Australian crypto exchange Binance Australia is giving away a brand new Tesla Model 3 Performance valued at A$84,900 to one lucky user from March 23 – April 20.
You can enter the giveaway via the Binance website. Please note that you must be an Australian resident to be eligible for the giveaway.
How to Enter:
To be eligible for the giveaway, new Binance users can:
Sign up and complete KYC
Trade at least A$50 on any crypto pairs
Click “Enter Now” on the entry page
To be eligible for the giveaway, existing Binance users can:
The Tesla model 3 performance has the quickest acceleration from 0-100 km/h in as little as 3.3 seconds.
It has a dual motor providing unparalleled traction and control, in all weather conditions.
It’s fully electric so you never need to visit a petrol station again, and can charge it from home – with a range of up to 602km.
It has an autopilot designed to assist you with the most burdensome parts of driving.
Designed with your smartphone in mind, you can use it as a key and access all driver controls from a central 15-inch touchscreen.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.
Binance and Binance Australia reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
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. Litecoin (LTC)
Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
LTC Price Analysis
At the time of writing, LTC is ranked the 20th cryptocurrency globally and the current price is US$121.80. Let’s take a look at the chart below for price analysis:
After setting a low last week, LTC kicked off a recovery trend that gained nearly 24% to break the weekly highs.
The following 60% plummet found support near $104.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $124.53.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $129.12, where aggressive bulls might begin bidding. The level near $137.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $152.13.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $101.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $94.23 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Terra (LUNA)
Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
LUNA Price Analysis
At the time of writing, LUNA is ranked the 7th cryptocurrency globally and the current price is US$92.65. Let’s take a look at the chart below for price analysis:
LUNA showed significant strength in the face of a mostly bearish altcoin market, rallying over 90% in late February.
The price is currently retracing from resistance near $102.90, just below the all-time high. Bulls might begin eyeing entries near $82.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.
A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $77.44 and $74.07. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $70.41.
While the price is retracing, $90.44 offers the closest probable resistance at the 2022 yearly open. Just above, near the March monthly open, the consolidation lows near $96.69 are also a reasonable candidate for resistance.
If the price breaks through these resistances, the significant resistance at $100.69 might also break and allow LUNA to set new all-time highs. However, bulls should keep in mind that the overall market is mostly bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $128.40 offer a possible significant target.
3. Zcash (ZEC)
Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.
ZEC Price Analysis
At the time of writing, ZEC is ranked the 50th cryptocurrency globally and the current price is US$176.30. Let’s take a look at the chart below for price analysis:
ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $149.47 and $160.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce.
Last year’s long-term consolidation suggests that the areas near $136.23 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $180.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $192.12, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $216.41 might provide a ceiling for this impulse.
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. 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 96th cryptocurrency globally and the current price is US$0.07691. Let’s take a look at the chart below for price analysis:
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 100th cryptocurrency globally and the current price is US$6.76. Let’s take a look at the chart below for price analysis:
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)
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 47th cryptocurrency globally and the current price is US$8.61. Let’s take a look at the chart below for price analysis:
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.
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. 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 32nd cryptocurrency globally and the current price is US$2.41. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.30 last week.
The price broke through resistance near $2.45, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.37. However, a drop this far increases the chances of a stop run to $2.32 and possibly into support near $2.25. For now, continuing bullish market conditions could help $2.40 become support.
The swing high around $2.73 gives bulls a reasonable first target, with $2.88 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.00 or $3.10 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.16.
2. Omg Network (OMG)
Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.
OMG Price Analysis
At the time of writing, OMG is ranked the 100th cryptocurrency globally and the current price is US$4.86. Let’s take a look at the chart below for price analysis:
OMG‘s 35% drop has filled the March monthly gap twice as the price consolidated between $3.82 and $4.90.
The price’s current region, between $4.71 and $4.60 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.10 is a likely target.
An animated move through these highs could reach up to the daily gap beginning at $5.15. The area between $5.33 and $5.59 provides a likely cap for a move into this zone.
A drop lower could be a run-on stop under $4.50 and find support near $4.43. If this level is lost, the swing low at $4.31 is a likely target, with $4.12 possibly giving support.
3. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 29th cryptocurrency globally and the current price is US$0.1955. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.2857 in early February before retracing nearly 45% to find a low near $0.1680. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.2478 is slowing the bullish advance down. However, another leg might target the last swing high at $0.2722 and relatively equal highs at $0.3036. Resistance near $0.3259 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3826.
A retracement before a move higher might find support in the daily gap near $0.1843, just above the monthly open. Relatively equal lows near $0.1775 could also provide support. Run-on stops at $0.1705 and $0.1653 might find support in the gap beginning near $0.1600 or a high-timeframe level near $0.1510.
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. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 34th cryptocurrency globally and the current price is US$3.19. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during February halted at $5.04 before retracing 68% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $3.68 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.89. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $3.11 and $3.02 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.
Inside this zone, the consolidation high near $2.90 to $2.82 might see more sensitivity and mark the bearish target.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.67.
2. Eos (EOS)
EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
EOS Price Analysis
At the time of writing, EOS is ranked the 50th cryptocurrency globally and the current price is US$2.07. Let’s take a look at the chart below for price analysis:
EOS has been in an overall decline for the past 10 months and has reached 87% below its mid-May 2021 high.
Just above the current price, near $2.12, might be the bears’ first line of resistance in the upcoming weeks. This level is near the 9 EMA and consolidation highs that formed after the low sweep at $1.98.
Resistance could be found between $2.23 and $2.39, with the lower half of this range possibly proving stronger. This range has confluence with the 40 EMA and accumulation area for the early February run on bears’ stops.
While less likely, a more extended rally might reach probable resistance near $2.57. This area is in the upper half of a significant consolidation area on higher-timeframe charts.
Bulls might find support beginning near $1.79. However, $1.63 to $1.48 could offer a higher probability of a short-term bottom before a more substantial bounce. Higher timeframes show inefficient trading in this zone, as well as in another possible support beginning near $1.35.
3. Linear (LINA)
Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices, and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.
LINA Price Analysis
At the time of writing, LINA is ranked the 454th cryptocurrency globally and the current price is US$0.02014. Let’s take a look at the chart below for price analysis:
During Q1, LINA retraced almost 58%, breaking key swing lows early to mid-month. This could provide a solid support for swing traders.
The swing high near $0.02836 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.03657.
Even if the bearish trend continues, a stop run at the recent swing low near $0.01812 into possible support beginning near $0.01645 is reasonable. If the price reaches further down, the swing low and possible support near $0.01410 might provide another downside target.
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. Waves (WAVES)
WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.
WAVES Price Analysis
At the time of writing, WAVES is ranked the 40th cryptocurrency globally and the current price is US$27.94. Let’s take a look at the chart below for price analysis:
During the last week’s high, WAVES‘ slight drop marks the current range as a reasonable area to expect accumulation.
The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $25.88 and $22.35 – between the 31.8% and 40.6% retracements – could see at least a short-term bounce.
Long-term consolidation suggests that the areas near $33.45 and $35.61 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $29.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $31.42, the start of the bearish move.
2. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 44th cryptocurrency globally and the current price is US$1.18. Let’s take a look at the chart below for price analysis:
FTM‘s bounce since January ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.25, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $1.90.
Currently, the price is testing possible support near the weekly open, around $1.08. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $0.9849 to $0.9230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early December’s swing.
A more bearish tone in the market could propel the price lower. The lows, near $0.8837, might mark an area of possible support as well as a bearish target.
3. The Graph (GRT)
The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.
GRT Price Analysis
At the time of writing, GRT is ranked the 49th cryptocurrency globally and the current price is US$0.4388. Let’s take a look at the chart below for price analysis:
GRT‘s 80% retracement in Q1 set a low near $0.3147 during its consolidation that began in early March.
Relatively equal highs near $0.5244 could be the current target if the price breaks through resistance beginning near $0.5958. Bullish continuation might reach through the next significant swing high near $0.6138 into the daily gap near $0.6612.
If bullish strength continues, the zones just below the previous monthly highs near $0.7043 and $0.7412 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near $0.4036 into possible support near $0.3782. If this down move occurs, the swing low near $0.3342 and possible support near $0.3016 may be the primary objective.
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. IOTA (MIOTA)
IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind the platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA Price Analysis
At the time of writing, IOTA is ranked the 50th cryptocurrency globally and the current price is US$0.6993. Let’s take a look at the chart below for price analysis:
After a 40% decline during February, IOTA has ranged between $0.7833 and $0.6503.
The recent rally was approaching probable resistance near $0.8145 but could be aiming for stops above the relatively equal highs near $0.8620. Continuation of the bullish move could target the daily gap near $0.9135.
Aggressive bulls might add to positions near $.7140 and $0.6944. Price action near $0.6740 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around $0.6635 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 $0.6155.
2. Quant (QNT)
Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.
QNT Price Analysis
At the time of writing, QNT is ranked the 67th cryptocurrency globally and the current price is US$112.53. Let’s take a look at the chart below for price analysis:
February marked a turning point for QNT, with the price gaining almost 55% from its lows to probable resistance beginning near $156.30.
The price is currently struggling with the area between $129.80 and $108.33. 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 $102.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $98.65, and the potential support just below that begins around $91.34.
Continuation to the upside will likely target the monthly high near $136.19. However, probable resistance beginning at $142.77 and $150.30 could cap or slow down this move.
3. Reserve Rights (RSR)
Reserve Rights RSR is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform. Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts. The second token is the Reserve Rights token (RSR), which is used to keep the RSV stable at its $1.00 price target through a system of arbitrage opportunities.
RSR Price Analysis
At the time of writing, RSR is ranked the 268th cryptocurrency globally and the current price is US$0.01203. Let’s take a look at the chart below for price analysis:
RSR has retraced approximately 72% as the price hovers over possible support beginning near $0.01208.
The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at $0.01190 could provide support for a shallow stop run.
However, lows near $0.01179 also provide a tempting downside target if bitcoin begins a bearish trend. Under these lows, bulls might find support near $0.01153 – or as low as $0.01125 if the market sees a sustained bearish move.
The confluence of levels near $0.01294 that surround the monthly open may provide some resistance, particularly if reached before a run of the lows near $0.01322.
Should the bullish trend resume, $0.01369 may provide some resistance before running the swing highs at $0.01400 and $0.01435.
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. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$26.77. Let’s take a look at the chart below for price analysis:
ATOM has been consolidating in a range around May 2021’s high since Q3 2021.
February 2022 saw the start of a smaller range inside this larger range. Near the current price, $26.38 or $24.94 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run before late February’s rally.
Just above the current price, the 9, 18 and 40 EMAs might provide resistance near $27.86. This level saw consolidation before last week’s downward move.
A move back toward the local range highs could reach possible resistance near $33.06, where bears rejected February’s rally. This level is just above the 2022 yearly open and the March monthly open.
A more extended move by bulls might reach the larger range’s rejection area near $38.81. However, a move this far is less likely unless the overall market rallies.
Below the higher timeframe’s range, $17.55 to $14.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the June 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $17.25 and $15.96, and provides a reasonable stop run target under relatively equal lows at $20.18 and $21.40.
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 37th cryptocurrency globally and the current price is US$143.35. Let’s take a look at the chart below for price analysis:
EGLD‘s 919% rally during the second half of 2021 reversed with many other coins in November, retracing nearly 80% by January.
Just above the current price and near the March open, $141.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.
Bears might consider $170.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach up to $205.45 at the top of an inefficiently traded area before any future bearish breakdowns.
Resistance might also rest near $254.44, 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 $133.00 and $94.38. This zone might continue to hold as investors accumulate for the snapshots beginning on Tuesday. Overlapping higher-timeframe levels from $118.44 to $107.81 could provide the most substantial support inside this area.
Significant swing lows and stops near $53.41 may be the bearish target if this support breaks. If the price reaches this level, a longer-term bottom might form in a higher-timeframe inefficiently traded area between $53.41 and $29.80.
3. Glitch (GLCH)
Glitch GLCH is a fast, interoperable, blockchain-agnostic protocol purpose-built for DeFi. Rather than aiming to be a jack-of-all use cases, GLITCH has a singular focus on decentralised financial applications and trustless money markets. GLITCH solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing model. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.
GLCH Price Analysis
At the time of writing, GLCH is ranked the 630th cryptocurrency globally and the current price is US$0.3845. Let’s take a look at the chart below for price analysis:
GLCH‘s stunning 1,988% bullrun during the second half of 2021 retraced nearly 90% by January.
January’s low found support between $0.3332 and $0.2911, which could provide support again. However, while the market remains bearish, bulls might wait to see if the price reaches near July’s accumulation zone between $0.2239 and $0.1949.
Reaching this zone would run most bulls’ trailed stops. The higher end of this range, near $0.2239, may be more sensitive if bulls begin accumulating for another market cycle.
Just above the current price, $0.3772 could provide short-term resistance. The 9 and 18 EMAs frame this level at the low end of February’s consolidation.
A more substantial rally might reach possible resistance at the 40 EMA and March open, near $0.4437. If the overall market turns more bullish, this resistance may break as bulls look to take profits around $0.5560, near the 78.6% retracement of February’s downward swing.
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.
Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.
Crypto Market Outlook
Well, I’ll keep it short this week because not much has changed since last week. The TOTAL market cap is still ranging in what we call a Symmetrical Triangle. This pattern is generally a continuation pattern with a 72% success rate. This indicates that should the pattern play out, there’s a 72% chance it will see more downside. My target from last week of US$1.18 trillion still stands.
TOTAL marketcap
BTC has formed the same pattern and if we were to overlay Elliott Wave Theory, then there’s the possibility we’ll see another small move up before we see price action tank to the downside. If this pattern does play out, I’m seeing the US$20,000 level being tested.
BTC/USDT
As I pointed out in my last article, the DXY (US Dollar Currency Index) is on a bull run, which generally does the opposite of BTC, and GOLD has just tested its ATH. Meaning the flow of global capital seems to be seeking a hedge during the geopolitical unrest, and as I’ve stated before I don’t believe BTC is mature enough yet to be such a hedge.
DXY
XAU/USD
Last Week’s Performance
I personally didn’t enter any new positions last week as the market hasn’t really given any opportunity because nothing has really changed yet. I’m still in 11 open short positions that I’ve openly shared in our Facebook Group if you’d like to check these out.
UMA/USDT
A quick 200%+ trade here shared by “bking43” in the TradeRoom shows really good confluence of the falling wedge pattern, landing in the golden pocket Fibonacci level and finding dynamic support on the 200 EMA. Looking for these confluent reasons to get into a trade is a prime example of what we teach in TCD. In, out, Profit locked in. Nice trade, bking!
This Week’s Trades
This is where I’d normally share trades I’m looking to enter this week, however I feel we are currently in what we call the “wait trade”.
This is simply waiting for the market to present us with safe entries, and at this moment I see none I’m confident in sharing.
Patience is key here! Some people struggle NOT being in the market and sometimes a bit of patience is all you need!
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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. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. 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 12th cryptocurrency globally and the current price is US$17.93. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 70% during Q1, showing little sign of interest from buyers.
March’s consolidation at possible support from $18.68 to $19.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $24.70, and the monthly high near $26.88 may see profit-taking from bulls.
The first test of possible support near $15.70 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $14.66, running stops under the Q3 2021 swing low.
If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.55 to $12.87.
2. 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 16th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:
Since its January low, MATIC has been in a steady bullish trend – printing a 54% gain by early February. The price found support near $1.45, at the 82.6% retracement level, during February’s decline.
Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.82 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.35, and still find support.
Currently, the price is contesting a region between $1.59 and $1.40. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.49, while $1.58 is also likely to be sensitive with the nearest support and resistance this close together.
3. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.
NEAR Price Analysis
At the time of writing, NEAR is ranked the 22nd cryptocurrency globally and the current price is US$10.44. Let’s take a look at the chart below for price analysis:
After its December to mid-January uptrend, NEAR has dropped 74% from its highs to support at the 78.6% retracement around $9.15.
The price shifted market structure to run to the consolidation lows near $10.51, just under the monthly open. Continued bullishness in the market may create support just below, between $12.22 and $11.90.
Bulls might show more interest if the price retraces near the February open, around $11.60. Continued bearishness could see the price reach into old support around $10.00.
If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls may show more interest from $9.43 to $8.69.
On the other hand, if the current resistance breaks, the price might find resistance near $14.98, whereas early-January buyers may still be trapped in longs.
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.
