Category: Siacoin

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Crypto News Decentraland Market Analysis MetisDAO Siacoin Trading

Top 3 Coins to Watch Today: MANA, METIS, SC – July 19 Trading Analysis

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. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 35th cryptocurrency globally and the current price is US$0.9145. Let’s take a look at the chart below for price analysis:

Source: TradingView

MANA dropped 80% since March 1 and made a low near $0.5800. It has consolidated above this low since May 12.

The price might find support between $0.8808 and $0.8537. This level saw accumulation on July 17, contains the 9 and 18 EMAs, and borders the July monthly open.

A deeper retracement could reach near $0.8290. A drop to this level would rebalance more inefficient trading on the daily chart. It could also run bulls’ stops below today’s opening price and July 16’s swing low.

The price is testing the closest resistance, at $0.8962. Bears entered shorts here before last week’s drop. It’s also near the 40 EMA.

If this resistance breaks, $0.9346 to $0.9923 may provide the next resistance. This area is between the 61.8% and 78.6% retracement of the last month’s downtrend. Bulls also rejected bulls here in late June on the weekly chart.

A more significant rally might reach an area of inefficient trading on the monthly chart from $1.0932 to $1.3375. This move would sweep most bears’ trailed stops above relative equal highs up to this level. Yet, bulls aiming for this level may want to be cautious since the overall trend is still bearish. 

If the downtrend continues, $0.7255 may offer the next support. A drop to this level would run bulls’ stops under the June 18 and July 13 swing lows. It’s an area where bulls have rejected bears many times since September 2021.

Under this level, support might be near the last downswing’s 50% extension, from $0.6290 to $0.5800. Bulls rejected bears here in Q2 2021 on the monthly and weekly charts. Near this level, stops near early May’s and last September’s swing lows give bears an attractive target.

2. MetisDAO (METIS)

METIS is based on the spirit of Optimistic Rollup, building an easy-to-use, highly scalable, low-cost and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including NFT platforms, decentralised Reddit-like social platforms, open-source developer communities, influencer communities, gaming communities, freelancer communities, crowdfunding, yield farming, DEX trading, and much more.

METIS Price Analysis

At the time of writing, METIS is ranked the 238th cryptocurrency globally and the current price is US$29.60. Let’s take a look at the chart below for price analysis:

Source: TradingView

METIS plummeted 91% from the end of March to mid-June. Since then, it has consolidated while creeping upwards. This upward movement accelerated last week.

An area between $25.518 and $23.746 should provide the closest support if the bullish rally continues. This level is near the top of early June’s accumulation on the weekly chart. It will also soon contain the 9 EMA.

The closest resistance may be at $28.90. Reaching this level would sweep bears’ stops above June 28’s swing high. Many swing highs above this level could continue attracting the price upward.

An area of inefficient trading on the weekly chart, between $32.955 and $41.634, may be the primary goal for bulls. The top of this range, above $39.518, also shows inefficient trading on the daily chart. It gives bulls a logical place to take profits if the price can reach this far.

Suppose the price resumes the downtrend without reaching significantly higher. In that case, higher timeframes suggest that $14.00 might be the next possible support level. This area, down to $11.641, shows inefficient trading on the monthly and weekly charts. It’s also under the June 18 swing low, giving bears an attractive target for hunting bulls’ stops.

A continued decline might reach a zone between $9.211 and $7.690. This area shows inefficient trading on the monthly and weekly charts. It also borders the July 2021 accumulation zone’s high.

3. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 129th cryptocurrency globally and the current price is US$0.004232. Let’s take a look at the chart below for price analysis:

Source: TradingView

SC crashed 79% from its April high and set a low at $0.003129 in mid-June before beginning a consolidation.

The current price, near $0.004143, could support the next upward move. This level is at the high of late June’s consolidation.

Above, an area near $0.004350 may offer the first resistance. This level is at the bottom of inefficient trading on the weekly and daily charts. It’s also a place where bulls rejected bears in early May.

A move to this level might reach slightly higher. An area of inefficient trading on the weekly chart, between $0.004560 and $0.005242, could prompt a reversal. This area contains the 61.8% retracement and pockets of inefficient trading on the daily chart.

If the rally continues, $0.005963 offers the next logical target for bulls. Moving to this level would sweep bears’ stops above relative equal highs into inefficient trading on the monthly and weekly charts.

Should the downtrend resume, $0.003449 may offer the closest higher-timeframe support. Bulls and bears have taken turns rejecting each other near this level on higher-timeframe charts. It also saw accumulation in December 2020 before a parabolic rally. Reaching this level would sweep bulls’ stops under July 1’s swing low.

A drop to this level could easily reach $0.003140. A move to this level would sweep bulls’ stops under June’s low into the upper half of October 2020’s accumulation.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

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Crypto News Filecoin HedgeTrade Market Analysis Oasis Network Siacoin

Top 3 Coins to Watch Today: ROSE, FIL, SC – June 24 Trading Analysis

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. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 107th cryptocurrency globally and the current price is US$0.05164. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE climbed 42% from its Q1 low, then dropped nearly 75% into support last week.

The price is currently testing this support again, near $0.04690. It may provide support again and has confluence with the 61.8% and 78.6% retracements.

Resistance begins just above, at $0.05837. This inefficiently traded area, which reaches slightly beyond $0.06462, contains the monthly open, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs. 

These confluences often provide strong resistance. Since this resistance is close to the $0.07190 support, the price may enter consolidation before breaking out to the next move.

If the price breaks this resistance, bulls could eye an area of old rejection, near $0.07562, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.07895 to $0.08065.

A more significant bearish turn in the market may reach for bulls’ stops under the Q2 lows, down to an area of old support in an inefficiently traded area between $0.04341 and $0.03917.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 38th cryptocurrency globally and the current price is US$5.68. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 77% from its early Q2 highs. It’s now 95% down from its March 2021 all-time high. 

The price is currently in a small consolidation range. This range’s lower lows suggest bearishness. 

A rally near $6.50 could set the stage for another move lower. This level would provide a run on bears’ stops above the last daily swing high and is above the June monthly open. 

A break through this level could reach between $7.60 and $8.35. This zone shows inefficient trading on the weekly and daily charts. It also contains the 40 EMA. Relatively equal highs at the bottom of this zone mark bears’ stops. These stops provide bulls with an attractive target.

Bulls should be careful, however. The price is trending lower, and the current market conditions are bearish. Yet a consolidation near $5.63 could provide at least short-term support. This consolidation followed the last drop lower.

Chaotic price action below this level makes precise levels impossible to determine. Still, bulls could look for support near old swing highs formed in late 2019 near $5.14. 

Slightly lower, an area near $4.63 could also cause the formation of a bullish setup. This area is around the midpoint of significant consolidation. It’s also near the origin of 2020’s rally.

3. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 122nd cryptocurrency globally and the current price is US$0.003962. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 72% decline from April, SC has ranged between $0.003723 and $0.005165.

The recent rally is approaching probable resistance near $0.004930 but could be aiming for stops above the relatively equal highs near $0.005430. Continuation of the bullish move could target the daily gap near $0.006124.

Aggressive bulls might add to positions near $0.003640 and $0.003492. Price action near $0.003272 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.003043 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.002675.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

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Avalanche Crypto News Market Analysis Siacoin Trading Zilliqa

Top 3 Coins to Watch Today: ZIL, SC, AVAX – March 28 Trading Analysis

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. 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 70th cryptocurrency globally and the current price is US$0.1134. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 60% drop during Q1 found a low near $0.04138 before closing over a weekly high around $0.09872.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.1237. A sustained bullish move may target the swing high at $0.1364. If this stop run occurs, a run beyond the high into probable resistance near $0.1588 and $0.1645 is possible.

Bulls could buy a retracement to possible support near $0.1058, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.09536. 

However, relatively equal lows near $0.08934 and $0.08824 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.08615 and $0.08566.

2. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 120th cryptocurrency globally and the current price is US$0.01177. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 70% decline from December, SC has ranged between $0.008723 and $0.01165.

The recent rally is approaching probable resistance near $0.01290 but could be aiming for stops above the relatively equal highs near $0.01430. Continuation of the bullish move could target the daily gap near $0.01624.

Aggressive bulls might add to positions near $0.01130 and $0.01094. Price action near $0.01012 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.009743 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.009375.

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 10th cryptocurrency globally and the current price is US$86.06. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 55% gains in February ended with an almost 25% retracement as the rest of the altcoin market dropped during early March. Bulls stepped in near the 51.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $89.35.

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 $70.15 to $67.45 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 65% retracement, at $63.74, and potentially lower to a higher-timeframe support zone between $58.42 and $55.73.

If the higher-timeframe bullish trend resumes and the current resistance near $97.35 breaks, the wicks near $109.84 and the new monthly highs might see profit-taking.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

Categories
Crypto News Market Analysis Siacoin Trading VeChain

Top 3 Coins to Watch Today: SC, VET, COCOS – November 29 Trading Analysis

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. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 94th cryptocurrency globally and the current price is US$0.02387. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 75% decline from September to October, SC has ranged between $0.01833 and $0.02575.

The recent rally is approaching probable resistance near $0.02740 but could be aiming for stops above the relatively equal highs near $0.02860. Continuation of the bullish move could target the daily gap near $0.03120.

Aggressive bulls might add to positions near $0.02150 and $0.02034. Price action near $0.01912 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.01844 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.01695.

2. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 29th cryptocurrency globally and the current price is US$0.1105. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 129% move during October ran into resistance near $0.1750, at the 27% extension of the Q2 swing.

An old high and the 18 EMA have provided support near $0.1259 and might give support again on a retest. This area also has confluence with the 50% and 61.8% retracements of November’s swing.

Just below, near $0.1029, the 61.8% retracement of the current Q4 swing might also mark an area of support.

If the market remains bearish, $0.08862 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.1711, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.1778. Above, old consolidations near $0.1832 and $0.1941 might also provide some resistance before another round of price discovery.

3. Cocos-BCX (COCOS)

Cocos-BCX COCOS is a public blockchain platform aiming to create a complete run-time environment for games with multi-game system compatibility, providing game developers with a user-friendly platform for blockchain game development; while it starts by merely using fungible tokens for the in-game economy, its final goal is to fully move onto a blockchain.

COCOS Price Analysis

At the time of writing, COCOS is ranked the 377th cryptocurrency globally and the current price is US$3.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

Mid-November marked a turning point for COCOS, with the price rocketing up almost 425% from its lows to probable resistance beginning near $5.10.

The price is currently struggling with the area between $3.70 and $4.15. 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 $3.80. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $3.68, and the potential support just below that begins around $3.43.

Continuation to the upside will likely target the monthly high near $4.56. However, probable resistance beginning at $4.78 and $4.90 could cap or slow down this move.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6 week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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.