Category: THORChain

Top 3 Coins to Watch Today: SKL, ALGO, RUNE – July 29 Trading Analysis

Post author By Malik Junaid
Post date July 29, 2022

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. SKALE Network (SKL)

Skale SKL is described as an elastic network designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralised project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralisation of Ethereum-based apps. Token holders on the network are incentivised and earn rewards by helping to improve the scalability and security of the platform by serving as validators.

SKL Price Analysis

At the time of writing, SKL is ranked the 140^th cryptocurrency globally and the current price is US$0.05502. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of Q2, SKL 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 $0.04920, which is the daily high of the last swing low. The high of the wick beginning near $0.04571 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.04230 the probable next bearish target.

Just above, the daily gap beginning near $0.06088 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.06493 – perhaps running to probable resistance near $0.07044. Strength above this level may signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30^th cryptocurrency globally and the current price is US$0.3411. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 25% into resistance that starts near $0.4322.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5012 might look for bids near $0.5536. More significant resistance rests above, near $0.6025. A group of significant swing highs at $0.6410 and $0.6618 provide possible targets if this resistance breaks.

A stop run on the recent low at $0.2835 into possible support beginning near $0.2530 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 53^rd cryptocurrency globally and the current price is US$2.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE has dropped 85% from its early Q2 high. It’s currently breaking down from its consolidation range formed in May and early June.

The price might find its closest resistance in an inefficiently traded area on the daily chart between $2.99 and $3.10. This level has confluence with the past week’s swing high.

The price may be forming a triple-sweep (three lower lows) before returning into its consolidation range. If so, an inefficiently traded area near $3.25 could provide another resistance. This level also shows distribution on the weekly chart near the 18 EMA.

A more extended rally could reach an inefficiently traded area on the monthly chart between $3.42 and $3.90. Yet this is less likely to happen soon, given the current bearish market conditions.

Below, $2.65 could offer support. This level is an area of inefficient trading below a daily swing low from June. It also shows accumulation on the weekly.

The following daily swing low, near $2.35, could offer the next bearish target. This level shows inefficient trading on the daily and weekly charts.

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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.

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Top 3 Coins to Watch Today: OCEAN, RUNE, CHESS – June 14 Trading Analysis

Post author By Malik Junaid
Post date June 14, 2022

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. Ocean Protocol (OCEAN)

Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based datatokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.

OCEAN Price Analysis

At the time of writing, OCEAN is ranked the 153^rd cryptocurrency globally and the current price is US$0.1984. Let’s take a look at the chart below for price analysis:

Source: TradingView

OCEAN dropped 75% from its March high before beginning a consolidation in mid-May.

Inefficient trading, the base of June 7’s rally, and the 9 and 18 EMAs could offer resistance just over the June monthly open, near $0.2317.

A rally higher might target the June 9 swing high near $0.3190. Bears’ stops above this high and the inefficiently traded area on the daily, weekly and monthly charts could serve as a target and resistance.

Bulls might find support near $0.1928. If this level supports the price, it will most likely be after a sweep of the relatively equal lows in this area.

Longer-term, the bearish higher-timeframe trend and market conditions make it likely that the price will continue dropping and reach near $0.1530. Some weekly charts show inefficient trading in this area.

If this level fails, bulls might find more substantial support near $0.0867. This area is the last accumulation on the monthly chart before July 2020’s stunning rally. It’s also near the low end of a large, inefficiently traded area on the monthly chart.

2. THORChain (RUNE)

RUNE Price Analysis

At the time of writing, RUNE is ranked the 62^nd cryptocurrency globally and the current price is US$1.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE has dropped 84% from its March high. It’s currently breaking down from its consolidation range formed in May and early June.

The price might find its closest resistance in an inefficiently traded area on the daily chart between $2.426 and $2.244. This level has confluence with the May 27 swing low.

The price may be forming a triple-sweep (three lower lows) before returning into its consolidation range. If so, an inefficiently traded area near $2.657 could provide another resistance. This level also shows distribution on the weekly chart near the 18 EMA.

A more extended rally could reach an inefficiently traded area on the monthly chart between $3.295 and $3.998. Yet this is less likely to happen soon, given the current bearish market conditions.

Below, $1.554 could offer support. This level is an area of inefficient trading below a daily swing low from January 2021. It also shows accumulation on the weekly.

The following daily swing low, near $1.120, could offer the next bearish target. This level shows inefficient trading on the daily and weekly charts.

If the bearish trend continues, it may be targeting an area of old inefficient trading on the monthly chart between $0.761 and $0.630. The price might sweep under the low end of this range to remove bulls’ stops under the monthly swing low. Overall, this area shows accumulation on the monthly and could provide the base for a longer-term bullish shift.

3. Tranchess (CHESS)

Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.

CHESS Price Analysis

At the time of writing, CHESS is ranked the 536^th cryptocurrency globally and the current price is US$0.2716. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHESS dropped 84% from its early April swing high before beginning a consolidation range in mid-May.

Most trading occurred between the June monthly open and $0.270. Here, relatively equal lows have formed under the oldest historical low, around $0.367.

These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.256 and $0.230. Traders “selling the news” of June 16’s launch might push the price below these lows.

A continued move down could run more bulls’ stops below May’s low at $0.2040.

No historical price action exists under May’s low to pinpoint possible support.

Round numbers suggest that $0.175 could offer some support on an initial stop run under May’s low.

Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.050. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.

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Top 3 Coins to Watch Today: AVAX, ZIL, RUNE – May 13 Trading Analysis

Post author By Malik Junaid
Post date May 13, 2022

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. Avalanche (AVAX)

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 13^th cryptocurrency globally and the current price is US$29.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 70% gains during Q1 ended with an almost 49% retracement as the rest of the altcoin market dropped from last week. Bulls stepped in near the 52.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $44.35.

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 $38.15 to $30.45 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 70% retracement, at $27.70, and potentially lower to a higher-timeframe support zone between $25.42 and $23.80.

If the higher-timeframe recovery trend resumes and the current resistance near $44.35 breaks, the wicks near $48.84 and the new monthly highs may see profit-taking.

2. 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 77^th cryptocurrency globally and the current price is US$0.04601. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 80% drop found a low near $0.04238 before closing over a weekly high around $0.05082. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.05732.

A sustained bullish move may target the swing high at $0.05960. If this stop run occurs, a run beyond the high into probable resistance near $0.06288 and $0.06445 is possible.

Bulls could buy a retracement to possible support near $0.04018, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03876.

However, relatively equal lows near $0.03734 and $0.03624 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.03415 and $0.03266.

3. THORChain (RUNE)

RUNE Price Analysis

At the time of writing, RUNE is ranked the 55^th cryptocurrency globally and the current price is US$2.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE abruptly rallied after retracing nearly 60% from its November highs, climbing 90% during early March.

Bears are currently taking shorts in a contested area between $2.70 and $3.23. This area saw inefficient trading on higher timeframes. It could serve as support if the price trades through its high end and retests it – or as resistance if the price breaks back below.

The closest support rests just below, near $2.63. The old high at this level could support a rally into resistance near $2.95.

A move through the closest resistance might target the consolidation midpoint near $3.25, near the 29% extension of the current rally. If this level breaks, bulls might target an inefficient area near $3.45 and beyond.

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Top 3 Coins to Watch Today: AVAX, EGLD, RUNE – April 21 Trading Analysis

Post author By Malik Junaid
Post date April 21, 2022

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. 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 10^th cryptocurrency globally and the current price is US$78.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 60% gains during Q1 ended with an almost 25% retracement as the rest of the altcoin market dropped in early April. Bulls stepped in near the 50.8% retracement of Q2’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $97.35.

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 $73.15 to $68.45 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 $64.70, and potentially lower to a higher-timeframe support zone between $60.42 and $57.80.

If the higher-timeframe bullish trend resumes and the current resistance near $99.35 breaks, the wicks near $120.84 and the new monthly highs might see profit-taking.

2. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 39^th cryptocurrency globally and the current price is US$162.73. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 60% rally during March reversed with many other coins in April, retracing nearly 35%.

Just above the current price and near the April weekly open, $190.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.

Bears might consider $169.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach $153.45 at the top of an inefficiently traded area before any future bearish breakdowns.

Resistance might also rest near $210.45, above the 2022 yearly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.

The price is finding support between $150.44 and $143.586. This zone might continue to hold, while overlapping higher-timeframe levels from $138.44 to $135.81 could provide the most substantial support inside this area.

3. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem, and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 44^th cryptocurrency globally and the current price is US$9.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE abruptly rallied after retracing nearly 83% from its November highs, climbing 128% from its late February low.

Bulls are currently taking profits in a contested area between $9.28 and $9.13. This area saw inefficient trading on higher timeframes. It could serve as support if the price trades through its high end and retests it – or as resistance if the price breaks back below.

The closest support rests just below, near $8.31. The old high at this level could support a rally into resistance near $9.52.

A move through the closest resistance might target the consolidation midpoint near $10.40, near the 27% extension of the current rally. If this level breaks, bulls might target an inefficient area near $12.38 and beyond.

If the price rejects from this level and breaks the closest support, it could find support near the midpoint of the current range and 2022 yearly open, near $7.98. The price might also find support slightly below near the 61.8% retracement level, around $7.28.

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Top 3 Coins to Watch Today: IOTX, QTUM, RUNE – March 22 Trading Analysis

Post author By Malik Junaid
Post date March 22, 2022

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. IoTeX (IOTX)

IoTeX IOTX has built a decentralised platform with the aim of empowering the open economics for machines – an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IoTeX is the decentralised backbone for machine economics, which serves machines ranging from smart home devices to autonomous vehicles.

IOTX Price Analysis

At the time of writing, IOTX is ranked the 96^th cryptocurrency globally and the current price is US$0.07691. Let’s take a look at the chart below for price analysis:

Source: TradingView

By late February, IOTX had retraced 76% from its November high as it created relatively equal lows near $0.06206.

Just above these lows, the price is testing possible support near $0.07245. This level saw accumulation in early March and could support at least a short move upward.

If this level instead breaks and the price drops, bears could be aiming for an inefficiently traded area between $0.05215 and $0.03327. This area is under multiple relatively equal lows that have been in place since late Q3 2021, providing an appealing target for bears.

However, a move into probable resistance near $0.08318 could occur first, even if the price later breaks down. This level is a range high for a significant amount of trading during Q1 2022.

If this resistance breaks, the price could reach the next probable resistance near $0.09316, where it consolidated before mid-February’s breakdown.

2. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications.

QTUM Price Analysis

At the time of writing, QTUM is ranked the 100^th cryptocurrency globally and the current price is US$6.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

QTUM retraced 74% from its November high before forming a new low near a cluster of older relatively equal lows in late January.

Last week’s sharp rally reached probable resistance near $7.12. This level is near the 61.8% and 78.6% retracements of the last significant move upward.

Possible support rests just below the March open, near $6.27. This area saw significant consolidation in late February and early March. It remains to be seen whether this is a run on bears’ stops before a more substantial move down – or a bullish shift in market structure that could lead to a more significant rally.

With the overall market being bearish and significant numbers of equal lows enticing bears below, traders may want to watch possible support near $4.10. This area is inefficiently traded and borders the last accumulation before Q1 2021’s stunning rally.

Suppose this is the start of a more significant rally. In that case, bulls might target $10.18, where higher timeframes show an inefficiently traded area near multiple bearish rejections during December. A powerful bullish swing could reach up to $11.75, where early December saw inefficient trading and the bulk of Q3 2021’s trading took place.

3. THORChain (RUNE)

RUNE Price Analysis

At the time of writing, RUNE is ranked the 47^th cryptocurrency globally and the current price is US$8.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE abruptly rallied after retracing nearly 83% from its November high, climbing 218% from its late February low.

Bulls are currently taking profits in a contested area between $8.28 and $9.23. This area saw inefficient trading on higher timeframes. It could serve as support if the price trades through its high end and retests it – or as resistance if the price breaks back below.

The closest support rests just below, near $8.21. The old high at this level could support a rally into resistance near $9.50.

A move through the closest resistance might target the consolidation midpoint near $10.80, near the 27% extension of the current rally. If this level breaks, bulls might target an inefficient area near $12.89 and beyond.

If the price rejects from this level and breaks the closest support, it could find support near the midpoint of the current range and 2022 yearly open, near $6.09. The price might also find support slightly below near the 61.8% retracement level, around $5.98.

If these supports break, bears might be targeting four relatively equal lows near $3.10, under the March monthly open.

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