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. Solana (SOL)
Solana SOL is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 15th cryptocurrency globally and the current price is A$38.22. Let’s take a look at the chart below for price analysis:
After a 250% run during May, SOL has been consolidating in a gap near A$35.28 from the past few weeks.
A sweep of the lows may have created support around A$28.55, which could give aggressive bulls a chance to get on board at the range lows. If the retracement continues, the price may find support near the gaps around A$27.94 and A$25.77.
The relatively equal daily highs at A$42.83 provide a potential first target. A break of the resistance near A$44.67 might reach resistance near A$48.00 and a sweep of the last high near A$53.42.
If the price leaves the current low near A$45.87 intact, a bullish breakout from the current consolidation range could reach the extensions near A$56.37 and A$58.44.
2. Theta Network (THETA)
Theta Network THETA is a blockchain powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.
THETA Price Analysis
At the time of writing, THETA is ranked the 20th cryptocurrency globally and the current price is A$7.71. Let’s take a look at the chart below for price analysis:
Last week we saw 95% gains for THETA, but the bull run might not be over yet.
Resistance near A$7.80 is pinning the price down as it accumulates on an old monthly level near A$5.89. A sweep of this consolidation range could reach probable support near A$4.67, giving bulls a better risk-reward entry.
The last high at A$12.71 and a May high at A$16.87 are probable first targets. The area between A$11.27 and A$13.45 may provide some resistance, with extensions suggesting that A$14.35 may be a likely area of contention.
A break of this resistance could run as high as the extension at A$17.85 during this move.
3. Hedera Hashgraph (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 that older blockchain-based platforms face, such as slow performance and instability. Unlike most other cryptocurrency platforms, Hedera Hashgraph isn’t built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 51th cryptocurrency globally and the current price is A$0.2702. Let’s take a look at the chart below for price analysis:
HBAR bears saw 48% retracement during July as the price approaches resistance from a weekly gap beginning at A$0.2855.
Support may have formed last weekend near A$0.2547, which would be confirmed by a strong move above this level and provide a probable area for entries. A gap beginning at A$0.2485 may also offer support if tested, along with the last movement’s base starting at A$0.2267.
Old overlapping levels and a previous move’s 2.0 extension make A$0.3541 to A$0.3862 a likely resistance area. If the price retraces near A$0.4017 before piercing this level to form a new 1.0 extension, an old monthly high near A$0.4325 may be the next target.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
