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. Polkadot (DOT)
Polkadot DOT is an open-source sharing 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. 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 9th cryptocurrency globally and the current price is A$15.65. Let’s take a look at the chart below for price analysis:
DOT set a new low in its downtrend last week, reaching a nearly 77% retracement from its May high.
The most recent move down found some support in the daily gap beginning near A$16.05, although this level is unlikely to end the bear trend. The weekly level around A$13.63 may offer more substantial support. Continuation to the monthly level near A$9.78 provides a higher probability target for the current bear trend.
Resistance begins near the current level at A$17.43, which might be tapped this week or next week before the next leg is lower. A more substantial rally could reach the consolidation beginning around A$19.68.
Any sustained bullish move in Bitcoin might prompt a stop run above the swing high at A$24.11. This price also marks a resistance level on the weekly chart.
2. Ontology (ONT)
Ontology ONT is a high-performance, open-source blockchain specialising in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralised identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID use throughout the ecosystem, and DDXF, a decentralised data exchange and collaboration framework.
ONT Price Analysis
At the time of writing, ONT is ranked the 94th cryptocurrency globally and the current price is A$0.8311. Let’s take a look at the chart below for price analysis:
ONT found a low during late June inside weekly support after a nearly 83% drop.
Bulls could step in on the current retest of this region again, with A$0.82 possibly becoming support on the daily chart. However, a sweep of the equal lows near A$0.69, perhaps reaching A$0.57, is likely before any significant bullish trend reversal. If this stop run occurs, bulls might enter near A$0.56.
A break of the resistance near A$0.92 could continue through the July monthly open to run the relatively equal highs clustered just beneath the A$1.07 swing high. If this retracement occurs, high-timeframe resistance near A$1.14 and A$1.19 may be the target before the price resumes its downtrend or begins a higher-timeframe reversal.
If the market shifts to more bullish conditions, the swing high near A$1.91 and a wide area of resistance near A$1.84 will likely cap the first impulse.
3. 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 the 45th cryptocurrency globally and the current price is A$0.8666. Let’s take a look at the chart below for price analysis:
After dropping nearly 77% from its April highs, IOTA hovers near its June low at around A$0.85.
While the downtrend continues, bulls might find some support near A$0.74, the approximate bottom of the monthly gap. However, while the market stays bearish, continuation to the weekly level at A$0.64 and the monthly level near A$0.51 seems likely.
Short-term rallies might reach A$1.04, although a more substantial retracement of the bearish trend could run the swing high into resistance around A$1.27. If the markets turn more bullish, the rally could run the swing highs at A$1.60 and A$2.02.
If this move occurs, the daily gap and monthly level near A$2.27 may provide a ceiling.
Where to Buy or Trade Altcoins?
These three coins have the 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.
