. This level saw consolidation before last week’s downward move.
A move back toward the local range highs could reach possible resistance near $8.65, where bears rejected the recent rally. This level is just above the May monthly open.
A more extended move by bulls might reach the larger range’s rejection area near $9.81. However, a move this far is less likely unless the overall market rallies.
Below the higher timeframe’s range, $6.75 to $6.10 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the July 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $6.05 and $5.90, and provides a reasonable stop run 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. 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 the 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 the 55th cryptocurrency globally and the current price is US$0.2712. Let’s take a look at the chart below for price analysis:
After a 70% decline during Q2, IOTA has ranged between $0.2633 and $0.3503. The recent rally was approaching probable resistance near $0.4045 but could be aiming for stops above the relatively equal highs near $0.4320. Continuation of the bullish move could target the daily gap near $0.4835.
Aggressive bulls might add to positions near $0.2740 and $0.2644. Price action near $0.2460 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around $0.2235 seem likely to be swept if the bearish trend resumes. If this move occurs, the price may find support at the significant higher-timeframe level near $0.1955.
2. Quant (QNT)
Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.
QNT Price Analysis
At the time of writing, QNT is ranked the 63rd cryptocurrency globally and the current price is US$53.27. Let’s take a look at the chart below for price analysis:
Q1 marked a turning point for QNT, with the price gaining almost 60% from its lows to probable resistance beginning near $146.30.
The price is currently struggling with the area between $48.80 and $60.33. This region could provide support after a close above, or resistance after a close below.
A retracement could reach into the daily gap and possible support around $45.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $42.65, and the potential support just below that begins around $39.34.
Continuation to the upside will likely target the monthly high near $66.19. However, probable resistance beginning at $72.77 and $80.30 could cap or slow down this move.
3. TrueFi (TRU)
TrueFi TRU is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and TrustToken holders ultimately have a say over who is a credible borrower in the prediction market. TRU gives the holder the ability to rate credit for third parties.
TRU Price Analysis
At the time of writing, TRU is ranked the 429th cryptocurrency globally and the current price is US$0.06499. Let’s take a look at the chart below for price analysis:
TRU‘s chart paints a different picture than many other altcoins, with April’s high leading to a massive range before setting a low near $0.05655 in June.
The nearly 36% spike at the beginning of June makes immediate bids questionable. However, the price may be finding support near $0.06016 and possibly near $0.05742. Since the price swept the impulse’s high at $0.07536, bulls might be waiting to enter near the swing low and gap near $0.05260, or slightly lower near $0.04790.
Little resistance lies overhead, although some resistance might exist between $0.06995 and approximately $0.07417, just above the current price. A sweep and rejection of the high near $0.08345 would make most areas of possible support highly suspect and could mark the end of the bullish trend.
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.
Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.
Crypto Market Outlook
The total crypto cap doesn’t look very strong, hovering around US$900 billion, which is 70% down from its peak in November last year. It’s now been two weeks since we dropped below the US$1 trillion mark and I’m seeing no sign of strength yet. I anticipate a drop to around US$750 billion this week, which will bring the crypto market to its knees.
TOTAL market cap
My target for the BTC bear flag I’ve been writing about for months is still around the US$12,000 zone. It will likely be dragged out a little this week with perhaps even a fake out or SFP to the upside (similar to what happened before the last drop – shown in chart below).
Current BTC 1D chart
If we do see another leg down, I would hope it’s with high volume as the market capitulates and we start to see some reversal signs around US$12,000. I’ll be looking for a bullish hammer on a high timeframe followed by a high-volume bullish engulfing candle at that key level of support with strength showing in oscillators. If that occurs, it’s when we will likely see a breakout of the downtrend we’ve been in since November 2021.
Example of what I’d like to see for a BTC reversal
Example of BTC reversal in Mar 2020 (COVID CRASH)
None of this is to say BTC hasn’t already reached its bottom and could start to reverse, having tested US$20,000 as a solid level of support. It’s simply my personal belief that we will visit lower price levels and to be honest, I hope for everyone who’s holding that I’m wrong. For myself? I wouldn’t mind buying more BTC at US$12,000.
This Week’s Trades
This week, due to my bearish bias, at this stage I’m looking for coins that have seen some pump action while BTC has been ranging. From here I’ll enter into short positions.
CHZ/USDT
CHZ is a good example, having seen some great price action recently as it pumped back into some key resistance levels and is sitting currently in the golden pocket of the Fibonacci retracement tool.
CHZ/USDT
CONV/USDT
Another thing to be on the lookout for is large exhaustion wicks like what we see on CONV. These show the coin had a huge pump and ultimately sellers are still in control. Short opportunities certainly exist in actions like this.
CONV/USDT
DORA/USDT
DORA is also coming into daily resistance after some pump days and is currently showing some indecision on low timeframes. This could remain a big daily wick and present a short opportunity below the 100 EMA.
DORA/USDT
Something to keep in mind is that BTC dominance (BTC.D) is dropping. This usually occurs when the market is scaling into ALTs or hedging into USDT/USD coins. Keep a close eye on these ALT movements because there’s a good chance some fake-outs will happen!
The Australian Crypto Convention
Myself and The Crypto Den team will be at the Australian Crypto Convention on the Gold Coast in September. We will be running workshops on how to read and trade these markets. Would love to see you there!
You can get discounted tickets using this CNA code: CRYPTONEWS
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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. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another via blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 24th cryptocurrency globally and the current price is US$0.1164. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.2357 in Q2 before retracing nearly 70% to find a low near $0.1058. The price consolidated around this level before the strong bullish impulse over the past several days.
Probable resistance near $0.1370 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1424 and relatively equal highs at $0.1550. Resistance near $0.1759 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.1856.
A retracement before a move higher might find support in the daily gap near $0.1104, just above the weekly open. Relatively equal lows near $0.1035 could also provide support. Run-on stops at $0.0984 and $0.09174 might find support in the gap beginning near $0.08312.
2. Iost (IOST)
IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope it will serve as the backbone for online services in the future. One of the biggest challenges IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.
IOST Price Analysis
At the time of writing, IOST is ranked the 109th cryptocurrency globally and the current price is US$0.01418. Let’s take a look at the chart below for price analysis:
IOST rallied 95% during late March and almost set new monthly highs before selling off 45% into its weekly low.
A retest of the monthly open, near $0.02625, started a new wave of selling in early May. The subsequent break of the weekly open created a new area of resistance between $0.01959 and $0.01863 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.
If this resistance breaks, a move toward the monthly highs might find resistance between $0.02174 and $0.02270. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.02730.
Old support near $0.01389 created a sharp bullish reaction in late June. This region, down to $0.01274, could provide support again.
However, a longer-term bottom is more likely to be found between $0.01027 and $0.00963, where higher-timeframe charts show an inefficiently traded area.
3. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$7.61. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 70% after Q2, showing little sign of interest from buyers.
June’s consolidation at possible support from $9.85 to $7.10 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of Q2 consolidation range, near $8.70, and the monthly high near $10.58 may see profit-taking from bulls.
The first test of possible support near $7.10 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $6.80, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $6.15 to $5.70.
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. MyNeighborAlice (ALICE)
ALICE is a multiplayer builder game where anyone can buy and own virtual islands, collect and build exciting items, and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience, as well as an ecosystem for players who want to collect and trade non-fungible tokens (NFTs).
ALICE Price Analysis
At the time of writing, ALICE is ranked the 280th cryptocurrency globally and the current price is US$2.570. Let’s take a look at the chart below for price analysis:
ALICE dropped almost 79% from its April high to a mid-May low. Since this drop, the price has consolidated in a tight range between approximately $3.330 and $1.845.
Support may have formed near $2.571. This area shows inefficient trading on the daily chart. It also overlaps June 15’s swing high and contains the 9 and 18 EMAs.
If this level breaks, the price might also find support at a small distance below, near $2.169. Here, the weekly chart shows that bulls rejected bears.
The 40 EMA is currently providing some resistance. Yet the price may be seeking the next resistance near $3.00. This level is near the top of the range, contains relative equal highs, and is just below the June monthly open.
A break through this level might reach the next resistance near $3.330. This level is just above relative equal highs and the June monthly open. It also shows inefficient trading on the weekly chart and overlaps with the June 2021 swing low’s wick.
If the rally continues, $3.804 could provide the next resistance. This level shows inefficient trading on the weekly and monthly charts. It also overlaps with June 2021’s weekly and monthly swing low candle body boundaries.
The overall market is still bearish, so bulls should be cautious. There is no historical price action to suggest support below the current price. The local range’s 50% extension suggests that $1.250 to $1.00 could be the next longer-term downside target.
2. Ergo (ERG)
The Ergo ERG platform aims to provide an efficient, secure and easy way to implement financial contracts that will be useful and survivable in the long term. Ergo describes itself as a self-amendable protocol that reportedly allows it to absorb new ideas and improve itself in a decentralised manner. It is a project that boasts a programmable blockchain with an energy-efficient and stable mining protocol.
ERG Price Analysis
At the time of writing, ERG is ranked the 315th cryptocurrency globally and the current price is US$1.97. Let’s take a look at the chart below for price analysis:
ERG‘s price has dropped almost 67% from its late-March high to its mid-June low, and has been consolidating in a tight range since.
The price is now testing possible support near $2.050. This level is at the May swing lows and in the upper half of the local consolidation range. It also contains the 9 and 18 EMAs.
If the price does rally, the next resistance may be at $2.2657. This level contains the 40 EMA. It also shows inefficient trading and is at the bottom of early June’s consolidation on the daily chart. A rally this high would fill a pocket of inefficient trading on the weekly chart.
A more substantial rally could reach up to $2.7272. This move would run bears’ stops above late May and early June’s swing highs. In this area, the monthly and weekly charts show inefficient trading. It also overlaps with a swing low from February 2022.
Bulls should be careful since market conditions are still bearish. If the price breaks the closest support, it might reach the next possible support between $1.680 and $1.4950.
A move this low would run bulls’ stops under a mid-March 2021 weekly swing low. Under this low, bears might take profits in the area of inefficient trading on the monthly chart.
3. Waves (WAVES)
WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.
WAVES Price Analysis
At the time of writing, WAVES is ranked the 66th cryptocurrency globally and the current price is US$5.92. Let’s take a look at the chart below for price analysis:
WAVES has dropped almost 96% from its late-March high and over 64% from its early June high. The price is now rallying toward the middle of its local range.
Bulls might find their first support between $5.82 and $5.01. This area shows inefficient trading on the daily chart inside June 21’s strong bullish impulse. It’s also just below the 9 and 18 EMAs.
The price may be seeking probable resistance near $7.97. This level shows consolidation on the daily chart over the current range’s midpoint. Weekly candle bodies also show that bears rejected bulls near January’s swing lows around this area.
This potential rally could continue over the June monthly open to $9.12. Candle bodies on the weekly and monthly charts show that bulls rejected bears at this level in late January. This area also shows inefficient trading on the weekly chart, which may need a revisit.
Yet relative equal lows near $4.13 offer a very tempting target for bears. The price could find some support under these lows, down to $3.75. This area shows inefficient trading on the weekly and monthly charts. It’s also near the high of September 2020’s consolidation.
A longer bearish move may continue through these possible supports to a zone from $2.57 to $1.80. If the price moves this low, it might be targeting bulls’ stops below weekly swing lows near $2.00. The bottom of this zone also shows inefficient trading on the monthly chart.
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.
