Australia’s fastest-growing cryptocurrency exchange has announced the launch of a new multi-asset staking service.
Swyftx, the country’s top-rated exchange, becomes the first Australian-owned exchange to offer staking rewards for top market cap coins including Solana, Cardano and Polkadot. In total, 12 assets will be available for staking through the platform with zero fees.
Customers with eligible assets will receive staking rewards that typically range from around 5% to 20%, depending on the asset. The current reward percentage for the market’s largest proof-of-stake coin, Solana, is 6.5%. Rewards received from staking assets through the exchange will be calculated daily and automatically credited to customer accounts each day.
Australians want to earn rewards and their strong preference is to trade and stake through Australian-owned exchanges, so this is a really important moment. We’ve seen an enormous upswell in customer demand for staking this year.
Swyftx Chief Executive Ryan Parsons
“We estimate the total daily trade volume across the country for Solana, Cardano and Polkadot alone is around $70m. And that’s a conservative figure. People want access to staking because it’s a way of contributing back to the blockchain community and getting rewarded at the same time.”
The total global value of assets that are staked is currently over $300bn, or just over 50% of the total market cap of all proof-of-stake tokens.
Parsons said Swyftx expects the proof-of-stake market to continue to grow in importance over the next year as major market upgrades come online and traders seek crypto assets with lower energy consumption.
“Our central scenario is for the proof-of-stake market to increase significantly over the next six months,” said Parsons.
“A lot will depend on when the Ethereum network moves to proof-of-stake. But even if it’s delayed beyond the current May to June 2022 estimate, we still expect to see more customers diversify their crypto portfolios to include greener coins.”
The Swyftx staking service will have no lock-in period for staking assets, meaning its customers will be able to un-stake their assets whenever they wish.
Customers will be able to stake the following assets through Swyftx: Cardano, Solana, Polkadot, Algorand, VeChain, Polygon, Atom, Tezos, NEO, Band Protocol, Kava and Kusama.
Australian cryptocurrency exchange Swyftx has rolled out a new app to support increased demand among Australians for ‘on the go’ crypto trading.
Swyftx is Australia’s second-largest exchange by trading volume, with up to A$3 billion a month traded across its platform. It is also the country’s top-rated cryptocurrency exchange.
The new app has been designed to provide a cleaner interface and includes features such as automated portfolio tracking so that customers can easily track the performance of their assets.
Key upgrades:
Simplified dashboard – see what you need to see
Dedicated portfolio – see all your assets on a single screen
Quick actions – navigate around the app fast
Trading upgrades – trading capabilities enhanced
Chief Marketing Officer Chris Vanek said: “A lot of cryptocurrency users now want to trade and track the performance of their assets on the go. So the app experience is incredibly important.
We’ve put a lot of focus into streamlining the app’s trading interface for all our customers, as well as its performance across areas like portfolio tracking. We believe the end result is one of the best trading experiences available on the Australian market.
Chris Vanek, Swyftx CMO
Vanek said a significant proportion of Swyftx customer trading activity was conducted over mobile, with download volumes of the company’s old app ahead of major financial institutions including ANZ, ING, CoinSpot, Suncorp, and Superhero on the Apple app store as at the end of October.
Brisbane-based crypto start-up Swyftx has had a breakout year in 2021, announcing this week it had passed the milestone of 400,000 users, adding 50,000 new customers since August.
In that same month, the company launched in New Zealand following a period of rapid expansion that has seen it become one of Australasia’s fastest-growing tech companies.
Company Remains Fully Self-Funded
Founded by high school friends Alex Harper, 27, and Angus Goldman, 26, who met at a national computer science convention, Swyftx has been adding an average 8000 users a day to its platform this year. Goldman and Harper started the company in 2019 using their profits from the crypto bull market of previous years. Since then Swyftx has remained fully self-funded, an achievement in itself.
Swyftx founders Alex Harper and Angus Goldman
In the past financial year, Swyftx’s customer base grew by 1,659 percent and the company now employs more than 130 staff – up from a total of just 11 at the start of the previous financial year. As of mid-2021, Swyftx was transacting A$2 billion per month in customer trading volume on its platform, placing it among the top handful of exchanges by volume operating in Australia.
It’s all a long way from the company’s humble beginnings in a Brisbane share house and early days as a fledgling start-up with only five staff.
For a year and a half, Angus and I spent many long hours building the business from one small room. We’re now the second-biggest, and most trusted, digital asset exchange in Australia.
Alex Harper, co-founder, Swyftx
340K Users Added in Six Months
Katya Richardson, digital performance manager at Swyftx, recalls that when she started at the company in April this year, there were just 25 staff, under 60,000 users, and the exchange only operated in Australia.
“It’s been a wild and exciting ride that I’m extremely proud to have been a part of,” says Richardson, who doubles as the company’s growth team leader. “It’s been a huge quarter for our team here at Swyftx and we’re gearing up to finish 2021 with a bang.”
After opening its New Zealand operation in August, Swyftx plans to expand into other countries including the UK, Ireland, Canada and India. It also intends to integrate all major asset classes into the platform.
Australian cryptocurrency start-up Swyftx today launches in New Zealand following a period of rapid growth that has seen it become one of the country’s fastest growing tech companies.
Swyftx founders Alex Harper and Angus Goldman
Swyftx, a digital assets exchange founded by high school friends Alex Harper (27) and Angus Goldman (26), enters the Kiwi market after achieving revenue growth of more than 6,000% in the last financial year. It is now the second-largest Australian cryptocurrency exchange.
Swyftx was founded in a Brisbane share-house by Harper and Goldman in 2018. The two had met at a national computer science program.
In the last financial year, Swyftx’s customer base grew by 1,659% – adding up to 8,000 users a day to its platform in 2021. The company currently employs more than 120 staff – up from 11 team members at the start of the 20/21 financial year.
The Brisbane-based business has around 350,000 customers across Australia and becomes the largest digital assets provider by range of coins offered of any crypto exchange registered to operate in New Zealand.
“It’s still early days for crypto but we’re confident it will reshape how finance works in the ANZ region,” said Swyftx co-Founder and CEO, Alex Harper.
“The Australian market has developed extremely quickly this year and we see similar growth potential in New Zealand. Looking forward, the potential applications and use cases for blockchain technology and digital assets are almost limitless in both countries.”
Swyftx has expanded significantly over the past year following rapid growth in the global cryptocurrency market. The total market capitalisation of all digital assets grew from around US$380 billion in August last year to a peak of over US$2 trillion this month.
“For a year and a half, Angus and I spent many long hours building the business from a small room in our Brisbane share-house. We’re now the second-biggest, and most trusted, digital asset exchange in Australia,” said Harper.
“Swyftx has been completely bootstrapped. We’ve focused on security, customer service, low fees, and diverse digital asset investment options. We’re confident the model will appeal to Kiwi crypto users.”
Harper said around 800,000 Kiwis were forecast to use cryptocurrency, with the total market for digital assets in New Zealand estimated to be around $200m this year.
Swyftx officially launched its New Zealand platform on August 31, 2021. Its entry into the market increases the number of digital assets available through NZ-registered crypto exchanges to more than 280.
The additional cryptocurrencies are estimated to have a total market cap in excess of US$25 billion.
“The Australian and New Zealand markets share important similarities, including a generally sophisticated understanding of cryptocurrencies among users, so this is a move we’ve wanted to make for a long time,” said Harper.
“We’ve already got high demand from New Zealanders using our Australian platform. We’re also seeing significantly more institutional investors turning to crypto as a defence against inflationary pressures and low rates. It’s a trend we expect to see replicated in New Zealand.”
Harper said New Zealand crypto trading platforms tend to work differently from those in other markets.
“Existing NZ exchanges work by simply booking a trade with them. What this means is that you send them the money for a cryptocurrency and they send you the coin. It is basically just a pass through of funds.
“Our exchange allows local crypto users to hold an account in NZ dollars on the platform and make deposits easily through bank transfer – giving users the ability to trade in and out of different coins more easily.”
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. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc, with the advantages of Ethereum’s security, vibrant ecosystem and openness.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:
MATIC‘s stunning – nearly 315% – climb in Q2 has since retraced 75%, finding some support near A$1.80.
Retracements toward the monthly open, possibly running stops near A$1.74 and A$1.70, are likely to be capped between A$1.65 and A$1.77. A break through this level may find another area of resistance near the gap and old swing lows near A$1.63, possibly spiking up to A$1.55.
The price appears to be struggling to maintain resistance between A$2.30 and A$2.49, making the swing highs near A$2.56, A$2.61 and A$2.70 likely shorter-term targets.
A run on these highs could find another area of resistance near A$2.74. If this area fails to break, a drop to the lower end of the monthly gap of around A$2.50 may be on the cards, with A$2.44 offering some hope of support.
2. Iost (IOST)
IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.
IOST Price Analysis
At the time of writing, IOST is ranked the 120th cryptocurrency globally and the current price is A$0.05076. Let’s take a look at the chart below for price analysis:
IOST has continued its steady downtrend. Meanwhile, the chart offers bulls no strong support for long entries.
The recent low at A$0.02587 is likely to be swept – a region that offers a glimmer of hope for support based on some methods of measuring moves. However, bulls are likely to wait for more signs of support and a market structure shift before entering long positions.
Resistance rests just overhead between A$0.06355 and A$0.06957. The gap at A$0.07015 offers a high probability target for any potential down-trend retracements.
A more substantial bullish shift in the markets could help the price run the stops near A$0.07344 into resistance beginning near A$0.07562. Any move upward is likely to find a cap near A$0.08149, although the current chart offers no hints that a movement this large should occur anytime soon.
3. Burger Swap (BURGER)
BurgerSwap BURGER is one of the first democratised, decentralised automated market makers (AMMs) on the Binance Smart Chain (BSC). It was built without the control of any centralised authorities through the use of smart contracts. BURGER token staking allows any user to create proposals and influence the adjustment of transaction fees, block rewards and other system parameters of the Burger Swap exchange via voting.
BURGER Price Analysis
At the time of writing, BURGER is ranked the 411th cryptocurrency globally and the current price is A$8.19. Let’s take a look at the chart below for price analysis:
After an 85% retracement from its May highs, BURGER found a temporary low near A$4.82. A recent move above A$9.40 could be the first sign of a bullish shift but could also be 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 A$10.23, possibly reaching up to A$12.74.
However, a move below the closest support near A$6.45 makes stop runs on the swing lows near A$5.65 and A$4.82 likely. A confluence of several levels near A$4.20 could provide a temporary bounce. Still, a sustained bearish market will likely target A$3.90 and even A$3.28.
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.
Loopring LRC is trading in an uptrend, like many other Altcoins. The cryptocurrency LRC just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +105% in a week.
What is Loopring?
Loopring LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised sidechains order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges. The main idea behind Loopring is to combine elements of centralised and decentralised cryptocurrency exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.
LRC Price Analysis
At the time of writing, LRC is ranked the 107th cryptocurrency globally and the current price is A$0.8279. Let’s take a look at the chart below for price analysis:
After looking at the above 4-Hour candle chart, we can clearly see that LRC was trading inside the rising wedge pattern on the LRC/USDT pair. The first resistance was on the A$0.4955 price level, which LRC broke with a strong bullish trend buying volume and is now heading towards the recent monthly high prices at A$0.9671 Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, LRC may continue to increase in the uptrend if traders keep buying with high volume.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”
What Do the Technical Indicators Say?
TradingView indicators (on the one-day window) mainly suggest LRC as a Strong Buy, except the Oscillators, which indicate LRC as a Buy.
So Why Did LRC Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying LRC for the next Altcoins rally. Recent news was also announced regarding Loopring’s layer-2 NFT support.
Loopring LRC has high liquidity on the Binance exchange, which could help for trading LRC/BTC or LRC/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a 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. Holo (HOT)
Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.
HOT Price Analysis
At the time of writing, HOT is ranked the 65th cryptocurrency globally and the current price is A$0.01431. Let’s take a look at the chart below for price analysis:
Since the beginning of April, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.
A retracement might uncover support near A$0.01146, which is the daily high of the last swing low. The high of the wick beginning near A$0.009244 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$0.008369 likely to be the next bearish target.
Just above, the daily gap beginning near A$0.01613 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near A$0.01799 – perhaps running to probable resistance near A$0.01955. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.
2. Dent (DENT)
Dent is a revolutionary digital mobile operator offering eSIM cards, mobile data plans, call minutes top-ups, and a roaming-free experience. According to the company website, Dent employs blockchain technology’s powers to create a global marketplace for mobile data liberalisation. Dent has an ambitious roadmap ahead, with plans to expand its services to new markets by the end of 2021.
DENT Price Analysis
At the time of writing, DENT is ranked the 112th cryptocurrency globally and the current price is A$0.008959. Let’s take a look at the chart below for price analysis:
April’s 250% bullish candle has since bled near 85%, with the DENT finding a low near A$0.003175 in mid-July.
Bulls are buying each drop into support near A$0.008241, with higher lows forming each time. However, the equal lows near A$0.007624 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$0.006955.
Just over the mid-August weekly open, A$0.009548 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$0.01186 before running into possible resistance near A$0.01293.
A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$0.01388 before encountering probable resistance near A$0.01499.
3. Dash (DASH)
Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.
DASH Price Analysis
At the time of writing, DASH is ranked the 57th cryptocurrency globally and the current price is A$290.19. Let’s take a look at the chart below for price analysis:
During May, DASH dumped over 83% before finding support near A$168. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins.
In the shorter term, the price might establish support near A$259 before running the swing high at A$315. If this bullish move occurs, the price could reach resistance near the August monthly open around A$245, and may even sweep the swing high near A$238.
Some support might exist at the daily gap near A$230. A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.
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. Dogecoin (DOGE)
Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk has posted several tweets on social media that Dogecoin is his favourite coin.
DOGE Price Analysis
At the time of writing, DOGE is ranked the 7th cryptocurrency globally and the current price is A$0.4403. Let’s take a look at the chart below for price analysis:
DOGE formed relatively equal lows near A$0.3468 after dropping over 75% during May. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around A$0.3257.
If this sweep of the A$0.3200 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around A$0.3144. Should the market take a more bullish turn, the level just below near A$0.3027 could provide some short-term support.
The steep drop left large areas of inefficient price action, making the daily gap up to A$0.4962 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near A$0.5422.
2. Chiliz (CHZ)
Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between the active and passive fan, providing millions of sports fanatics with a fan token thath acts as a tokenised share of influence.
CHZ Price Analysis
At the time of writing, CHZ is ranked the 59th cryptocurrency globally and the current price is A$0.4709. Let’s take a look at the chart below for price analysis:
CHZ’s stunning rally to A$0.9941 plummeted over 60% during May to sweep consolidation lows at A$0.2955. This could set the stage for a new bullish cycle to begin.
The price is currently balancing around the June monthly open. A quick stop run into support beginning near A$0.3682 could set the stage for a move into the daily gap beginning near A$0.3465, potentially reaching resistance near A$0.3544.
A sweep of the highs near A$0.4822, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near A$0.5127. This run could find the next resistance around A$0.5366 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near A$0.5938.
3. Kusama (KSM)
Kusama KSM is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers. Kusama is built on Substrate, a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot, one of the most successful interoperable blockchains. The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain, and can be used as a preparatory network before launching on Polkadot, though many projects opt to stick with Kusama for their final product.
KSM Price Analysis
At the time of writing, KSM is ranked the 50th cryptocurrency globally and the current price is A$414.67. Let’s take a look at the chart below for price analysis:
May started a gradual 77% decline in KSM‘s price. The move into June swing high saw a sharp jump in price, showing that some support exists near A$231.
A sweep of the most recent swing lows into possible support beginning near A$398 could lead to a rally over the monthly open. This rally would likely sweep the swing high into the resistance near A$428.
This potential bullish move could continue through the relatively equal swing highs near A$439 – but is likely to find some resistance in the weekly level around A$453.
Continued bearishness in the crypto markets might push the price to fill the weekly gap down to A$401. This drop would sweep the stops under the monthly low and potentially mark a new accumulation zone for the next bullish cycle.
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. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 9th cryptocurrency globally and the current price is A$34.70. Let’s take a look at the chart below for price analysis:
DOT’s 77% climb during early May returned to the monthly open, sweeping lows several times down to A$23.55.
Last week, the price bounced from the monthly open near A$29.46 again, creating possible support near A$31.87. A quick sweep of this recent swing low could reach into a support area near A$27.95, while a sharp downturn in the market is likely to run for the relatively equal lows near A$25.47.
If the price breaks through the closest significant resistance near A$36.25, the swing high at A$40.73 is a likely target. This move could reach the daily gap near A$42.69.
Strong bullish momentum could propel the price to resistance near A$45.22. If this move occurs, the significant swing high near A$48.31 provides a reasonable goal.
2. Enjin Coin (ENJ)
Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).
ENJ Price Analysis
At the time of writing, ENJ is ranked the 74th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:
ENJ spent July ranging across the monthly open, reaching 28% over and 35% below. The price is currently consolidating between adjacent resistance and support at A$1.98 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near A$2.36.
This move would likely target the swing high at A$2.40 and relatively equal highs near A$2.44. A sustained bullish trend could reach up to the May mid-high near A$2.57.
Bulls might see a sweep of the relatively equal lows near A$2.14 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around A$1.89.
3. Small Love Potion (SLP)
Small Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP is unique because of how it has become one of the few in-game tokens to be listed by Binance in its Innovation Zone. The exchange has reserved this trading category for assets “that are likely to have higher volatility and pose a higher risk than other tokens”.
SLP Price Analysis
At the time of writing, SLP is ranked the 182nd cryptocurrency globally and the current price is A$0.2392. Let’s take a look at the chart below for price analysis:
SLP‘s strong downtrend that began in mid-July has retraced most of its Q3 move, recently sweeping lows near A$0.1998 but struggling to find strong support.
A sweep of the relatively equal lows near A$0.1845 into possible support around A$0.1762, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near A$0.1655.
The swing low near A$0.2144 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near A$0.2647, potentially reaching up to the August monthly open near A$0.2938.
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. Lisk (LSK)
Lisk LSK is a blockchain application platform aiming to create an accessible future where everyone can benefit from decentralised technology. Lisk enables developers to build applications as well as deploy a side-chain linked to the Lisk network that includes a custom token. Lisk empowers developers with a software development kit for blockchain applications and is working on an interoperability solution that will in turn let everyone seamlessly use it on the platform.
LSK Price Analysis
At the time of writing, LSK is ranked the 114th cryptocurrency globally and the current price is A$6.22. Let’s take a look at the chart below for price analysis:
LSK‘s nearly 87% retracement from its early May high found a low near A$2.06 in late June before July’s bullish trend began.
The price is currently approaching resistance at a swing high near A$6.42. If this level breaks, bulls might target the swing highs near A$7.46, A$9.11, and potentially up to A$10.39. Resistance near A$7.81 and A$9.49 could cap this move.
If the market remains bullish for the near term, bulls might buy at A$5.57. However, a stop run into A$4.84 could offer a higher probability entry. A steeper drop could reach below the swing low into possible support near A$4.08.
2. TrueFi (TRU)
TrueFi TRU is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens TRU and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and TrustToken holders ultimately have a say over who is a credible borrower in the prediction market. TRU gives the holder the ability to rate credit for third parties.
TRU Price Analysis
At the time of writing, TRU is ranked the 337th cryptocurrency globally and the current price is A$0.9112. Let’s take a look at the chart below for price analysis:
TRU‘s chart paints a different picture than many other altcoins, with February’s high leading to a massive range before setting a low near A$0.1655 in July.
The nearly 576% spike within three days at the beginning of August makes immediate bids questionable. However, the price may be finding support near A$0.8516 and possibly near A$0.7426. Since the price swept the impulse’s high at A$1.36, bulls might be waiting to enter near the swing low and gap near A$0.5960, or slightly lower near A$0.4890.
Little resistance lies overhead, although some resistance might exist between A$0.9950 and approximately A$1.17, just above the current price. A sweep and rejection of the high near A$1.45 would make most areas of possible support highly suspect and could mark the end of the bullish trend.
3. Verge (XVG)
Verge XVG is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralised payments network that improves on the original Bitcoin blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called Verge Pay, and providing the option of sending transactions to stealth addresses. The project describes itself as community-driven, relying on volunteers and priding itself on being open-source.
XVG Price Analysis
At the time of writing, XVG is ranked the 112th cryptocurrency globally and the current price is A$0.04893. Let’s take a look at the chart below for price analysis:
Like many other altcoins, XVG set a high in early May before retracing 83% to the low at A$0.0205 in May.
Price broke through resistance near A$0.0334, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near A$0.0269. However, a drop this far increases the chances of a stop run to A$0.0204 and possibly into support near A$0.0136. For now, continuing bullish market conditions could help A$0.0461 become support.
The swing high around A$0.0526 gives bulls a reasonable first target, with A$0.0550 also likely to draw the price upward. Higher-timeframe resistance beginning near A$0.0485 or A$0.0550 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near A$0.0648.
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.
