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 258th cryptocurrency globally and the current price is US$7.59. Let’s take a look at the chart below for price analysis:
After accumulating under the November monthly open, ALICE rallied 90% in a week before retracing to support near $6.55. Buyers continue to snatch up dips under the weekly open, suggesting that accumulation is still taking place.
Bulls could look for entries in this region while being conscious of a potential stop run below the cluster of lows at $7.37. Two areas of support, beginning near $7.26 and $7.00, provide probable buys if the price dips this low.
The equal highs near $8.63 provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near $9.30. Possible targets include the old highs just above this resistance near $10.43, $10.86, and $11.59.
2. Chainlink (LINK)
The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
LINK Price Analysis
At the time of writing, LINK is ranked the 24th cryptocurrency globally and the current price is US$16.85. Let’s take a look at the chart below for price analysis:
LINK‘s early January spike retraced near $13.08 into the consolidation that began the impulse before bouncing to $17.30.
This consolidation could provide support again, although bears would first have to push the price through possible support near $14.00. The market’s structure may be shifting bearish, with $13.62 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $12.63 before finding support near $11.71.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $18.78 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the December wick near $21.58.
3. Reserve Rights (RSR)
Reserve Rights RSR is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform. Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts. The second token is the Reserve Rights token (RSR), which is used to keep the RSV stable at its $1.00 price target through a system of arbitrage opportunities.
RSR Price Analysis
At the time of writing, RSR is ranked the 190th cryptocurrency globally and the current price is US$0.01802. Let’s take a look at the chart below for price analysis:
RSR has retraced approximately 52% as the price hovers over possible support beginning near $0.01608.
The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at $0.01570 could provide support for a shallow stop run.
However, lows near $0.01489 also provide a tempting downside target if bitcoin begins a bearish trend. Under these lows, bulls might find support near $0.01412 – or as low as $0.01365 if the market sees a sustained bearish move.
The confluence of levels near $0.01934 that surround the monthly open may provide some resistance, particularly if reached before a run of the highs near $0.02065.
If the bullish trend resumes, $0.02269 may provide some resistance before running the swing highs at $0.02319 and $0.02410.
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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.
