Orion Protocol

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. Basic Attention Token (BAT)

Basic Attention Token BAT is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend. The Basic Attention Token itself is the unit of reward in this advertising ecosystem and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users – whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.

BAT Price Analysis

At the time of writing, BAT is ranked the 68^th cryptocurrency globally and the current price is US$0.4032. Let’s take a look at the chart below for price analysis:

Source: TradingView

BAT has dropped nearly 70% from its Q2 2022 high and 82% from its November 2021 all-time high.

Support might have formed last week from $0.3834 to $0.3565 and should hold if bulls are ready for a bounce. This zone overlaps with an inefficiently traded area on the weekly chart from $0.3763 to $0.3294.

If this level breaks, bears might target an inefficiently traded area on the monthly chart from $0.3047 to $0.2732. Below this level, $0.2545 to $0.2380 could provide support after a run on bulls’ stops under the Q4 2020 lows into an area of significant accumulation.

The closest resistance begins near $0.4583. This level has confluence with the 9 EMA and a brief consolidation before May 11’s spike downward.

A more significant rally might find resistance near $0.5140. This level is inefficiently traded and has confluence with the lows of last summer’s accumulation and the 18 EMA.

If the market becomes more bullish, $0.6146 may provide the next resistance. This level is slightly above the May monthly open, overlaps with multiple old lows and aligns with the 40 EMA.

2. Orion Protocol (ORN)

Orion ORN aims to solve the difficulties in performing profitable transactions associated with the lack of liquidity on the majority of crypto exchanges. This is the case for both centralised and decentralised exchanges. Orion’s solution to this is to aggregate exchanges’ order books into one simple-to-use-and-understand terminal. The Orion Protocol’s goal is to help users get the best returns out of their investments while also lowering the risks associated with using multiple exchanges.

ORN Price Analysis

At the time of writing, ORN is ranked the 397^th cryptocurrency globally and the current price is US$1.30. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 75% retracement from its April highs, ORN found a temporary low near $1.20. A recent move above $1.49 could be the first sign of a bullish shift – but could also signal a stop run before the next drop lower.

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $1.63, possibly reaching up to $1.85.

However, a move below the closest support near $1.25 makes stop runs on the swing lows near $1.21 and $1.18 likely. A confluence of several levels near $1.16 could provide a temporary bounce. Still, a sustained bearish market will likely target $1.12 and even $1.00.

3. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain 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 decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 67^th cryptocurrency globally and the current price is US$0.04687. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 85% drop found a low near $0.03368 before closing over a weekly high around $0.04682. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.06032.

A sustained bullish move may target the swing high at $0.05860. If this stop run occurs, a run beyond the high into probable resistance near $0.06384 and $0.06645 is possible.

Bulls could buy a retracement to possible support near $0.04258, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03926.

However, relatively equal lows near $0.03714 and $0.03524 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.03315 and $0.03069.

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Where to Buy or Trade Altcoins?

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. Orion Protocol (ORN)

The Orion Protocol’s goal is to help users get the best returns out of their investments while also lowering the risks associated with using multiple exchanges.

ORN Price Analysis

At the time of writing, ORN is ranked the 420^th cryptocurrency globally and the current price is US$1.38. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 70% retracement from its March highs, ORN found a temporary low near $1.30. A recent move above $1.50 could be the first sign of a bullish shift – but could also signal a stop run before the next drop lower.

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $1.65, possibly reaching up to $1.86.

However, a move below the closest support near $1.26 makes stop runs on the swing lows near $1.22 and $1.20 likely. A confluence of several levels near $1.17 could provide a temporary bounce. Still, a sustained bearish market will likely target $1.15 and even $1.06.

2. KuCoin Token (KCS)

KCS is the native token of KuCoin, launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralised trading solution goes live, KCS will be the native asset of KuCoin’s decentralised financial services as well as the governance token of the KuCoin community in the future.

KCS Price Analysis

At the time of writing, KCS is ranked the 40^th cryptocurrency globally and the current price is US$15.84. Let’s take a look at the chart below for price analysis:

Source: TradingView

KCS has been trading through a massive range during Q1, with the price showing mild bullishness during March.

Bulls bought near $12.20. The weekly level and daily gap near $13.90 could prompt buyers to step in again as the price challenges the swing high and resistance around $16.50. A strong move and acceptance above this level may reach for the swing highs at $18.75 and $19.66, which mark another area of resistance.

However, rejection from the current area may send the price down to retest support near $13.40. Relatively equal lows around $12.78 provide a rich target for a stop run. Sustained bearishness may reach the low near $11.90 and possibly as low as $11.14 into higher-timeframe support.

3. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 14^th cryptocurrency globally and the current price is US$24.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains during Q1 ended with an almost 69% retracement as the rest of the altcoin market dropped from early this month. Bulls stepped in near the 52.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $44.35.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.

Near the 40 EMA, a broad zone from $35.15 to $29.45 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 70% retracement, at $23.70, and potentially lower to a higher-timeframe support zone between $21.42 and $20.80.

If the higher-timeframe recovery trend resumes and the current resistance near $37.35 breaks, the wicks near $49.84 and the new monthly highs may see profit-taking.

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