Ethereum-based, decentralised blockchain platform Stratis has witnessed its native token STRAX rocket 103 percent in one 24-hour period this week, cooling off from a rally that at one point reached 160 percent.
STRAX took off minutes after the project announced a series of updates, including a new ticketing system via which NFTs will be used to validate entry to venues and distribute rewards at events.
Stratis has also foreshadowed several new blockchain-powered video games set to hit its mainnet later this year, along with issuing an update on its launch of a stablecoin pegged to the British pound called Great British Pound Token (GBPT).
The platform is currently working with Price Waterhouse Coopers (PwC) to complete regulatory registration and expects the partnership to be ongoing with PwC providing auditing services for the GBPT stablecoin’s implementation.
According to the Stratis announcement, “With entities like Visa increasingly willing to accept stablecoin payments, there’s a huge opportunity to simplify cross-border and wholesale payments using blockchain technology.”
Prior to this week’s STRAX price rally, the team behind the protocol teased the upcoming launch of Sky Dream Mall, a new metaverse project powered by the Stratis blockchain:
All of which is in clear defiance of the current bear market and the onset of the so-called ‘crypto winter’. These are arguably the most positive developments in the sector since April, when blockchain-based music platform Opulous saw the price of its token, OPUL, rally 175 percent after it announced DeFi staking, CEX listings and S-NFT sales.
You’d have to go back even further to find another one-day performance to rival that of STRAX this week. In February this year, the utility and governance token for the DEX Injective Protocol rallied more than 100 percent in a single day following the listing of Cosmos (ATOM) perpetual futures on the platform.
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. Tezos (XTZ)
Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked the 46th cryptocurrency globally and the current price is US$3.82. Let’s take a look at the chart below for price analysis:
XTZ‘s 65% drop since late December saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.
The level near $4.10 is providing some resistance. However, continuation through the monthly high at $4.32 is not out of the question. Aggressive bulls might bid in the current region near $4.58.
If the price runs the recent swing low, bulls might bid in the gap near $3.70. A deeper retracement could reach near the early-February level and a gap near $3.57. The region near $3.49 and $3.40 may also provide some support during a deeper retracement.
2. Stratis (STRAX)
Stratis STRAX is a blockchain-as-a-service platform that offers several products and services for enterprises, including launching private sidechains, running full nodes, developing and deploying smart contracts, an initial coin offering platform, and a proof-of-identity application. The company also provides cryptocurrency wallets and blockchain consulting services. Stratis operates its own blockchain powered by a native token, STRAX.
STRAX Price Analysis
At the time of writing, STRAX is ranked the 290th cryptocurrency globally and the current price is US$1.27. Let’s take a look at the chart below for price analysis:
Since its rally in H1 2021, STRAX has been in a massive range between approximately $2.50 and $1.20. Long upper wicks during the second half of 2021 show distribution, while the daily chart shows a bearish trend since January.
The price is currently around the 79.6% retracement, near $1.30. This level has seen interest from bulls since July 2021. It might provide support again for a short-term bounce.
The closest resistance may be at $1.42, near the 9, 18 and 40 EMAs. If the price breaks this level, bulls might target the old swing high near $1.59, another old swing high and inefficiently traded area near $1.72, and the consolidation around $1.80.
However, repeated tests of a level, plus the higher-timeframe downtrend, may cause an eventual breakdown of the current support near $1.20. If this occurs, old swing lows near $1.12 – particularly an inefficient region starting near $0.9877 – may be the bearish target and the subsequent support.
3. Coti (COTI)
COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.
COTI Price Analysis
At the time of writing, COTI is ranked the 180th cryptocurrency globally and the current price is US$0.2896. Let’s take a look at the chart below for price analysis:
COTI‘s rally during H2 2021 broke down in early November and has since been in a bearish trend on the daily chart. The price recently swept lows below a contested area at $0.1952, which prompted a rally during the last week into resistance at the 40 EMA near $0.2988.
It remains to be seen whether this contested area from $0.2603 to $0.2252 can support a retest.
Unless the overall market turns bullish, a bearish continuation to possible support near $0.2165 – just under the 79.6% retracement level – seems likely. This area has sparked multiple consolidations.
A break of this level might continue to possible support near $0.1599, where the H2 2021 rally began accumulating before its run.
If the market continues its rally, breaking through resistance near the 2021 yearly open, the macro range highs near $0.3913 might provide the next resistance.
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. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 13th cryptocurrency globally and the current price is US$2.25. Let’s take a look at the chart below for price analysis:
Since its July low, MATIC has been in a steady bullish trend – printing a 370% gain by late December. The price found support near $1.991, at the 78.6% retracement level, during early January’s decline.
Last week’s sharp impulse up may have marked the start of a new bullish swing. If this is so, higher timeframes suggest that $2.1940 (near the 61.8% retracement and the 9, 18 and 40 EMAs) might see interest from bulls. The price could reach lower, near $2.0674, and still find support.
Currently, the price is contesting a region between $2.2957 and $2.4028. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $2.421, while $2.5251 is also likely to be sensitive with the nearest support and resistance this close together.
Breaking this resistance level might see profit-taking near $2.6214, an inefficiently traded region. However, a move this high could suggest new all-time highs are on the cards. If so, the 0.618% extension, near $3.50, and the 100% extension, near $4.00, are possible targets.
2. Stratis (STRAX)
Stratis STRAX is a blockchain-as-a-service platform that offers several products and services for enterprises, including launching private sidechains, running full nodes, developing and deploying smart contracts, an initial coin offering platform, and a proof-of-identity application. The company also provides cryptocurrency wallets and blockchain consulting services. Stratis operates its own blockchain powered by a native token, STRAX.
STRAX Price Analysis
At the time of writing, STRAX is ranked the 300th cryptocurrency globally and the current price is US$1.36. Let’s take a look at the chart below for price analysis:
Since its 1,020% move in H1 2021, STRAX has been in a massive range between approximately $2.70 and $1.25. Long upper wicks during the second half of 2021 show distribution, while the daily chart shows a bearish trend since September.
The price is currently around the 78.6% retracement, near $2.4028. This level has seen interest from bulls since July and might provide support again for a short-term bounce.
The closest resistance may be at $1.428, near the 9, 18 and 40 EMAs. If the price breaks this level, bulls might target the old swing low near $1.660, another old swing low and inefficiently traded area near $1.823, and the consolidation around $1.960.
However, repeated tests of a level, plus the higher-timeframe downtrend, may cause an eventual breakdown of the current support near $1.379. If this occurs, old swing lows near $1.080 – particularly an inefficient region starting near $0.982 – may be the bearish target and the subsequent support.
3. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 8th cryptocurrency globally and the current price is US$0.7548. Let’s take a look at the chart below for price analysis:
XRP also printed massive gains in H1 2021 before moving sideways for the rest of the year.
The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally. However, bulls are showing some interest at the 78.6% retracement, near $0.6952. If this level breaks, a move into possible support – just below the June and July lows near $0.4952 – seems likely.
If the price does rally through the swing high at $0.8160 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8350.
Overlapping swing highs and lows near $0.9436 might provide the next target, where bears forced the price down in late December immediately.
More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $1.0735, where higher timeframes show an inefficiently traded zone.
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.
